We reported last week, several times, actually, of what the nation’s biggest banks were doing to ease the massive burden residents in the northeast have been shouldering since Hurricane Sandy’s historical landfall. The images coming through in recent days have been a combination of shocking, heartbreaking and for many of us, a sense of feeling helpless. The big banks, including JPMorgan Chase, Bank of America and others have really raised the bar and have stepped up to the plate in an effort to assist their customers, their neighbors and even folks who are neither. We thought as we prepare for the new week, we’d touch base with those banks again and see how things are moving along in their efforts.
First, it’s important to understand how progress is being made with just the basics for those who in the affected area. There are still close to 2 million homes without electricity and further complicating matters is another nor’easter that’s expected later in the week. Many of the banks’ branches are still without power and there those that, even if they did have power, they would be unable to open their doors due to significant damage. A journalist we spoke to who is in Brooklyn this morning said there are “dozens” of various bank branches he’s seen that are uninhabitable.
JPMorgn Chase
In its latest presser, JPMorgan Chase is “automatically refunding certain fees” for customers living in the affected states of Connecticut, Delaware, Maryland, New Hampshire, New Jersey, New York, Massachusetts, Pennsylvania, Rhode Island, Virginia and the District of Columbia. These are extended until the end of the day on November 7. Those fees include transfer fees for moving funds to their checking accounts for those who have overdraft protection. They also include fees for extended overdrafts, NSF fees, returned check fees and late fees that were tacked on to both both consumer credit cards and business credit cards. Further, those fees are extended to home equity loans, mortgages, student loans and auto loans.
JPMorgan Chase also announced over the weekend that many of its mortgage consumers may be eligible for a 90 day moratorium on their mortgage payments. If you’re a Chase customer, you’re encouraged to call 888-356-0023.
So how close is Chase to being fully restored? A bank spokesperson told the media that it was “about 87%” back to its pre-storm state in New York, Jersey and Connecticut.
Citigroup
For its part, Citigroup is also automatically extending its waivers through November 7. Citi customers will need to call 800-283-7918 in order to discuss their options. It too is willing to bypass fees on its overdraft protection services, NSF, late payments on credit cards – both business credit cards and consumer credit cards, as well as wiring funds and early CD withdrawal. We weren’t able to confirm if these waivers were automatic like Chase is extending, but we did learn that the bank is eager to extend any kind of courtesy extensions it can to all of its customers. Bottom line: don’t assume it’s automatic, but do call since you may find a very willing customer service representative who’s ready to do anything he can to ease your burden.
We asked how it was coming along in its restoration efforts. It says it’s 80% back to full running capacity.
Wells Fargo
It appears the magic number is November 7 as Wells Fargo also extended its waiver date. If you’re using another bank or network ATM to withdraw cash from your Wells Fargo accounts, those fees will be re-credited to your account. It too is also allowing early withdrawals from CDs fee-free. Late fees on credit cards and what it describes as fees for “certain small business and consumer loans” are also being waived. Fees associated with home equity loans, student loans and auto loans are also automatically waved if you live in the affected area, including Rhode Island, New Hampshire and other directly affected states.
It too is more than 85% back to full operation, unless you’re in New York, New Jersey, Connecticut and Pennsylvania and in those states, it’s reporting an 80% rate of being fully operable.
PNC
For those who bank with PNC Financial Services, Inc., they have a message for you, too. Your overdraft fees are waived until the close of business on November 7th if you reside in certain areas. Those areas include New York City, New Jersey, northeastern Pennsylvania and Philadelphia. It’s reporting that these customers will need to bring their accounts out of a negative balance by November 8th.
If you reside in central Pennsylvania, Maryland, Delaware, Virginia and Washington D.C., you only have until the close of business on November 5 to avoid fees. All PNC customers can call 800-822-5626 for more information on your account, including fee waivers. If you’re concerned about your student loans, you’re encouraged to call 800-762-1001 and those with PNC credit cards and consumer loans should call 888-762-2265 to discuss your options.
As always, any new information we receive, we will certainly pass it on to our readers. If you know of any changes or announcements, we invite you to share your information with us.
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