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Coronavirus (COVID-19) Update

CADENCE IS HERE TO HELP

 

Though much uncertainty remains about the spread and prevention of the COVID-19 coronavirus, the Cadence Bank team is here to ensure your financial needs are met. We continue to monitor developments as we focus on the safety of our employees, our customers and the communities we serve. Learn more about our Operational Resiliency Plan below. For further information on COVID-19, please visit the Centers for Disease Control and Prevention website .

 

 

Maintaining Full-Service Operations

 

Our branch locations are open and maintaining full-service operations, primarily through drive-thru and by appointment. Customers who need to complete a transaction inside the branch will be escorted inside. 

 

 

Make an Appointment

Online and Mobile Banking

 

For your convenience, many of your banking needs can be handled 24/7 via online and mobile banking5:

 

Financial Assistance Measures

 

Due to this unprecedented event, you or your small business may be facing financial concerns and unexpected hardship. To alleviate some of your concerns, we are offering assistance to help address your most pressing and immediate financial needs:

 

 

 

Government Stimulus Payments

 

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This stimulus package allocates money to support corporations, small businesses, state and local governments, public health, education and other causes, and individuals impacted by COVID-19. One of the provisions of the CARES Act is the cash payments to individuals and families who qualify. Visit the IRS website to learn more about the stimulus payments or check on the status of your Economic Impact Payment.

 

If you’re expected to receive a stimulus payment from the IRS, make sure you have the Cadence Bank Mobile app downloaded. This allows you to get a real-time view into your account so you can check on your stimulus direct deposit and do all your banking from anywhere, 24/7. If you're expecting to receive your stimulus check by mail, you can deposit the check directly into your Cadence checking account from your mobile phone. Learn more and download the app here.

 

Please be aware that the federal government has been sending out economic impact payments via a prepaid debit card. Issued by MetaBank and on the Visa network, these prepaid debit cards are called Economic Impact Payment (EIP) Cards. If you have not received your stimulus payment yet, you could potentially receive one of these cards in the mail. Check out this Forbes article for five things you need to know about the EIP Cards.

 

Receive the full value of your economic stimulus payment, whether you receive a paper check or an automated deposit, even if your Cadence account may be in arrears. In that situation, we encourage you to make an appointment with your local branch to discuss your options and preferences for possible overdraft fee refunds.

 

Consumer 

 

Financial Assistance for Consumers

 

Beginning March 24, we will provide the following in response to COVID-191:

 

  • 90-day payment deferral on consumer loans and lines of credit upon request2
  • No late fees on consumer loan payments upon request1
  • As always, expanded access to no-fee ATMs via the Publix Presto! and Allpoint ATM networks available through popular grocery and convenience stores as well as pharmacies.
  • Also, some of our checking account options allow for free, no-fee use of ATMs, not just at Cadence but at other providers’ ATMs. Learn more about these accounts here.
  • For consumer loan payment assistance options, contact your banker or Cadence Client Care at 800-636-7622.
  • For credit card payment assistance, please call the number listed on the back of your credit card.

 

Consumer Loan Payment Deferral*

 

*Excluding mortgages and home equity lines.

 

Mortgage Assistance 

 

Contact mtgdisasterrelief@cadencebank.com to request a COVID-19 Coronavirus Disaster Relief Request Form. The completed form may be submitted via this same email. To speak with a mortgage representative directly about payment assistance, please call 888-324-4760. Please allow 3-5 business days for a response due to the exceptionally high volume of requests. Your request is important to us, and we will get back with you as quickly as possible.

 

All borrowers on the loan will be required to sign the Loan Modification/Extension Agreement, Affidavit, and the Flood Notice to Borrower and return the originals prior to the extension being processed. Borrowers are asked to return signed documents to:

 

Cadence Bank
Attn: Mortgage Servicing Loss Mit
3500 Colonnade Parkway Suite 600
Birmingham AL 35243

Mortgage 

 

 

Small Business 

 

Financial Assistance for Small Business

 

Beginning March 24, we will provide the following in response to COVID-191:

 

  • 90-day payment deferral on small business loans and lines of credit upon request2
  • No late fees on small business loan payments upon request1
  • Commercial Mobile Deposit $7.50 monthly fee waived for small businesses3,4
  • For small business loan payment assistance options, contact your banker or Cadence Client Care at 800-636-7622.
  • For credit card payment assistance, please call the number listed on the back of your business credit card.

 

Business Loan Payment Deferral

 

 

SBA Loan Payment Deferrals  

 

Under the recently passed CARES Act, the U.S. Small Business Administration will begin making regular SBA 7(a) loan payments on the borrower’s behalf for 6 months, beginning with the first payment due after March 27, 2020. Because of this, we are no longer processing 7(a) loan deferment requests.

If you still find a deferment necessary at the end of the 6-month period, we will work with you to process the deferment request at that time. If you have already submitted a loan payment with a due date after March 27, 2020, we will return the payment to you. Loans must be current through the March payment in order to qualify.

If you have any questions, don’t hesitate to reach out to your Relationship Manager.

SBA 

 

 

SBA Disaster Loan Assistance

 

Consider applying early for the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL). There is no cost to apply, no obligation to take the loan if offered, and the maximum unsecured loan amount is $25,000. Apply directly to the SBA’s Disaster Assistance Program, not through a bank. This loan comes directly from the U.S. Treasury.

To learn more about the CARES Act Paycheck Protection Program and compare the SBA’s Economic Injury Disaster Loan versus the PPP stimulus package for small businesses, visit our dedicated webpage.

 

 

Compare PPP vs. EIDL 

 

 

 

Maintaining Full-Service Operations

 

For your safety and that of our branch team, please visit our Drive-Thrus for your in-person transactions or schedule an appointment online. The following branches that do not offer Drive-Thru service will provide limited service inside the branch:

 

Alabama

Birmingham Main*

Tuscaloosa Main*

Uniontown

Georgia

Midtown Atlanta

Pharr Road*

Mississippi

Aberdeen Main

West Point Main

Texas

Houston Downtown

Memorial*

Sugar Land

The Woodlands*

Williams Tower

 *Cadence LIVE interactive teller machine is available at these branches.

 

Saturday Service Available via Client Care

 

For Saturday service, please call our Client Care Center.

 

800-636-7622

8 a.m. – 5 p.m. CT.

 

  

   

1All assistance is available for a limited time, may be subject to other exclusions and restrictions and is subject to change or withdrawal without notice, all in the sole and absolute discretion of Cadence Bank.

2The terms of any payment deferral will be disclosed to the customer at the time of the request.

3Late fee suspension effective March 1 – 31, 2020; program may be extended at the sole and absolute discretion of Cadence Bank.

4Fee suspension effective March 1 – April 30, 2020; program may be extended at the sole and absolute discretion of Cadence Bank; mobile service provider fees and charges may apply.

 

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* To ensure your safety, please do not include sensitive information in your submission.