Banks scramble to aid customers
I've noted that natural disasters afford banks the opportunity to be good neighbors at a times when customers are in need.
I noted that JPMorgan Chase waived its late fees on a range of loans, including credit cards and business and consumer loans such as mortgages, home equity, auto, and student loans, for customers in eight states impacted by the hurricane. The bank has also said it will waive fees that occur when people don't properly manage their account balances, such as overdrafts and insufficient fund fees.
Bank of America has followed suit. Customers in Rhode Island, New Hampshire, Maine, Massachusetts, Connecticut, New Jersey, New York, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C., may qualify for a range of exceptions. These include: Receiving credit line increases on cards; modifying payments on loans, credit cards or lines of credit; geting assistance with lost, missing or late loan or card payments; avoiding early withdrawal penalties on CDs; or getting refunds on any overdraft, non-sufficient funds or non-Bank of America ATM fees.
Fannie Mae and Freddie Mac are also taking steps, asking mortgage services to suspend or reduce monthly payments for 90 days for homeowners adversely affected by the Hurricane. In special cases, mortgage payments may be delayed up to one year. Foreclosure and eviction proceedings will also be delayed in some cases for a year. Across the disaster zone, banks are pushing to get branches up and running.
Sandy a good opportunity for banks