JPMorgan Waives Fees for Tri-State Customers Affected by Irene
JPMorgan Chase & Co. (JPM), the second- biggest U.S. bank by assets, is waiving some late fees for customers affected by Hurricane Irene.
JPMorgan won’t charge people in New York, New Jersey and Connecticut for late payments of credit cards, business and consumer loans, or overdraft-related fees from today through Sept. 4, according to an e-mail sent to customers by the New York-based bank. The message was sent to millions of people this morning, said spokesman Thomas Kelly.
The bank also will waive early withdrawal fees on certificates of deposit “to help customers with their cash flow” if needed, according to the e-mail. It won’t charge consumers for using another bank’s automated teller machine and will extend hours at branches in affected areas this week, the e-mail said.
Bank of America Corp. (BAC), the largest U.S. bank, will help customers facing financial hardship on a case-by-case basis, Kelli Raulerson, a spokeswoman for the Charlotte, North Carolina-based company, said in an e-mail. “Mobile ATM units are being deployed to support customers where most significant needs exist due to storm impacts,” Raulerson said.
Citigroup Inc. (C) offers different financial recovery assistance options and the bank will work with customers depending on individual circumstances, said Sean Kevelighan, a spokesman for the New York-based bank.
ATM Fees
Wells Fargo & Co. (WFC) will waive fees for customers in New York, New Jersey and Connecticut today through Sept. 2 when they use another bank’s ATM, according to an e-mail from Kevin Friedlander, a spokesman. Customers of Wells Fargo and JPMorgan may incur fees from the other banks operating the ATMs. Wells Fargo, based in San Francisco, also won’t charge early withdrawal fees on CDs, Friedlander said.
The average ATM fee charged by a bank for going outside its network is $1.41, according to Greg McBride, senior financial analyst at Bankrate.com, a unit of Bankrate Inc. The average surcharge assessed by the bank operating the ATM on non- accountholders is $2.33, McBride said in an e-mail.
Capital One Financial Corp. (COF) is encouraging its customers affected by the hurricane to reach out in person at a branch, via phone or online, if they’re having issues with their credit card or banking needs, Stephen Schooff, a spokesman for the McLean, Virginia-based lender, said in an e-mail.
“We have policies in place to assist those customers on a case-by-case basis to include fee waivers, APR reductions, payment plans, etc.,” Schooff said.
To contact the reporter on this story: Margaret Collins in New York at mcollins45@bloomberg.net.
To contact the editor responsible for this story: Rick Levinson at rlevinson2@bloomberg.net.
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