News

East Coast ATMs getting back to normal

November 5, 2012

Some of the nation's biggest banks are extending fee waivers for another week, but with the bulk of their ATMs now back in service, ATM fees are not among them.

According to an article at US News & World Report, about 87 percent of JPMorgan Chase branches and ATMs now have power; Citi said that about 80 percent of its branch and ATM facilities were in service; about 86 percent of Wells Fargo ATMs were online, as well as 80 percent of the bank's branches; 85 percent of Bank of America ATMs and branches were operational.

With much of their operations restored in storm-struck areas, the FIs are back to their standard ATM fee policies. But many other fees had been suspended for an additional week for the benefit of customers who were still affected by power outages and storm damage.

Most of the fee waiver extensions concerned overdraft fees, and late fees on a variety of loan products. Chase, Citi, Wells Fargo and PNC were some of the larger banks to extend waivers. Additionally, Chase said that some mortgage holders might be granted a 90-day moratorium on payments.

Citi and Wells Fargo said they were waiving early withdrawal fees on CDs for storm victims. Additionally Citi said it would not charge customers for wire transfers sent to those recovering from the storm.

 For more on this topic, visit the bank/credit union research center.