Goldman Sachs to Let Customers Defer Apple Card, Marcus Payments

Goldman Sachs Group Inc. will allow Apple Card users to skip March payments without incurring interest as the coronavirus causes uncertainty for workers.

The bank will also let customers of its online Marcus platform postpone loan payments for a month, the company told borrowers in an email. As of Sunday night, tens of thousands of customers had taken advantage of the Apple Card customer-assistance program, the bank said.

Goldman Sachs follows other banks in offering assistance to customers impacted by the coronavirus. Citigroup Inc. has offered to waive monthly service fees and penalties for early certificate of deposit withdrawals, and banks including Truist Financial Corp. have talked to regulators about changing accounting rules for troubled-debt restructurings to give the companies more freedom to help customers through loan extensions, according to Truist Chief Financial Officer Daryl Bible.

“We’ll see more and more of that,” David Konrad, an analyst at D.A. Davidson & Co., said in an interview. “We’ll see a lot of late-fee waivers, overdraft-fee waivers, a lot of things like that coming out in the next 30 days” as well as “a lot of forbearance and banks working with customers.”

In recent years, Goldman had been pushing into the consumer space. Marcus was launched in 2016, and last March Apple Inc. debuted its credit card with Goldman Sachs.

— With assistance by Sridhar Natarajan, and Jennifer Surane

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