# Bank-Backed Financial Initiatives Wells Fargo is Supporting Customers Amid the COVID-19 Pandemic By Grace Mahas | Published 2020-07-13 | Business Source: Trend Hunter, https://www.trendhunter.com/trends/wells-fargo References: [cardrates](https://www.cardrates.com/advice/how-issuers-are-helping-customers-amid-coronavirus/?gg) & [wellsfargo](https://www.wellsfargo.com/jump/enterprise/coronavirus-response/) [Wells Fargo](https://www.trendhunter.com/trends/new-virtual-assistant) is helping personal and [small business cardholders](https://www.trendhunter.com/trends/mastercard-x-pier-five-small-business-fund) who have been negatively affected by the [COVID-19](https://www.trendhunter.com/trends/athome-covid19-pcr-kits) pandemic by offering new policies. The financial institute is giving consumers up to three months to defer payments and will waive interest during the period. In addition, any annual fees will also be waived during the time period. These deferments will not affect promotional rate credit cards and cardholders can continue making purchases with the card if the account is in good standing. Is it worth noting, these programs may not be offered to customers who are already using a COVID-19 relief deferment, customers in a different hardship plan with the same account, customers who have settled a debt with the account and are repaying the balance, or customers with accounts that have been charged-off. Image Credit: Shutterstock, Wells Fargo ## Trend Insights (Trend Hunter) - Score: 0.5/10 - Popularity: 1% | Activity: 5% | Freshness: 9% - Audience gender: 50% men, 50% women - Primary generations: Millennial, Gen X - Top markets: North America ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Business](https://www.trendhunter.com/business) ## Key Themes ### Why This Trend Is Growing - **Financial Relief Initiatives:** Financial institutions can implement policies to offer relief and waive fees for customers impacted by unforeseen events like COVID-19 - **Deferred Payment Options:** Providing customers with options to defer payments for a certain period while waiving associated fees can offer relief and maintain customer loyalty - **Flexible Promotional Programmes:** Creating exclusive opportunities for customers in good standing to continue their promotional programs despite deferments can maintain customer satisfaction and loyalty ### Industries Being Reshaped - **Financial Services:** Financial institutions can implement policies to offer relief and waive fees for customers impacted by unforeseen events like COVID-19 - **Credit Cards:** Issuers can offer deferred payment options and waive associated fees to offer relief to customers struggling with financial obligations - **Small Business Services:** Small business lenders can implement loan modification policies to offer immediate relief to businesses hit hard by factors like COVID-19 ## Related on Trend Hunter - [Cashflow Maintenance Credit Payments](https://www.trendhunter.com/trends/american-express-flexible-payment-option.md) - [Credit Score Health Tools](https://www.trendhunter.com/trends/dailypay.md) - [Affordable BNPL Programs](https://www.trendhunter.com/trends/apple-pay-later.md) - [BNPL-Backed Credit Cards](https://www.trendhunter.com/trends/klarna-5.md) - [Debt Relief Initiatives](https://www.trendhunter.com/trends/debt-relief-initiative.md) - [Post-Purchase Payment Features](https://www.trendhunter.com/trends/swipe-to-finance.md) - [Feel-Good Financial Campaigns](https://www.trendhunter.com/trends/banksgiving.md) - [Expanded Purchase Financing Tools](https://www.trendhunter.com/trends/klarna-6.md) - [Commerce-Enhanced Payment Cards](https://www.trendhunter.com/trends/venmo-debit-mastercard.md)