Having a Heart: Banks Waive Fees for Irene Victims

Although Hurricane Irene was kinder to some areas than initially anticipated, the storm did end up devastating the homes and businesses of many people who resided in its long path. The full extent of the damage has yet to be determined and authorities will know more over the coming days and weeks.

In the meantime, JP Morgan Chase has decided to offer some assistance to their customers in the New York, New Jersey and Connecticut area by way of waiving certain bank fees from August 29 through September 4.

Chase went out of their way to assist customers prior to the storm by keeping branches open late on Friday to allow people extra time to snag some last-minute cash in order to stock up on food and supplies in preparation for Irene’s onslaught.

Here is the letter that went out to customers a few days ago, via email:

To our valued customers in New York, New Jersey and Connecticut:

We hope you, your families and your customers are safe following Hurricane Irene. Natural disasters are very stressful and we want to help where we can.

This week, we are expanding our efforts through Sunday, September 4, 2011, to help you and our millions of customers in the Tri-State area as you recover from the storm.

• We are increasing staff and extending hours at key branches in severely affected areas.
  • When we know we can get employees to work safely, we will increase staff and extend hours. Please visit chase.com frequently and check our Branch Locater for details on the branches near you.
• We expect most, if not all, of our ATMs to be operational. But if you can't get to one of our ATMs, we won't charge you for using someone else's ATM in the Tri-State area.
  • However, the bank that owns the ATM may charge you.
• We are waiving the following Chase fees charged between now and through September 4, 2011 for customers in New York, New Jersey and Connecticut:
  • Overdraft, Overdraft Protection Transfer, and Insufficient Funds Fees for deposit accounts.
  • Late fees on credit cards, business and consumer loans.

Please call your personal banker if you are unable to access your funds. For example, we will waive the early withdrawal fees on CDs to help customers with their cash flow.

If you have more specific problems, please call your Financial Advisor, Business Banker, Loan Officer or simply come into your nearest Chase branch. Our branch and telephone bankers are empowered to go the extra mile for customers with storm-related problems or concerns. We also plan to call many of our customers in the hardest hit areas to see if there are other ways we can help.

We hope these efforts can play a small part in easing some of your worries following the storm. We are committed to doing what we can for our customers who have been impacted. If you need assistance, please call us at one of the phone numbers below.

Sincerely,
Ryan McInerney
Chief Executive Officer
Chase Consumer Banking

Wells Fargo is another big bank that is temporarily eliminating various fees in the wake of Irene. Other banks such as Citibank, Bank of America and Capitol One are assessing customer needs on a case by cases basis. Anyone affected by the storm is encouraged to contact their lending institution to discuss their situation.

Bryant Park

Bryant Park is a financial consultant for one of the companies listed on Wall Street. He writes on a variety of topics ranging from credit cards to different loans that can be availed by consumers. He holds a bachelor degree in Financial Services from Dartmouth College.