Loan Payment Relief

Payment deferrals are available upon request for customers with Westfield Bank mortgages, home equity lines of credit or loans, and auto loans. 

We are offering up to 90 days of immediate payment deferral with no credit bureau impact or late fees. Interest will continue to accrue during this time.

Suspension of repossessions: Starting March 23, 2020, we will not initiate any new repossession actions associated with vehicle loans financed by Westfield Bank. 

Next steps
To learn more about your options and request assistance, call us at 800.368.8930 (Monday – Friday 8:00 am – 7:00 pm or Saturday 9:00 am – 12:00 pm) or upload your request form using the following instructions. You will need to contact us to participate in these loan relief efforts.

  1. Download and save our Hardship Relief Request form. Then complete the downloaded application form.
  2. Upon completion, click here to securely upload all documentation through ShareFile.
  3. If you have any questions while completing the form, please call us at 800.368.8930 (Monday – Friday 8:00 am – 7:00 pm or Saturday 9:00 am – 12:00 pm).

Coronavirus Aid, Relief and Economic Security (CARES) Act

The United States government recently approved a $2 trillion stimulus package to help people impacted by the coronavirus pandemic.  The government’s CARES Act is the largest package of its kind in U.S history.  

Our Government Stimulus Guide highlights how to access benefits and how we can help.  
 

  Benefits What you can do and how we can help
Direct payment to taxpayers

Direct payment to taxpayers Tax credits in the form of checks or direct deposit in the amount of:

  • $1,200 per adult and $500 per child to individuals earning less than $75,000 annually
  • $1,200 per adult and $500 per child to joint filers earning less than $150,000 annually
  • Lesser amounts will be provided to those individual filers earning more than $75,000 and less than $99,000, and those joint filers earning more than $150,000 and less than $198,000

No action is needed for qualified individuals to receive this benefit.

If you have a Westfield Bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically within a month.

If you do not have an account with the IRS, you will most likely receive a paper check. You can deposit that check at our branches and ATMs or in the convenience of your own home using the My Westfield Bank mobile app.

We expect the IRS to issue additional guidance on this topic in the near future.

Mortgage assistance Mortgage lenders and servicers will be allowed to provide up to 180 days of forbearance (payment deferral) on federally-backed loans for customers experiencing hardship related to the COVID-19 emergency. If you are experiencing hardship associated with the coronavirus and need help with your mortgage payments, we can help. We are offering 90 days of mortgage payment deferment. If you already applied for forbearance on your mortgage, no further action is needed at this time. We will contact you to discuss your options before your initial 90-day forbearance expires. If you have not already applied for forbearance, you can contact us at 800.368.8930 to learn about your options.
Student loan assistance All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020.

Contact your student loan servicer to discuss eligibility and options. Contact information for the top three servicers are listed below:

Unemployment assistance

Unemployment assistance expanded unemployment benefits:

  • Eligibility expanded to include self-employed, independent contractors / gig economy workers, nonprofit employees and others
  • Amount increased by $600 weekly
  • Duration extended an additional 13 weeks beyond the existing 26-week maximum Contact your state unemployment office directly. Contact information can be found on the U.S. Department of Labor Website (select your state, and then the second link "Apply for Unemployment Benefits").
Contact your state unemployment office directly. Contact information can be found on the U.S. Department of Labor Website (select your state, and then the second link "Apply for Unemployment Benefits").
Retirement savings access assistance The federal government is waving penalties and making other accommodations for those who need to access retirement savings early. To learn more about your options contact your personal financial advisor or tax advisor.