Truist gives $25 million to virus relief, employees get paid leave and childcare

Truist is donating $25 million to support basic needs, medical supplies, and financial hardship in the midst of the novel coronavirus pandemic, the bank said Tuesday.

It’s one of the largest donations from a financial institution for COVID-19 relief to date. COVID-19 is the disease caused by the virus.

The Charlotte-based financial institution will donate $1 million to both the CDC Foundation and Johns Hopkins University, and $3 million to local United Way organizations, it said in a news release.

“We understand our communities, clients and teammates all need immediate help in this growing crisis,” CEO Kelly King said in a statement.

The bank, which moved to Charlotte last year when BB&T and SunTrust merged, said it is giving employees 10 days of paid leave to help deal with school closings, among other disruptions. The bank typically gives 10 days of sick leave to employees that work more than 20 hours a week.

Truist is also giving its some workers a special reimbursement for childcare costs and all employees will get an increase in emergency child and elder care benefits.

The bank announced that it will match, at a 4 to 1 rate, all worker donations to the bank’s “One Team Fund” which provides short-term help to Truist employees dealing with family emergencies or natural disasters.

For customers, the bank said it is temporarily waiving ATM fees and offering increased cashback at grocery stores and pharmacies through April 15. The bank, like others, said it will provide payment relief to customers struggling pay their credit cards or loans.

Truist, like all banks across the U.S., has been trying to grapple with the wide-ranging effects that the pandemic has had on the economy and workers.

One of the bank’s New York employees tested positive for COVID-19 on Friday, spokesman Kyle Tarrance said yesterday. The bank, like many others, has beefed up its cleaning protocols for branches and ATMs and increased its capacity to have employees work from home.

Yesterday, the Charlotte City Council and local firm LendingTree announced that they were each donating $1 million to start a local virus relief fund that would focus on vulnerable populations in Mecklenberg County. As of Monday, there were seven confirmed cases of the disease caused by the virus in the county.

This story was originally published March 17, 2020 at 8:54 AM.