America’s big banks have been criticized for accepting bailout funds and not easing strict fee policies which hurt customers. But in the wake of Hurricane Sandy, banks such as JPMorgan Chase, Bank of America, Citicorp and Wells Fargo are demonstrating a bit of compassion to customers devastated by the storm, waiving fees and offering services to consumers and businesses that have been unable to access branches, ATMs or even Internet services.
Although 40 percent of its 3,200 ATMS in the New York, New Jersey and Connecticut are still out of service, Chase reopened 587 of its branches in the area as of Tuesday.
“Our employees have done simply heroic things to get more than half of our branches open today,” Ryan McInerney, CEO of Chase’s consumer bank, told the Associated Press. McInerney said the bank even helped customers charge their cellphones.
Chase emailed its customers Tuesday night advising it would continue to automatically refund certain fees for customers in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, Massachusetts, New Hampshire, Rhode Island and Washington D.C. The nation’s largest bank will waive fees to transfer funds between accounts for overdraft protection, extended overdrafts, returned items and insufficient funds. It will also waive late fees billed on credit cards, business and consumer loans. The fee waivers and refunds will continue until Nov. 1.
Bank of America customers living in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, New Hampshire, Maine, Massachusetts, Virginia and Washington, D.C. may also qualify for refunds on overdraft and insufficient funds fees. Bank of America will also waive fees for using a non-Bank of America ATM if incurred as a result of the super storm.
Although other banks are automatically waiving fees for customers impacted by Sandy, Bank of America is asking customers requesting assistance to visit a bank branch or call 1-855-729-1764. Impacted customers may also request an increase on their Bank of America Visa or MasterCard credit line, a modified payment schedule and assistance with lost, missing or late payments. Bank of America customers may also request early withdrawal of bank certificates of deposits without penalty.
Wells Fargo customers in storm-affected areas will see waivers of late fees incurred on credit cards, consumer loans and certain small business loans through Nov. 1. The bank said it will re-evaluate the situation if needed after that time. Wells Fargo will also waive fees for using another bank’s ATM for customers in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C.
Citi customers in areas affected by Sandy also received an email advising their bank will automatically waive overdraft, insufficient funds and late payment fees incurred through Nov. 6. Citi will also waive early withdrawal penalties on certificates of deposits if needed for storm recovery.
PNC will also waive fees for customers using non-PNC ATMs, as well as foreign ATM fees, insufficient funds fees and overdraft fees. The bank is working on plans to further assist customers impacted by the storm. Likewise, HSBC emailed its customers advising them to contact the bank if they need storm-related support, including reversals of fees incurred due to limited banking availability.
Capital One will not offer blanket fee waivers for customers living in areas affected by Sandy, but announced it will consider fee waivers, as well as modified payment arrangements, for customers on a case-by-case basis.