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Research: Banks Temporarily Waive Fees for Irene Victims -

JP Morgan Chase & Co., America`s second largest bank, is leading the way and in an act of financial kindness, JP Morgan Chase & Co. decided to waive some of its late fee for customers who were affected by Hurricane Irene this past weekend. According to banks spokesman, Thomas Kelley, the bank sent an e-mail to its millions of customers stating that JP Morgan will not be charging customers in New York, Connecticut and New Jersey for late payments on business and consumer loans, overdraft fees, or on the late payment of credit cards from today until Sept. 4.

Hurricane Irene recently made a mess in parts of the East Coast, causing flooding, evacuations, and a New York metro system shut down. In light of this, banks have come together to provide assistance to its customers in affected regions.

According to the e-mail, JP Morgan also plans to waive the early withdrawal fees on certificates of deposit (CDs) and extend bank hours in disaster struck areas. The e-mail explains that these measures are "to help customers with their cash flow." The bank along with Wells Fargo will waive the fee consumers are charged when they use an ATM belonging to a different bank.

Wells Fargo & Co. also announced that it would waive its ATM fees for its New York, New Jersey and Connecticut customers from today until Sept. 2 following Hurricane Irene. Wells Fargo also lifted its early CD withdrawal fee for customers.

Capital One Financial Corp. is advising customers who were hit hard by the hurricane to speak to a person at one of their branch locations, online or over the phone. According to Stephen Schooff, a spokesman for Capital One, "We have policies in place to assist those customers on a case-by-case basis to include fee waivers, APR reductions, payment plans, etc.," Schooff said in an e-mail.

Bank of America, the United States largest bank, and Citigroup Inc. have opted to help consumers on an individual basis. As for now, Bank of America is helping affected areas by sending ATM units with the most affected customers.

I must say it is a nice change to see banks giving instead of taking. Also, its another way to show the consumer that they care about them, their well-being and their money.

tags : Banks Fees