East Boston Savings Bank (EBSB) announced assistance for consumers and businesses facing financial adversity due to the economic impact of COVID-19, continued branch accessibility, as well as additional funding for local community organizations.
â€œEast Boston Savings Bank has a rich history of servicing the City of Boston and its surrounding communities. It is our long-standing tradition to be responsive to the needs of people during good times and challenging times. We recognize that the rise of COVID-19 has created financial and other hardships for our customers and communities and we are committed to providing financial flexibility to the individuals, businesses and communities that we serve.â€ said President, CEO and Chairman, Richard J. Gavegnano. â€œIn our 172-year history, we have endured many devastating events and while these may be trying times, we will all stand together to get through this with the same integrity, strength and hard work we have practiced throughout the century.â€
To support EBSB customers affected by the pandemic, effective immediately our bankers are ready to provide flexible solutions to relieve financial pressures. Initially, this support will include; upon request increasing individualized daily EBSB debit card spending limits, providing greater flexibility by increasing remote deposit limits to individuals, waiving penalties for early CD withdrawals and placing a 90-day foreclosure moratorium on EBSB residential loans. We will continue to monitor the situation and make accommodations as the need arises.
Our employees are our greatest asset, and we are taking steps to keep them safe so they can continue to deliver exceptional service for our customers. These steps to minimize the risk of COVID-19 transmission include encouraging customers to bank remotely by using convenient and secure Online Banking, Mobile Banking, ATMs and our Automated 24-Hour Telephone Banking System (866-774-7705). We are also reducing foot traffic in our branches by limiting access in the branch and encouraging the use of drive-up windows for conducting transactions as well as our ATMs which are available 24-hours a day.
East Boston Savings Bank will continue supporting local organizations throughout this ordeal. Additionally, we will immediately donate another $100,000 to support nonprofit organizations throughout the Bankâ€™s footprint. These additional contributions will assist funding essential services to the public during this unprecedented crisis.
We also want to reassure our customers that we take their financial security seriously and that East Boston Savings Bank remains well capitalized and financially strong. In addition, all EBSB deposits are insured in full through the FDIC and Depositors Insurance Fund. Our top priority is to maintain a safe workplace for our employees, and a safe place of business for our customers. Thank you for your understanding.