Big Banks Extend Hurricane Relief for Customers
Banks in areas hit hard by Hurricane Sandy have re-opened most of their branches. Now some of them are opening their checkbooks, too.November 1
Just as it has done in the past for other charities, Wells Fargo (WFC) is allowing its automated teller machine customers to donate to the American Red Cross in the wake of Hurricane Sandy.October 31
The four largest banks are extending some of the fee waivers and other relief they are offering customers affected by last week's Hurricane Sandy.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (NYSE: C) and Wells Fargo (WFC) have all said they will waive fees on overdrafts and late loan payments through at least Wednesday, after the massive storm ravaged the Northeast and MidAtlantic regions.
JPMorgan said Sunday that it would continue waiving fees on overdrafts, late credit card payments and other consumer and small-business loans through Wednesday. The automatic fee waivers will apply to customers in ten Northeastern states affected by the storm, as well as the District of Columbia.
The country's largest bank also said that mortgage customers in those states are eligible for 90-day moratoriums on making payments, if they call JPMorgan to request one.
Also Sunday, Citigroup said it would offer additional relief to mortgage customers affected by the storm, and would suspend foreclosure sales in federally-declared disaster areas. For customers with homes in those areas, Citigroup will suspend late fees and may offer payment moratoriums of 90 days "or longer, based on guidance from investors for loans they own," the third-largest bank said in a press release.
The bank added that customers with mortgage applications in process in the storm-affected areas may need to have their homes re-inspected, at no cost to them, "to ensure that there is no damage sustained on the home. Homes without damage will be expedited through the closing process."
Citigroup is also waiving fees on overdrafts and late credit card payments through Monday. For customers in New York and New Jersey, the bank will extend the fee waivers through at least Wednesday.
On Monday, Bank of America said it would also waive various customer fees through Wednesday, for consumer and small-business customers in thirteen states and the District of Columbia.
Wells Fargo said at the end of last week that its similar fee waivers would also be in effect through Wednesday.