Coronavirus (COVID-19) Preparedness & Response

Update as of Friday, March 27, 2020

Cape Cod 5 Commits $500,000 to Support Local COVID-19 Relief Efforts
Pledge includes immediate philanthropic donations to local organizations, along with financial assistance for its customers and community members and other support measures
As part of its community commitment, in response to the unprecedented situation caused by the coronavirus pandemic, Cape Cod 5 announced today a commitment of $500,000 in philanthropic support to assist those affected by COVID-19 on Cape Cod, the Islands and in Southeastern Massachusetts. This is part of a multi-layered approach the Bank is employing to assist its customers, communities and employees during this time of uncertainty.
The $500,000 philanthropic commitment will go towards local relief efforts, half of which will be disbursed immediately with donations from its Foundation t o the following organizations:
  • A total of $125,000 disbursed from its Foundation among 12 local food pantries throughout all the communities the Bank serves to address food insecurity
  • $50,000 to the Needy Fund’s Cape & Islands Major Crisis Relief Fund 
  • $25,000 to the Community Foundation for Nantucket
  • $25,000 to Martha’s Vineyard Community Services
  • $25,000 to South Shore Community Action Council 
“At Cape Cod 5, we recognize the extraordinary nature of this pandemic, and the challenges and hardships it has caused for so many in our region,” said Dorothy Savarese, Chair and CEO of Cape Cod 5. “As a local business and corporate citizen, we are committed to assisting our neighbors in any way we can – and we challenge others do the same. These initial philanthropic donations, as well our community banking initiatives, are intended to help alleviate some of the most emergent and pressing issues facing members of our communities during this time.
“We also acknowledge that recovery may be prolonged, and feel it is prudent to take a measured approach to all of our efforts in order to do so in a sustainable way, with an objective towards supporting those things that will be important to the long-term economic recovery of our region,” continued Savarese. “This is why we have made a number of modifications and accommodations to our products and services, and will also be introducing new loan programs designed to assist consumers and businesses who are experiencing financial stress caused by the pandemic.”
Assistance for Personal Customers
Cape Cod 5 also announced enhancements to its deposit and loan products to better serve customers and provide relief:
  • Waiver of overdraft and uncollected funds fees for an initial 30-day period
  • Waiver of CD early withdrawal penalties on CDs on withdrawals of up to $20,000 for an initial 30-day period
  • Increased consumer mobile deposit limits 
  • Allowance for temporary deferral of mortgage payments, based on need and request
  • Suspension of foreclosures and evictions for 60 days
Assistance for Business Customers
The following accommodations are available for business customers:
  • Modifications for loan repayment relief, including interest-only payments, based on need and request
  • Flexibility to increase remote and mobile deposit limits, based on request
  • Waiver of overdraft and uncollected funds fees for an initial 30-day period
  • Waiver of CD early withdrawal penalties on business CDs on withdrawals of up to $20,000 for an initial 30-day period
Accommodations for Employees
  • Implemented a temporary pay adjustment for retail and other staff working in a physical location to serve customers during this time
  • Reduced potential exposure by practicing safe social distancing at all locations
  • Made arrangements for its operational staff to work from home
  • Increased frequency and enhanced protocols for cleaning at all locations
This announcement comes as part of Cape Cod 5’s ongoing efforts to provide support and relief as COVID-19 affects more local residents and businesses, while also adapting the way it serves customers in order to protect the health and safety of all. Last week Cape Cod 5 was one of the first banks in Massachusetts to redirect its customers to serve them more safely from its drive-ups, temporarily closing its Banking Center lobbies as a proactive measure to mitigate the spread of illness. 

Update as of Thursday, March 26, 2020

Providing Support & Relief During Times of Uncertainty
We understand that times like these can be challenging, and we want you to know that Cape Cod 5 is here to help you navigate through financial stress caused by the COVID-19 pandemic. We also recognize that each customer's situation is unique. Should you be encountering temporary difficulty making your mortgage payment at this time, please reach out to us.
Cape Cod 5 rarely encounters the need to engage in foreclosures because we work hard to undertake lending responsibly so we get borrowers into a loan that they can repay. However, given recent events, we will be suspending any foreclosures and evictions for 60 days.
We are here for you. 
As always, as your trusted financial partner, we are here to answer any questions you may have during this time of uncertainty. If you have been impacted by coronavirus and need assistance, contact us at [email protected] or 888.225.4636. Our team is ready to help you.
Sincerely,

Dorothy signature

 

 

Dorothy A. Savarese
Chair and CEO

Update as of Wednesday, March 25, 2020

Resources and Support for your Business
At Cape Cod 5, we realize local businesses are vital to our economy. As your trusted financial partner, we want you to know that we are here to support you and your business, especially during this challenging and unsettling time.
Below you will find a list of measures that Cape Cod 5 has taken to provide relief and support for our business customers during this time, along with some additional resources you may find helpful.
Accommodations & Relief for Business Customers
  • Modifications for loan repayment relief, including interest-only payments, based on need*
  • Flexibility to increase remote and mobile deposit limits*
  • All overdraft & uncollected funds fees will be waived**
  • CD early withdrawal penalties will be waived on CD withdrawals of up to $20,000**
*Contact us at the email or phone number below to request a modification
**Effective Friday, March 20, 2020 for an initial 30-day period 
 
Local, State & Federal Resources
  • The U.S. Small Business Administration (SBA) has made Economic Injury Disaster Loans (EIDL) available to eligible businesses and non-profits of any size that were previously profitable and were adversely impacted by the COVID-19 outbreak. More information and an online application can be found at https://disasterloan.sba.gov/ela
  • Southeastern Economic Development Corporation (SEED) provides resources for small business owners that can be found at https://www.seedcorp.com/
  • Coastal Community Capital is another great local resource supporting Massachusetts businesses. Details on their offerings can be found at https://www.coastalcommunitycapital.org
  • There is expected to be additional assistance made available from the stimulus bill anticipated from Congress. We will provide information once it becomes available. 
We are here for you.
As always, as your trusted financial partner, we are here to answer any questions you may have or provide assistance. Contact your Loan Officer or our Customer Service team at [email protected] or 888.225.4636. Our team is ready to help you navigate through this, and we’re as committed as ever to supporting you and your financial needs.
Thank you for the trust you have placed in Cape Cod 5.
Sincerely,

Dorothy signature

 

 

Dorothy A. Savarese
Chair and CEO

Update as of Monday, March 23, 2020

Cape Cod 5, as a financial institution, is designated an essential service and will continue to serve our customers during the period of the Massachusetts stay-at-home advisory.
As a reminder, banking services may be conducted with us through a drive-up, at an ATM, via online and mobile banking or by calling us at 888-225-4636.
There are many alternatives to in-person banking, including:
  • Our Online and Mobile Banking services are available 24 hours a day, 7 days a week, allowing both consumers and businesses to perform many banking transactions from your home or office location, including depositing checks, moving money between accounts at Cape Cod 5 and/or another financial institution, checking your balance, reviewing account activity, paying bills and more.
  • Our Customer Service Center is available to assist with your banking needs or questions you may have via phone at 888.225.4636 or via email at [email protected]. As a reminder, please do not include sensitive account or personal information in an email.
  • Digital applications are available for opening new deposit accounts and can be completed online at Open an Account
  • Residential Mortgage Applications can be completed online at Apply NowAs Cape Cod 5 continues to proactively take steps that will help mitigate the spread of illness, protecting our customers and employees alike, we will be requiring all online mortgage applicants to accept electronic delivery of mortgage documentation. We strongly encourage all of our mortgage applicants to apply online. Utilizing the technologies available from our digital partners allows us to continue processing your mortgage application while following government and CDC guidance on social distancing during the rapidly evolving health situation around COVID-19. 

Update as of Friday, March 20, 2020

Our Commitment to You & Product Enhancements to Better Serve You During This Time
We know that, as a community and a nation, we are going through unprecedented times. With the uncertainty of COVID-19 and the associated market and economic impacts, it can feel like there are more questions than answers which may lead to additional stress and difficulties for all of us, our families, and our businesses. During times like these, we feel compelled to keep in touch with you via regular communications – such as emails like this – to continue to remind you that we are here for you as always, and to assure you that we will all get through this together.
As your trusted financial partner, we want to reinforce our commitment to you and share some enhancements we are making to our products to help to alleviate any financial stress that may be caused by the pandemic.
  • We remain as committed as ever to supporting you and your financial needs. In order to better serve you during this time, we have implemented the following allowances and modifications for an initial 30 day period, effective today, Friday, March 20, 2020:
    • All overdraft & uncollected funds fees will be waived
    • All CD early withdrawal penalties will be waived on CD withdrawals of up to $20,000
    • Consumer mobile deposit limits will be increased from $10,000 to $15,000 per calendar month
  • The health and safety of our customers, employees and community is paramount to everything we do. This is why we were one of the first banks in our area to make the decision to redirect our customers to more effectively and safely serve you from our drive-ups, temporarily closing our Banking Center lobbies as a proactive measure, and making them accessible by appointment only. For those who need access to a Banking Center – for safe deposit box access or for other needs – we invite you to make an appointment by calling us at 888.225.4636.
  • Your money with us is safe and fully insured. Cape Cod 5 offers insurance of funds through both Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor, as well as Depositors Insurance Fund (DIF), which covers anything in excess of the FDIC insured amount. This combination of deposit insurance safeguards means that all funds that are kept with Cape Cod 5 in deposit accounts are 100% fully insured, regardless of your total balances, the number of accounts you hold, or how your accounts are opened and managed. More details on FDIC and DIF coverage can be found on the organizations’ websites.
  • Our financial strength means you can have confidence in our stability and resilience. Cape Cod 5 has served our customers and community for 165 years. We have been around since before the Civil War and have weathered many events since then. We will continue to do so – in a safe and sound manner – even through times of uncertainty. 
  • We are here for you – even if we don’t see you in person. While we all practice safe social distancing, know that our dedicated team is working tirelessly to quickly adapt to the changing circumstances affecting us all. We are available and ready to answer any questions you may have as we all navigate through this environment together.
It is an honor to be your financial partner and thank you for the trust you have placed in Cape Cod 5. We will continue to work each day to earn that trust.
Please be well and take care.
Sincerely,

Dorothy Signature

 

 

Dorothy A. Savarese
Chair & CEO

Update as of Sunday, March 15, 2020

Effective tomorrow, Monday, March 16, all Cape Cod 5 Banking Centers will offer banking service through drive-ups, where they are available. All Banking Center lobbies will be temporarily closed to the public until further notice as a proactive measure to help mitigate the spread of illness. In addition, our online banking, mobile banking and ATMs are available for many banking functions.
Click here for a full list of Banking Center locations and adjustments to operations
Cape Cod 5 Banking Centers with open and available Drive-Ups (lobbies will be closed)
  • Brewster
  • Centerville
  • Chatham
  • Dennis 
  • East Harwich 
  • Eastham 
  • Falmouth 
  • Hyannis – Route 28 
  • Hyannis – Route 132 
  • Mashpee 
  • Nantucket – Pleasant Street
  • Orleans 
  • Sandwich 
  • Wareham 
  • Vineyard Haven 
  • Yarmouth 
  • * Wellfleet – service drawer in vestibule will remain open to transactions

 

Closed Cape Cod 5 Banking Centers (alternate location provided)

Banking Center

Alternate Location

Edgartown

Vineyard Haven Banking Center Drive-Up

Click here for location information

Harwichport

East Harwich Banking Center Drive-Up

Click here for location information

Nantucket – Zero Main

Nantucket – Pleasant Street Banking Center Drive-Up

Click here for location information

The Pinehills

Cape Cod 5 Pinehils ATM

Click here for location information

 
Cape Cod 5 standalone ATM locations

Barnstable Village ATM

Hyannis ATM – Steamship Authority Terminal

Nantucket ATM – Steamship Authority Terminal

North Falmouth ATM

Plymouth – The Pinehills ATM

Yarmouth Port ATM

Banking regulators have recognized the extraordinary nature of the pandemic and have envisioned the ability of banks to take actions of this nature.
Alternate Ways to Complete Financial Transactions
As a reminder, Cape Cod 5 offers several ways to bank digitally and engage with our team remotely. We are committed to serving as your trusted financial partner, especially during these times of uncertainty and volatility. Visit our website at the link below for alternative ways to complete financial transactions or connect with our team. As always, we’re here to help.
Additional Links to Reputable Resources
Based on your feedback, we have added additional local and state resources to our website at the links below. This includes information about COVID-19 from local healthcare providers as well as the guidance issued by Governor Baker to individuals and businesses. 
In closing, we wanted to share that today, March 16, marks Cape Cod 5’s 165th birthday. In these extraordinary times the mission of the Bank is as true now as it was in 1855: to serve our customers, our employees and our community. Our proven resiliency and long-standing history and commitment to those we serve will continue to shine through as we all navigate through this together. As always, we are here for you – just as we have been for the last 165 years.
Fraud Schemes Related to Coronavirus 

As we previously advised, scammers attempt to take advantage of events like this to perpetuate fraudulent activity. Below are some specific scams of which we’ve been made aware, and we encourage you to remain vigilant at this time to protect yourself.
  • Unsolicited emails claiming to be from organizations such as Centers for Disease Control (CDC), World Health Organization (WHO) or others containing attachments or links. These may attempt to install malicious malware on your device or trick you into providing personal or financial information.
  • A fraudulent version of a map published by Johns Hopkins University that shares latest stats about COVID-19 is being used on malicious, illegitimate websites or emails to spread malware that attempts to steal users’ passwords. A link to the legitimate version of this map can be found at the link above and was share in our communication last week.
As a reminder, Cape Cod 5 will never contact you via email asking for personal or financial information, and you should never share sensitive information with anyone via email.

Read more about related scams and how to protect yourself 


Update as of Wednesday, March 11, 2020

We are including a list of local resources that you might find helpful containing important information and updates on COVID-19 below:

Update as of Friday, March 6, 2020

Cape Cod 5 is monitoring and taking actions to respond to the rapidly evolving public health situation around COVID-19, the new coronavirus. As always, the health, safety and well-being of our customers, employees and community members are our top priority. There is much that is still unknown about the virus and what the ramifications of this outbreak will be. New information is discovered each day, new developments are occurring, and we are all reliant upon the experts to update the general public in real time.
The purpose of this update and others that will follow is to provide you with information and resources you may find helpful as we all navigate through this difficult and uncertain time. Please be assured that Cape Cod 5 is focusing all of its efforts on supporting you, our employees and our community through this situation, whether it be short term or more prolonged.  
Depend on Reliable Sources for Information
There is a great deal of misinformation – both intentional and inadvertent – and it is important to pay heed to official and well-supported sources. Here are some resources for your reference:
Be Aware of Scammers
Fraudsters often take advantage of events such as these.  Be vigilant if you receive something that seems out of the ordinary. Below is a link to the Federal Trade Commission’s site with specific coronavirus-related scam information.
https://www.consumer.ftc.gov/blog/2020/02/coronavirus-scammers-follow-headlines
Convenient Ways to Conduct Banking & Financial Transactions from Your Home or Office
Cape Cod 5 offers several alternate banking solutions for those that wish to avoid public places or cannot visit us in person during this time. Also, in accordance with CDC guidance, we are asking that anyone who is experiencing a fever or respiratory illness or those that have recently travelled to CDC Level 2 or 3 countries postpone their visit to any Cape Cod 5 Banking Center or facility for the appropriate amount of time.
There are many alternatives to in-person banking, including:
  • Our Online and Mobile Banking services are available 24 hours a day, 7 days a week, allowing both consumers and businesses to perform many banking transactions from your home or office location, including depositing checks, moving money between accounts at Cape Cod 5 and/or another financial institution, checking your balance, reviewing account activity, paying bills and more.
  • Our Customer Service Center is available to assist with your banking needs or questions you may have via phone at 888.225.4636 or via email at [email protected]. As a reminder, please do not include sensitive account or personal information in an email.
  • Digital applications are available for opening new deposit accounts and can be completed online at Open an Account
  • Residential Mortgage Applications can be completed online at Apply Now
Market and Economic Impacts
We are continuing to monitor the effects that COVID-19 is having on the stock market and economic outlook. At this time, as there are still more questions than answers regarding the disease, this is driving market instability. Cape Cod 5’s Investment Services team is carefully monitoring the situation. Please do not hesitate to contact us with any questions. We’re always here to help. More information on market conditions relative to COVID-19 can be found by clicking here
Precautionary Steps We Are Taking
Cape Cod 5 recognizes that we are a community organization upon which our customers rely and that we must prepare for continuity of service during any potential event. 
We have measures in place that will support our continued operations and support our customers during emergencies and disasters and continue to evolve and enhance these for the particular challenges of this coronavirus epidemic. 
  • We are consistently monitoring staffing levels throughout all areas of the Bank to ensure service levels are maintained and to prevent any disruptions in service due to health reasons.
  • We have developed robust methodologies of remote work, so even in the most extreme circumstances, the Bank can continue operations and supporting your transactions.
Also, and given that it is also cold and flu season, we have taken the following precautionary measures:
  • In order to help prevent the spread of any illness to customers or the public, Cape Cod 5 has asked that any of our employees who are feeling ill or exhibiting symptoms of illness (including respiratory disease or fever), or has a family member who is ill, to stay home.
  • As noted above, similar to the advice given to our employees, we ask that any customers who are not feeling well to please avoid visiting Banking Centers if possible. To facilitate this, we are encouraging customers to use digital and remote services to access their accounts and perform banking functions.
  • Also, in accordance with the guidance provided by the CDC, we are asking that anyone who has traveled to or from a Level 3 or Level 2 area, please avoid visiting a Banking Center for at least two weeks after returning to the U.S.
  • Hand sanitizer is available for use at all Cape Cod 5 Banking Center locations. Additionally, surfaces are wiped down regularly to mitigate the spread of germs.
We will continue to monitor developments around COVID-19 and provide updates as they relate to the Bank on our website and on our social media channels. As always, we are committed to serving as your trusted financial partner, and we thank you for the trust you have placed in us.

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