COVID-19 Updates

Last Updated: 4/3/2020

AN UPDATE FOR OUR CUSTOMERS
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The CARES Act provides financial relief to consumers and small businesses affected by the COVID-19 crisis. We are here to help you with getting access to these emergency funds and will make it as easy as possible for you to get these funds quickly.

Please choose one of the options below so we can get started on your request.

Business Programs

Paycheck Protection Program

An SBA loan that helps businesses keep their workforce employed during the COVID-19 crisis.




Begin PPP Request

Consumer Programs

We have several relief programs for consumers including:

  • Mortgage Relief
  • Consumer Loan Relief
  • Deposit Fee Relief
  • New Loan Requests
Begin Relief Request

CARES Act: Additional Information for Business Customers

WHAT TO KNOW ABOUT THE PAYCHECK PROTECTION PROGRAM

This economic stimulus package includes the Paycheck Protection Program, which provides small businesses with federally guaranteed loans to cover payroll and other expenses.

The U.S. Department of the Treasury announced that small businesses and sole proprietorships can begin applying for loans on April 3, 2020, and independent contractors and self-employed individuals on April 10, 2020.

Financial institutions like ours received guidance from the Small Business Administration (SBA) and the U.S. Treasury Department late on the evening of April 2, 2020, on how to process these loans.

We will help our customers get access to these emergency funds quickly but we need to first set up our program to assist with processing your application based on the SBA’s direction.

To best help you quickly, we’ve put together an online request form so you can begin to submit your business information.

We advise all businesses and nonprofits to apply for this loan with their current financial institution. Eastern will prioritize any Eastern Bank customers as of March 31, 2020. After we have processed applications from our customers, we will begin to review requests from non-customers.

To begin this process, click here

How we are supporting our customers, colleagues, and communities during this time:

Thank you for being a valued customer. To help prevent the spread of the Coronavirus (COVID-19) and for everyone’s safety, we have taken measures to limit in-person interactions across all of our branches including reduced branch hours and drive-up service. We are now asking you to schedule all in-lobby transactions in advance using our Appointment Service by dialing 1-800-EASTERN (327-8376).

Branch Updates

Our branches have updated hours and Appointment Service for in-lobby transactions.

$10 Million In Aid

We're pledging over $10 million in aid to those most impacted by COVID-19.

Customer Programs

We have special programs to assist our consumer & business customers.

Be Aware of Fraud

We advise you to please be aware of scam artists looking to take advantage of fears surrounding COVID-19.

You can help us practice social distancing by using our services that are always on and available to you 24/7:

Mobile Phone

Eastern Mobile & Online Banking

Access your account from home using EasternBank.com or the Eastern Bank Mobile App to view transactions, check balances, make payments, transfer money and more.

Hand Borrowing Money

Our ATMs

For accessing cash and making deposits. Visit our locations page to find an ATM near you.

Computer icon

Business & Investing

If you are a Business Banking customer, you should continue to use Eastern Business Banking™ or OfficeConnect.

If you are an Eastern Bank Wealth Management customer, you may access your Eastern Portfolio™ account online.

 

Our Branches

If you cannot access our mobile & online banking, drive-up windows, or ATMs, all branch locations will now ask you to schedule in-lobby transactions using our Appointment Service by dialing 1-800-EASTERN (327-8376).

New General Reduced Hours For All Branches
  • Mon-Fri: 9:00 AM – 4:00 PM
  • Sat: 9:00 AM – 12:00 PM
  • Sun: CLOSED

Please see below for location-specific hours and updates.

 

Eastern Bank Commits Over $10 Million To Aid Individuals And Families, Small Businesses, And Nonprofit Organizations Impacted By The Coronavirus (COVID-19) Crisis

Please click here to read the full press release.

Consumer Impact Loan Fund

The Consumer Impact Loan Fund will provide $2 million in lending to local individuals and families who are existing customers.

  • Low interest and flexible repayment terms, with 0% interest and no payments for the first three months and a low fixed rate of 3.99% thereafter.
  • Customers can borrow up to $5,000.

For more information, please call 1-800-EASTERN (327-8376) or email heretohelp@easternbank.com.

Additional Support Information & FAQs

What aid is Eastern providing?

Eastern is providing $10 million in funding to help offset the impact of the coronavirus in the communities it serves.

  • Eastern Bank has created two loan funds that will provide a total of $7 million to its individual and small business customers experiencing financial hardship as a result of the coronavirus crisis. Specifically, the Consumer Impact Loan Fund will provide $2 million in lending to local individuals and families, and the Small Business Impact Loan Fund will provide $5 million in lending to small businesses.
  • Additional services are also being provided to offer greater flexibility for deposit customers.
  • In addition to these programs, Eastern continues to offer its full suite of financial services and advice to consumers and businesses.
  • Also, Eastern Bank Charitable Foundation will target $3 million in financial support to area nonprofit partners focused on COVID-19 relief. COVID-19 relief grants will be provided to already-identified nonprofit partners and other community organizations to support their relief efforts related to the coronavirus to get the financial support where it is needed most as quickly as possible. This commitment is in addition to Eastern Bank Charitable Foundation’s already-planned $10 million in community support for 2020.

Additional Support For Our Customers

For Individuals and Families

  • Increased ATM and debit card cash withdrawal limits. Through May 29, 2020. This may be extended.
  • Increased mobile deposit limits. Through May 29, 2020. This may be extended.
  • Waived penalties for early CD withdrawals of up to $50,000. Through May 29, 2020. This may be extended.
  • Deferral of mortgage and other loan payments, as needed.
  • Waiver of loan late charges, as needed.
  • We have also paused foreclosures, evictions, and repossessions
  • Customers can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.

For Businesses

  • Increased ATM card withdrawal limits. Through May 29, 2020. This may be extended.
  • Waived penalties for early CD withdrawals of up to $50,000. Through May 29, 2020. This may be extended.
  • Eastern’s traditional and Small Business Administration (SBA) loan programs for additional financing to existing and new customers.
  • Payment relief on commercial and small business loans, as needed.
  • Waiver of loan late charges, as needed.
  • Clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.

Be Aware of COVID-19 Scams

Please be alert - scammers attempt to take advantage of events like this to perpetrate fraudulent activity. Therefore now more than ever, we encourage you to remain vigilant at this time to protect yourself.

Always obtain your information from credible sources and if you are unsure of the source, do not take any action.

COVID-19 scams to be aware of:

  • Unsolicited emails or phone calls claiming to be from organizations such as Centers for Disease Control (CDC), World Health Organization (WHO) or others containing attachments or links. These may attempt to install malicious malware on your device or trick you into providing personal or financial information.
  • A fraudulent version of a map published by Johns Hopkins University that shares the latest stats about COVID-19 is being used on malicious, illegitimate websites or emails to spread malware that attempts to steal users’ passwords.
  • Online or phone call offers for vaccinations or offers to send vaccinations for payment of shipping and handling.
  • Fraudulent requests for donations, gift cards or wire transfers.
  • Callers claiming to be from the FDIC or other regulatory agencies requesting financial information.
  • For business customers, callers claiming to be representatives of merchant providers stating that their current provider is closed due to COVID-19 and electronic payment providers need to be switched for processing to continue.

As a reminder, Eastern will not contact you via email asking for personal or financial information, and you should never share sensitive information with anyone via email or other electronic means; whether through the phone, mobile app, social media, etc.

Helpful links:

 

As always, we are here to help by calling 1-800-EASTERN (327-8376) or by email at heretohelp@easternbank.com.