As superstorm Sandy roared through the Northeast, America's biggest bank is giving account holders in the direct path of the storm a break on fees.
If you're a customer of JPMorgan Chase & Co. who lives in New York, New Jersey or Connecticut, you'll be excused from a range of bank fees between now and Halloween. On Sunday evening, customers in the tristate area received a message from Ryan McInerney, CEO, Chase Consumer Banking, which let them know that they won't have to worry about bank fees related to overdrafts or any late fees on credit cards and loans between now and Wednesday.
In addition to forgiving these common fees, the letter also indicates that certificate of deposit account holders will not need to pay early withdrawal penalties if they need access to cash. The bank plans to call customers within the hardest areas to offer any assistance, too.
Tens of millions of residents are expected to feel the force of what meteorologists are calling a "superstorm," and it's good to see the banking industry working to accommodate its customers. This isn't the first time Chase has shown its goodwill during a natural disaster. In the aftermath of last year's Hurricane Irene, the bank suspended out-of-network ATM fees.
Now that the storm has passed, I expect other banks will offer assistance, too. With reports of major power outages across the Northeast, I'm guessing there will be quite a few customers in need of help.
Are you in an area that may be impacted by Superstorm Sandy? Have you heard of other banks offering helping hands?