Clarien Bank is to temporarily waive some late payment fees to reduce financial hardship for customers impacted by the Covid-19 crisis.

Customers are also encouraged to reach out to discuss other options to help them through the economic disruption.

For the months of March and April, Clarien will waive credit card late payment fees, credit card item over-limit fees and late loan payment fees.

“Clarien is evaluating what we can do as a compassionate and client-driven bank to minimise hardship and reassure our customers in these challenging social and economic times,” the bank stated. “Our response will likely develop as circumstances change.”

Clarien said existing borrowing clients, both personal and business, can report the financial impacts they are experiencing or expecting to experience and discuss possible solutions to their financial circumstances.

Such solutions may include interest-only payment periods, skipped monthly loan payments or increases in credit card limits, the bank explained.

The bank has launched a Covid-19 support tool, available directly through its web portal www.clarienbank.com/covid19 or by e-mailing covidimpactreport@clarienbank.com.

“This allows affected clients to report how their personal financial circumstances or businesses have been impacted by the global health pandemic,” Clarien said.

Clarien added: “This is just a starting point. While it is impossible to predict the full impact of Covid-19 to the island, we are doing our best to help clients with their financial concerns and needs.

“Clarien is committed to meeting our clients’ needs and believe that by working together, we can weather this difficult storm.”

Meanwhile, Bermuda Commercial Bank said it is “encouraging its existing customers to contact their relationship manager to discuss any concerns they may have regarding their financial situation due to the current unprecedented environment”.