Big Banks Donating Millions to Hurricane Sandy Relief Efforts

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According to various sources superstorm Sandy caused up to $10 billion worth of property damage. The number doesn’t include how much citizens have lost in food, wages, and uninsured damages. Before the storm many banks were waiving fees for customers and some have continued to give back to those affected by hurricane Sandy.

Citibank has extended its offer by waiving the fees for consumers who make late payments or have overdrafts through November 5th. They will also not charge customers who choose to use ATMs out of their network.

JP Morgan Chase & Co. will also waive certain fees through November 5th. The bank also plans to waive mortgage-related fees and offer victims of the storm a chance to suspend their mortgage payments for up to 90 days. The company plans to suspend foreclosure sales in zones that the Federal Emergency Management Agency (FEMA) declares to be disaster areas and permit customers to donate to the Red Cross using points they earned through the “Ultimate Rewards” program. JP Morgan Chase & Co. is also said to be donating $4 million to the American Red Cross and local agencies aiding recovery along with $1 million in matched funds for employee’s donations.

Wells Fargo banks that are open in affected areas are hand-stamping deposit and withdrawal slips for customers who need funds along with waiving ATM fees and late fees on credit cards and auto, home-equity and student loans through November 3rd. Wells Fargo plans to donate $1 million split between the American Red Cross and local recovery efforts.

TD Bank is allowing customers to cash in their CD’s without charging early-withdrawal penalties.

Bank of America initially planned to waive fees by having customers call an 800 number but backpedaled after customers complained many are still without power; they are now waiving fees and no phone call is required. BofA encouraged customers to contact them if they are in need of credit increases on their credit cards or need payment modifications and extensions.

Fannie Mae and Freddie Mac will work with homeowners to temporarily suspend or reduce payments anywhere from 90 days to a year. The offers will be extended case-by-case though.

Capital One is providing $200,000 relief grants to areas in New York and New Jersey along with $600,000 for longer term recovery efforts. They also plan to match up to $200,000 in donations provided by their customers through their “No Hassle” rewards program. HSBC announced they will be contributing $500,000 to the Greater New York American Red Cross and up to $500,000 in matching contributions for every dollar HSBC employees donate to relief efforts.

If your bank was not listed don’t hesitate to contact them as soon as possible to see how they might be able to help you or anyone else affected by hurricane Sandy.