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Hurricane Irene made a mess in part of the East Coast, causing flooding, evacuations, and a New York metro system shut down. Banks have come together to try to provide assistance to its customers in affected regions. JP Morgan Chase & Co., America’s second largest bank, is leading the way and in an act of financial kindness, JP Morgan Chase & Co. decided to waive some of its late fee for customers who were affected by Hurricane Irene this past weekend.
According to banks’ spokesman, Thomas Kelley, the bank sent an e-mail to its millions of customers stating that JP Morgan will not be charging customers in New York, Connecticut and New Jersey for late payments on business and consumer loans, overdraft fees, or on the late payment of credit cards from today until Sept. 4.
According to the e-mail, the bank also plans to waive the early withdrawal fees on certificates of deposit (CDs) and extend bank hours in disaster struck areas. The e-mail explains that these measures are “to help customers with their cash flow.” The bank along with Wells Fargo will waive the fee that consumers are charged when they use an ATM belonging to a different bank.
Wells Fargo & Co. announced that it would waive its ATM fees for its New York, New Jersey and Connecticut customers from today until Sept. 2 following Hurricane Irene. Wells Fargo also lifted its early CD withdrawal fee for customers.
Bank of America, the United States largest bank, and Citigroup Inc. has opted to help consumers on an individual basis, whether it be at a consumers local branch or over the phone. Bank of America is also sending relief to affected areas by delivering ATM units to the most affected areas.
Capital One Financial Corp. is advising customers who were hit hard by the hurricane to speak to a person at one of their branch locations, online or over the phone. According to Stephen Schooff, a spokesman for Capital One, “We have policies in place to assist those customers on a case-by-case basis to include fee waivers, APR reductions, payment plans, etc.,” Schooff said in an e-mail.
It’s nice to see banks helping out and giving customers extended access to their funds in a time of need. It’s another way that the banks show that they care about the customer and will accommodate them in the best ways they know how.
