Many people are facing a lot of uncertainty as the coronavirus epidemic is worsening. Now, Goldman Sachs has offered some of them a little peace of mind.
The bank has announce that it will allow Apple Card users to skip March payments without incurring interest. Goldman Sachs has also allowed people using the online Marcus to postpone loan payments for month.
Speaking with Bloomberg, the bank revealed that tens of thousands of customers had taken advantage of the Apple Card customer-assistance program as of March 22.
Goldman Sachs is not the only bank to offer help for people who may have been affected by the spread of the coronavirus.
For instance, Truist Financial has reportedly talked to regulators about changing accounting rules for troubled-debt restructurings to give the companies more freedom to help customers through loan extensions.
Experts believe Goldman Sachs will not be the last company to launch initiatives such as this.
“We’ll see more and more of that,” David Konrad, an analyst at D.A. Davidson & Co., told Bloomberg. “We’ll see a lot of late-fee waivers, overdraft-fee waivers, a lot of things like that coming out in the next 30 days” as well as “a lot of forbearance and banks working with customers.”
Goldman Sachs has seen a lot of business happening through Apple Card. By November 2019, Goldman Sachs had extended credit lines worth over $10bn via Apple card.
The news about Goldman Sachs’ initiative comes as 80% of financial experts fear that the coronavirus pandemic will cause another recession.
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