Big Banks Waive Late Fees for Customers Affected by Sandy

Big Banks Waive Late Fees for Customers Affected by Sandy

We've got chills on the East Coast, and they're multiplyin'.

Oops, wrong Sandy. Of course we're talking about the hurricane bearing down on states from Virginia to Massachusetts Monday and Tuesday.

But while you may be worrying about the adequacy of your flood insurance and if you have enough bread and water, one thing you might not have to worry about is bank fees.


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Time Magazine reports that several large banks are waiving fees for customers living in areas affected by the storm, including New York, New Jersey and Connecticut:

  • JP Morgan Chase is waiving all overdraft fees and late fees on credit cards and business and consumer loans--including credit cards and student, mortgage, home equity and auto loans--through Wednesday, October 31st. Customers have until the end of business Thursday to make sure their accounts and balances are up-to-date to avoid a fee.
  • Citibank is waiving ATM fees for New York City residents who use another bank's ATM during the storm.
  • As of 12 p.m. on Monday, Bank of American and Wells Fargo hadn't issued an announcement on fees.

After last year's Hurricane Irene, Wells Fargo and Chase both announced they were retroactively waiving fees for customers affected by the storm, so it's nice to see some banks being proactive this year.

But if you don't belong to JP Morgan Chase or Citibank, you live in the Tri-State area and you get hit with fees because your bank's branch was closed or you couldn't make it to your bank's ATM, it's definitely still worth your time to call up your bank and ask them to cut you a break! You have a high probability of succeeding.

And if not, then take our quiz to see if it's time for you to switch banks.

Image credit: Flickr/NASA Goddard Photo and Video


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