(The following press release from the New York State Governor's Office was
received by e-mail and was reformatted. The sender verified the statement.)
November 9, 2012
GOVERNOR CUOMO ANNOUNCES MAJOR STATE BANKS AGREE TO WAIVE CONSUMER FEES IN
AFTERMATH OF SANDY
Governor Andrew M. Cuomo today announced that several major state-chartered
banks have agreed to waive a number of fees and penalties in response to
the impact on consumers by Storm Sandy. State-chartered banks that will
drop the fees include M&T Bank, Apple Savings, Dime Savings Bank of
Williamsburgh, Emigrant Savings Bank and New York Community Bank.
?Thousands of New Yorkers? lives have been disrupted by the storm ?
including their usual financial obligations and activities,? Governor Cuomo
said. "As a result, some people may have late payments or be forced to
incur other bank fees and penalties. For example, they may not be able to
avoid ATM fees if they can't find a working ATM from their own bank. To
help New Yorkers, major state-chartered banks have agreed to drop fees and
penalties so consumers won?t have this additional cost. I call on any state
or federal chartered banks that have not yet waived fees to follow suit."
Benjamin M. Lawsky, Superintendent of Financial Services, said, "Many state
chartered banks are community banks with close ties to the areas they
serve, so it is not surprising that many are willing to support consumers
and local businesses in this difficult time. This is a standard I hope all
our banks will follow."
Details may vary from bank to bank and consumers should contact their
individual bank for specifics. In general, banks have agreed to temporarily
waive the following fees and penalties at least until November 15, and in
some cases longer:
· ATM fees
· Late payment charges
· Penalties for checks returned because of insufficient funds
· Overdraft protection transfer fees
· Penalties for early withdrawal of savings in circumstances where the
customer has a demonstrable need for the funds resulting from the
Superintendent Lawsky also urged banks to work with depositors or borrowers
who have been affected by the disaster. Banks should consider reassessing
the current credit needs of communities to help meet those needs by making
or participating in sound loans. They should also consider a prudent
restructuring of an affected borrower?s debt obligations, by altering or
adjusting payment terms.
"Local banks can play a major role in helping our communities recover, as
they have played a major role in their growth before the storm,"
Superintendent Lawsky said.
Financial institutions seeking additional guidance for assisting customers
affected by the impact of Storm Sandy are urged to contact the Department?s
Albany office at 518-473-6160.
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