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Bank of Hawaii has begun programs to help its customers who are federal employees or contract employees for the federal government.
"We have been talking with customers who are worried about their ability to keep current on their loan payments, and these programs are in direct response to our customers’ concerns," said Peter Ho, bank chairman, president and CEO.
The bank is allowing affected customers to defer payments for up to six months or the end of the shutdown, whichever comes first. This will apply to mortgages, home equity credit lines, auto loans and personal loans.
"We will work closely with customers after the shutdown ends to help them with an appropriate repayment plan," Ho said.
In addition, the bank is also waiving late fees during the shutdown period.
Current and new mortgage loan applications are not being affected. The bank has started internal processes to allow the applications to proceed and not be suspended due to the shutdown.
The bank is offering a special $1,000 loan program for affected workers to help meet immediate financial needs. Terms will be for 14 months with no payments due during first two months and an interest rate of 7 percent.
Customers can call the bank’s service center at 888-643-3888.
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