Banks stepped up to help out those affected by Hurricane Harvey, and many have announced a fresh round of donations to help support those devastated by Hurricane Irma after it swept through Florida. They are donating to the Red Cross as well as other organizations on the ground in Florida and the Caribbean. Some banks are also waiving fees and penalties for people and businesses in the affected areas.
The lineup of bank relief efforts
The situation on the ground in Florida still evolving, but here are the donations and offers of help from banks that have announced including:
- Bank of America is donating $1 million, including $250,000 going directly to the American Red Cross Disaster Relief Fund. The rest of the funds will be given out when specific needs for recovery are assessed. This newest round of donations brings their total to 3.5 million, including $754,000 donated by their employees for both hurricanes, which was matched by BofA.
- Wells Fargo donated $1.1 million to aid with recovery efforts in both Florida and the Caribbean, with half going to the American Red Cross. Wells Fargo customers can also take advantage of payment relief for 90 days if they are located in the FEMA declared areas. This offer extends to credit cards, student loans, auto loans, home mortgages, home equity and retail small business loans, as well as lines of credit. Wells Fargo is also refunding or waiving fees for consumers living in these areas, including late fees, debit card over-the-counter cash disbursement fees, and ATM fees when using non-Wells Fargo ATMs.
- The Citi Foundation will be donating $1 million to the Red Cross, upping its donation for both hurricanes to $2 million. They also report that their colleagues and clients came together to donate an additional $500,000 to the American Red Cross. Citi customers who live in FEMA-designated disaster areas may be able to get an automatic waiver or a refund on late fees for credit cards, personal loans, and credit lines, as well as have late fees waived for mortgage payments due in September. They may also be eligible for waived fees and penalties for early withdrawal on CDs, wire transfers, and Citibank deposit accounts. Those with credit card accounts may be able to defer minimum payments and apply for an emergency credit line increase.
- JPMorgan Chase is waiving late fees or refunding these fees for both consumers and businesses in the FEMA-declared areas until September 24th. These fees include mortgage, credit card, business banking and auto loans, as well as overdraft, monthly service and ATM fees on deposit accounts. They are also automatically instituting a 90-day grace period for delayed payment on mortgages and home equity payments.
- The Royal Bank of Canada is donating $300,000 to organizations providing aid to people in Florida and the Caribbean.
- The TD Charitable Foundation is donating $250,000 to the American Red Cross for relief efforts in Florida and the Carolinas, along with $250,000 going to local organizations via employee and community matching gift donations. An additional $100,000 is being donated to the International Federation of Red Cross to help with the recovery in the Caribbean.
- PNC Bank (PCN Foundation) is donating $250,000 to the American Red Cross, while they are also creating a pool of an additional $250,000 that will be donated once the needs in affected communities are known. They are also matching contributions up to $150,000 (total) by their employees to the American Red Cross. PNC Bank is also waiving fees until September 18 for people living in the FEMA-designated disaster areas in both Florida and Alabama. These fees include overdraft, insufficient funds, and Non-PNC ATM fees, as well as monthly service fees on both consumer and business accounts. Also, people can request that late fees for credit card accounts be refunded, and they can also request late fee refunds for business and consumer loans.
Discover matching cardholder funds
After Hurricane Harvey, Discover pledged up to $500,000 to the American Red Cross for Hurricane Harvey relief through their cardholder donation matching program, and they have now raised that amount to $1 million to support the recovery from Hurricane Irma as well.
With this program, they match cardholder’s donations whether the cardholder chooses to use their cash back bonus or make a donation directly to the Red Cross using their Discover Card. They are also matching employee donations via their Employee Giving Program.
Right now they are also forgoing transaction fees when donations are made to the American Red Cross via credit card. People can donate via the website. “Two major hurricanes in two weeks has had a devastating impact on so many people in Texas, throughout the Southeast, and in the Caribbean islands,” said David Nelms, Chairman, and CEO of Discover.
“Our cardmembers and employees have been supporting relief efforts for those affected by Hurricane Harvey and I’m pleased that Discover is now expanding our support to also support those affected by Hurricane Irma,” he said.