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Hurricane Relief Efforts get Boost from Banks

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With customers in the northeast and mid-Atlantic reeling from the impact of Hurricane Sandy, several major banks have pledged their support with donations to the American Red Cross.

Wells Fargo, Citibank, and Bank of America have each announced $1 million donations to hurricane relief efforts. TD Bank has promised $500,000.

New York, Massachusetts, Virginia, New Jersey, Delaware, Connecticut, Pennsylvania, North Carolina, Rhode Island, New Hampshire and Maryland were all heavily affected by the storm, which made landfall near Atlantic City, New Jersey, on Monday evening and brought flooding, high winds, and even blizzard conditions to many areas. The American Red Cross has set up emergency shelters in sixteen states to assist victims.

Doing Their Part

“We have customers and employees throughout the hardest hit region and their safety is our main consideration,” said Bank of America CEO Brian Moynihan in a statement. “As we do what we can to help them through this, we also are doing our part to help get relief to communities affected.”

Bank of America will give $500,000 to the American Red Cross immediately, and has promised another $500,000 in donations over the next several weeks as long-term recovery efforts continue. The remaining half a million will go toward national, regional, and local programs.

TD Bank and Citibank will give the entirety of their donations to the American Red Cross Hurricane Relief Fund, while Wells Fargo will give $250,000 to the American Red Cross and another $750,000 to regional nonprofits assisting with recovery efforts in storm-affected areas.

Donate Directly

Wells Fargo will also let customers donate directly to the Red Cross Disaster Relief Fund via ATM. There will be a no-fee option for any Wells Fargo customer using an ATM to make a donation, and 100% of the amount will go to storm relief efforts. The option will be place through November 13 everywhere except Kansas, Missouri, and Washington, D.C., which have local restrictions preventing such donations.

Citibank, gives an annual $500,000 grant to the Red Cross Disaster Giving Program, but this amount will be in addition to that. Michael Corbat, CEO of Citibank, said that his company is “As we shift our focus to relief and recovery efforts, we are doing everything we can to assist our customers and help our communities recover.”

Many banks had already announced that they will be forgiving fees, lifting credit limits, and making other allowances for customers who were affected by the hurricane. Customers who may have overdraft fees, late payments, or other financial issues because of storm complications should contact their financial institutions for more information on waivers.

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