Managing Your Money
As many Americans experience furloughs or layoffs during the COVID-19 pandemic, assessing your financial situation and prioritizing bills is an important first step. This tool created by CFPB may assist you.
Banks have been instructed to offer flexibility to meet the needs of their customers dealing with the Coronavirus crisis.
With stay-at-home orders for most Americans during the COVID-19 pandemic, visiting a bank might be challenging. By using online and mobile banking, consumers can access their bank account and pay bills. The online and mobile banking tips for beginners (button below) can assist in understanding how to use both.
Many banks offer ways to open bank accounts remotely – online or through a mobile app – without going to a bank branch. FDIC created a short video that shows you how to open an account online. The FDIC BankFind tool helps you locate FDIC-insured banks in your area. Some banks and credit unions are part of a coalition known as “Bank On.” These banks have low-fee affordable banking options.
The Consumer Financial Protection Bureau has developed the document, Cutting expenses, as part of its Your Money, Your Goals financial empowerment toolkit. This tips and strategies in this document may spark ideas on how to cut costs and reduce expenses to cover daily necessities.
Learn how to plan ahead and create a weekly menu and food shopping list. You can potentially save money by limiting trips to the grocery store.
Yes. The “Total and Permanent Discharge” program under the Dept. of Education relieves eligible individuals from having to repay or comply with obligations associated with four types of federal student aid:
- Loans made under the William D. Ford Federal Direct Loan Program
- Loans made under the Federal Family Education Loan Program
- Loans made under the Federal Perkins Loan Program
- A TEACH grant which requires you to complete a service obligation
You must demonstrate that you are totally and permanently disabled, and you must apply.
The federal bank regulators, FDIC and OCC, have posted answers to frequently asked questions that individuals may have regarding access to banking services during the COVID-19 health and financial crisis. Many banks have closed local branches in neighborhoods across the country. Answers to frequently asked questions include:
- What to do if you find your local bank branch closed and you are also having difficulty reaching a representative by phone.
- You can’t afford to pay your credit card bill, mortgage or car loan.
- You need to transfer funds from your bank to a family member or friend.
- What to do if the IRS sent your Economic Impact Payment to a closed bank account.
Certain creditors may view stimulus payments as an opportunity to seize money for amounts owed on outstanding court judgments. Millions of Americans have court judgments against them – often issued many years ago by default without the consumer’s knowledge. People may not realize that there are protections and steps that may be taken to ensure that they receive their stimulus payment and can use the funds. Learn what options can help you now.
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The Financial Resilience Center was developed by National Disability Institute with generous funding from the Wells Fargo Foundation.