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COVID-19 update

Coronavirus update

Your health and well-being remain our top priority during this uncertain time of the COVID-19 novel coronavirus. We are continuously monitoring the situation to ensure we are able to quickly respond to any updates from the Centers for Disease Control and Prevention (CDC) regarding this rapidly evolving pandemic.

 

What we are doing

We have temporarily reduced our branch business hours. Our branches will be open Monday – Friday from 10:00 a.m. – 4:00 p.m. At this time, we have closed our branches on Saturday and Sunday until further notice.

We have implemented a series of protocols to make your banking experience with us as safe as possible, including increasing the frequency of cleaning and sanitizing our facilities, and installing hand sanitizer stations in our branches.

Our relationship bankers remain readily available to you via telephone and email. In addition, our customer service representatives are available to answer your questions:

Monday – Friday, at 800-922-8429, as follows:

  • Consumer customer service: 6 a.m. – 7:30 p.m. PT
  • Business customer service: 6 a.m. – 6 p.m. PT

U.S. customers in Hong Kong can dial 3710-1400 toll-free to contact U.S. customer service directly — and automated customer service information is available anytime 24/7.

 

Hardship assistance

To support our customers and communities, we have implemented new temporary measures to provide assistance to persons who have experienced an economic impact caused by COVID-19.

 

For mortgage customers

Mortgage Payment Deferrals: If you are experiencing financial hardship as a result of COVID-19, you may be eligible for our payment deferment plan to delay your payments for up to 90 days with no credit bureau impact and no late fees. Some mortgages may be eligible for additional payment deferrals. To request assistance, please contact us Monday - Friday from 8:00 a.m. – 6:00 p.m. PT at the below number:

Due to high demand, call wait times may be longer than normal and we thank you for your patience as we work on this together.

 

For businesses

Every one of our business customers is unique, and we have a variety of tools to help those impacted by COVID-19. Please contact your Relationship Manager to discuss options that can help you and your business.

  • SBA Paycheck Protection Plan (PPP): The Small Business Administration (SBA) announced on April 24, 2020, that it had received a second round of funding allocated for the Paycheck Protection Program (PPP) and would resume accepting applications on April 27, 2020. In anticipation of this expansion of the PPP, Cathay Bank has continuously been processing applications received during the first round of funding. We are now working diligently to submit those processed applications and secure funding for those who have applied. Please note that we are no longer accepting applications due to the high volume of applications already received. Learn more about PPP
  • Smart Relief Loan Program: Cathay Bank has launched the Smart Relief Loan Program to help small business owners affected by the COVID-19 pandemic, which offers low interest rate short-term business loans ranging from $5,000 to $10,000. Learn about Smart Relief Loan eligibility.
  • Small business economic injury disaster: The SBA is assisting businesses to apply for Economic Injury Disaster Program loans. Additional resources and information about disaster program loans in your state can be found at disasterloan.sba.gov/ela/.

 

Credit card

Cathay Bank branded credit cards are serviced through Pinnacle Financial Partners. Pinnacle cardmember services may be reached at 1-855-401-4743.

 

Suspension of excess withdrawal fees

In alignment with recent changes to federal law, Cathay Bank will temporarily suspend all “excess withdrawal” fee(s) on money market and savings accounts for consumers and businesses beginning May 1, 2020, when customers exceed the transaction limits.  Cathay Bank strives to continue helping our loyal customers at a time when access to their funds is critical. 

We will continue to monitor savings and money market account withdrawal activity and reserve the right to convert these interest-bearing accounts to checking accounts consistent with our existing account Terms and Conditions.

 

What you can do

The most important step you can take is to be informed, to be able to protect yourself and your family. We suggest visiting the CDC website — CDC.gov — for updates.

From a banking perspective, if you have enrolled in online banking, you can access and manage your accounts from your mobile device, tablet or computer — checking balances, transferring funds, making deposits and more without visiting a branch. If you have not yet enrolled, you can click here to register for personal online banking or call our customer service for assistance.

Use our mobile banking to make deposits while staying safe at home. To make it more convenient for you, we are temporarily increasing the mobile deposit limits for consumers and businesses. These increased limits will be in effect from April 15 to July 31, 2020. All other existing terms and conditions related to mobile deposit remain in effect:

Consumer mobile deposit

Deposit limitation

Current

Temporary increase

Per deposit limit

$7,500

$10,000

Daily limit

$7,500

$10,000

Maximum checks deposited in a business day

5

10

 

Business mobile deposit

Deposit limitation

Current

Temporary increase

Per deposit limit

$5,000

$10,000

Daily limit

$5,000

$10,000

Maximum checks deposited in a business day

10

No change

1 month total deposit limit (rolling)

$15,000

$40,000

 

You may also choose to use one of our ATMs or surcharge-free ATMs within the PULSE Select®/Money Pass® network. Click here for ATM locations.

 

Be alert for scams

Various consumer agencies are issuing bulletins and warnings related to scams and other fraudulent activity preying on everyone’s fears and concerns about COVID-19. Click here to learn more.

 

We are in this together

We remain focused on supporting you and your loved ones during this uncertain time. We will do all we can as a bank to ensure your continued safety — and we are here for you if you have questions or concerns.

 

Cathay Bank

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Please do not include sensitive information such as account numbers or other personal information such as Social Security or Tax Identification numbers, driver’s license numbers, etc. in any email sent to us via this link.