Financial Wellness and COVID‑19

Continuing financial wellness and stability are concerns for many people during the COVID-19 pandemic.  The State of California’s Savings Plus Now program provides guidance for employees contributing to a Savings Plus 401(k) or 457 Account.  Investing during a pandemic can be frightening.  The market is unpredictable and changes daily.  Savings Plus Now recommends that employees avoid paying too much attention to the daily ups and downs of the stock market.  The stock market has gone through many tough times in the past, but it eventually recovers.  Find Ways to Stay Focused On Your Retirement Goals is a great guide to help employees understand what they can do to make better choices for their investment portfolio. 

Savings Plus Now also has videos that provide valuable information that can help employees make decisions about current or new accounts, and how to plan for the retirement they want. 

In addition to the videos, Savings Plus has a Financial & Retirement Library that offers information on topics to help State employees learn more about investing.  This information may also assist as employees make other important financial decisions during this difficult time. 

Employees can contact a Nationwide Retirement Specialist for more information or for assistance in establishing or reassessing their current investment options by phone at 1-855-616-4776 or by email at AskSavingsPlus@nationwide.com.

Furthermore, the California Public Employees’ Retirement System (CalPERS) is connecting members to the latest information and resources available to active and retired members.  Their recent newsletter provides updates on the CalPERS pension fund, COVID-19’s impact on health plans, how to schedule telephone appointments with regional offices, and working after retirement.  Follow CalPERS blog for helpful articles and announcements, plus access the CalPERS website, and their COVID-19 webpage for quick updates.

Many Financial Institutions are working with employees and their families during these trying times.  If employees are having financial difficulties paying their mortgage or credit cards, or are concerned that they will not be able to make payments soon, contact the Financial Institution or Lender immediately to explore other possible options.  These options could be in-house assistance options offered by the lender or mortgage relief programs in response to the coronavirus pandemic, including mortgage forbearance and mortgage loan modifications

Below is information on what some Financial Institutions are providing during this pandemic:

Financial Institution Name:Summary of Potential Options:
Correctional Federal Credit Union The Correctional Federal Credit Union (CorFed) is a unique banking institution providing financial services, which build trust and support for the financial goals of Correctional employees and their families.Loan payments deferred up to 90 days with no penalties.No wire transfer fees when sending money to other financial institutions, or wire the money to another account. 
Golden 1 Credit Union
Email questions to mbrsvc@golden1.com, or for account specific inquiries, securely through the online account. Members who do not have Golden 1 Online Banking should complete the Loss Mitigation Disaster Relief Deferment Request. For mortgage forbearance plans, call 1-888-908-8933.  For home equity forbearance plans, please complete the Loss Mitigation Disaster Relief Deferment Request.    
Waiving many fees to help members access their money and give them peace-of-mind. Through
May 31, 2020, there will be no late fees for monthly payments on auto, mortgages, home equity loans and lines of credit, credit cards, and other loans, as well as no early withdrawal fees on Term Certificates. In addition, early withdrawals from a Santa Saver or FlexSavings will not result in closure of that account. Members may also make more than six payments or withdrawals per month from their savings and money market accounts through May 31, 2020.Offering loan payment assistance for those experiencing a financial hardship due to COVID-19 in the form of payment deferrals on auto, credit card, personal loans, and personal lines of credit. Offering forbearance plans mortgage or home equity loans. (All members may not qualify for these loan assistance options.) There are no fees for this service or negative reporting on the member’s credit report. Low-rate personal loans for our members. Subject to credit qualification. Apply for a personal loan under Bank at Home Services on the Golden 1 Website.
Bank of America  Waive overdraft fees and defer payments on credit cards, auto and mortgage loans for customers, according to its COVID-19 response page.
Chase General Contact: 1-800-935-9935  Chase recommends customers request credit card, mortgage and auto loan deferments if needed by enrolling online or logging in.
Citi General Contact: 1-800-374-9700Citi is waiving non-Citi ATM fees, monthly service fees and early-withdrawal fees on CDs through May 8, according to the company’s COVID-19 response page.  Customers may get two statement cycles’ worth of monthly payments and late fees waived on credit cards and personal loans.
Discover
General Contact:
1-800-347-2683 The company offers an FAQ on its COVID-19 response page
Customers may be able to make changes in payment timing and receive waived fees on personal loans, according to a spokesperson. 
U.S. Bank General Contact: 1-800-872-2557Offering small personal loans and small-business loans to those who have suffered financially because of the coronavirus outbreak.  Offers deferred payments to those with auto, boat, or RV loans. Mortgage customers may get their payments suspended for up to 180 days.
Wells Fargo General Contact: 1-800-869-3557 Company’s COVID-19 response hub Wells Fargo is also supporting a free financial counseling program put on by Yellow Ribbon Network and the Association for Financial Counseling and Planning Education. The program provides advice on spending, how to use the government relief check and can address other concerns. Customers can apply on Yellow Ribbon Network’s websiteCustomers may be able to get fees waived or payments deferred on credit card, auto, small-business and personal loans. The bank indicates it has suspended residential property foreclosure sales, evictions, and involuntary vehicle repossessions.  Customers can log in or contact the bank to suspend mortgage payments according to FAQ page dedicated to mortgage assistance.
CREDIT CARDS Many credit card issuers offer hardship programs that can temporarily adjust the terms of the credit card account if account holders are having financial problems. Among hardship options an issuer might offer or lower the minimum amount due, reducing the interest rate for a period, or waiving late fees. Multiple issuers have said they are ready to help account holders during the pandemic, but accommodations are made on a case-by-case basis.  Contact the company’s Customer Service line to ask about options by calling the number on the back of the card, or log into the account online and start a chat, if the issuer offers live chat.Here is a list of popular credit cards and customer service numbers, along with the contact pages: American Express: 1-866-703-4169 Bank of America: 1-800-732-9194 Barclaycard: 1-877-523-0478 Capital One: 1-800-227-4825 Chase: 1-800-432-3117 Citi: 1-800-950-5114 Discover: 1-800-983-1412 U.S. Bank: 1-800-285-8585 Wells Fargo: 1-800-642-4720