JP Morgan Chase and Capital One Bank threw their support behind victims of Hurricane Sandy following announcements by Bank of America, Citibank, Wells Fargo, and TD Bank.
Chase promised up to $5 million and Capital One has pledged $1 million in storm relief donations to help recovery efforts after Hurricane Sandy tore apart the eastern seaboard this week.
Jamie Dimon, CEO of JPMorgan Chase, said that the bank is “prepared to offer unprecedented help from all areas of our firm through charitable relief, loans, fee waivers, and other commitments. We plan to be one of the key engines toward this recovery.”
Capital One also assured their support, stating “we are committed to do everything we can to help our customers and local communities recover and rebuild from this devastating event.”
Chase Trumps Other Banks with $5 Million in Aid
JPMorgan Chase has pledged the largest amount so far out of the big banks that have donated to the relief efforts. The $5 million in donations are going to:
- $2 million to the American Red Cross
- $2 million for local agencies offering counseling, temporary housing, cash assistance and other social services
- $1 million in matching funds for employee donations to the American Red Cross, WorldVision, and the United Way
They will also lend up to $5 billion in incremental capital for small- and mid-size businesses affected by the storm to help them rebuild. Loans will have discounted fees and rates and are in addition to small business funding that Chase already has in place. Customers will also be able to donate Ultimate Reward Points to the American Red Cross.
Capital One’s $1 Million Plan
Capital One will give $200,000 in cash contributions to various emergency relief grants, and another $600,000 for long-term recovery efforts in New York and New Jersey. The remaining $200,000 will be in matching funds donated by customers.
Capital One’s No Hassle giving web site, which was launched in 2008 in partnership with Network for Good, will match customer donations to the American Red Cross or the Voluntary Organization Active in Disaster (VOAD) through November 9. Customers can donate using cash or credit cards and transaction fees for donations will be covered 100% by Capital One. Gifts will be matched dollar-for-dollar up to $200,000. Customers can go to https://www.capitalone.com/give to donate.
Capital One funds will go toward AmeriCares, Global Giving, the Virginia Disaster Relief Fund, and the Community Foundation of the National Capital Region, as well as local Red Cross chapters in New York, New Jersey and Delaware.