Bank of Guam (BOG) is providing financial relief to its customers offering a three-month Typhoon Bavi Forbearance program for eligible consumer loans.
In Rota, BOG customers with consumer loans have been provided an “automatic payment forbearance,” regardless of account status.
“No action is required for eligible Rota consumer loan customers. Customers who wish to continue making their scheduled loan payments may do so,” the financial institution said in a release on July 14.
Bank officials noted that customers in Rota may also seek forbearance for automobile, commercial, and mortgage loans.
For customers in Guam, Saipan and Tinian, payment forbearance can be sought for consumer, mortgage, automobile, and commercial loans.
“All requests will be reviewed based on each borrower’s individual circumstances,” BOG said.
“As our communities continue the work of recovery, we know that caring for our families and one another comes first. Our hope is that this relief program provides meaningful support and a measure of financial flexibility during this time, allowing our customers to focus on what matters most as they rebuild and recover,” BOG President and Chief Executive Officer Joaquin Cook said.
Bank of Guam advised its customers to pause automatic deductions or recurring loan payments during the forbearance period.
“Customers enrolled in automatic loan payments directly through Bank of Guam will have their payment schedules adjusted automatically. Customers using Online Banking Bill Pay will need to update their recurring payment schedule within Online Banking to reflect the forbearance period. Customers making loan payments through payroll deduction will need to coordinate with their employer or payroll provider to temporarily suspend or skip payments during the forbearance period,” BOG said.
Requests for forbearance will be accepted until September 4.