News

Banks waive fees in Sandy-stricken area

October 30, 2012

In a gesture of goodwill, many of the nation's banks whose customers were affected by Hurricane Sandy have said they will forgive ATM, overdraft and late fees incurred during the storm. The news will come as a bit of welcome relief to millions of hurricane victims whose lives have been severely disrupted since Sandy came ashore.

According to a report by Time, JP Morgan, Chase and Citibank were among the major FIs to announce the fee waiver on Sunday night. Bank of America will also offer fee forgiveness, but customers will have to contact the bank to request it.

Capital One said there would be no blanket fee waiver for its customers, but it might grant modified payment plans for some customers. These decisions would be made on a case-by-case basis, the company said.

Chase customers will be given fee leeway through Wednesday, Oct. 31 and will have until the end of the following business day to get their account balances in order, the Time story said. 

For more on this topic, visit the transaction processing research center.