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WE ARE HERE TO HELP. A letter from our President & CEO.

To our valued customers:

We are here to help.

If you are experiencing financial difficulties as a result of COVID-19 and its impact please contact us at 716-937-3381 or 716-685-5090 to discuss solutions available to meet your needs.  Our representatives are available during our regular office hours to discuss assistance options and insure that your banking needs are met.

If you are having difficulty making your home mortgage or home equity payments you can

  • Call us to request extension payments which allow you to pay only the interest portion of your regularly scheduled payment now and extend the term of your loan by the number of months you elect to make such extension payments;
  • Call us to request a one month loan payment deferral which will allow you to defer your next monthly payment for a month.  Interest will continue to accrue on the outstanding balance and the term of your loan will be extended by one month and your final payment will be increased by the amount of the additional accrued interest; or
  • Apply for a three month forbearance which will allow you to defer the next three monthly payments on your loan.  Like the one month deferral, interest will continue to accrue on the outstanding balance of your loan and the term of your loan will be extended by three months and your final payment will be increased by the amount of the additional accrued interest.  The application for a 3-month forbearance is available here and can be printed and completed and mailed or emailed to us at [email protected] or dropped off in the night deposit box or either drive thru.  We will review your application immediately upon receipt and provide you with a decision within 10 days.

If you are having difficulty making installment loan payments you can

  • Request extension payments which allow you to pay only the interest portion of your regularly scheduled payment now and extend the term of your loan by the number of months you elect to make such extension payments; or
  • Request a one-month loan payment deferral which will allow you to defer your next monthly payment for a month.  Interest will continue to accrue on the outstanding balance and the term of your loan will be extended by one month and your final payment will be increased by the amount of the additional accrued interest.

Your credit report and credit score will not be negatively impacted by availing yourself of the option to make extension payments or a payment deferral. 

Also, effective March 23, 2020 through May 31, 2020, we have discontinued charging a fee for using an ATM not owned by Alden State Bank or M&T Bank (transactions at Alden State Bank and M&T ATMs remain free for our customers) and will waive early withdrawal fees on any Certificate of Deposit opened for more than 7 days. 

We are also available by telephone and appointment to help our business customers with cash flow and loan payment concerns – please contact your Customer Relationship Manager to discuss your needs. 

As the situation with COVID-19 continues to evolve we will stay abreast of the latest developments and will closely follow all CDC (Centers for Disease Control and Prevention), Federal, State, and local guidelines for safe hygiene to best protect the health of our employees and customers.   We will continue to post changes to the Bank’s schedule and any other changes taken in response to COVID-19 on our website, www.aldenstate.com.    

Finally we would like to take this opportunity to assure you that, despite the uncertainty of these trying times, your deposits at Alden State Bank and your access to those funds remains safe.   We are strongly capitalized and are prepared to weather this storm.   Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money. Learn more about deposit insurance here.

Stay safe, and thank you for banking with Alden State Bank.

ALDEN STATE BANK

By   SW_Sign

Steven J. Woodard, President

Our deep community roots make us proud to serve Western NY!

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