Hurricane Sandy’s Path: Damages and Bank Donations


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Hurricane Sandy’s Path: Damages and Bank Donations

Updated: September 14, 2020

The content is accurate at the time of publication and is subject to change.
Hurricane Sandy’s Path of Destruction

On October 29, Hurricane Sandy made landfall in Atlantic City, New Jersey, after causing storm surges and wreaking havoc up the East coast. From West Virginia to New York, the hurricane wrought destruction on a massive scale. Thousands of people were evacuated and many lost their homes – some even lost their lives. Damage estimates are in the billions of dollars, and the death toll has increased from initial reports below.

Banks responded to the hurricane by waiving fees for customers in a dozen states. Fees for foreign ATMs, late credit card and loan payments, returned checks and over-the-limit charges were automatically waived by many banks from October 30 to November 7. Chase waived fees nearly a week longer and other banks were doing it on request. Many banks also offered higher lines of credit to customers in the storm-affected states below.

Many of those banks also made substantial donations to the American Red Cross and other charities aiding storm victims. But even those hefty donations barely put a nick in their profits. We compare bank donations to their profits last quarter in this chart. Will they dig deeper into their pockets in the aftermath of the storm?

Study - Bank Donations for Storm Relief Compared to Recent Profits

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Please see below for full details on the storm damages, bank fees waived, and bank donations.

Infographic - Hurricane Sandy’s Path: Damages and Donations

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Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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