We often criticize banks for not paying attention to the needs of Main Street. It is only fair then when Banks do the right thing, we not ignore a good deed done.
Hurricane Irene came and went here in the Washington, DC area without too much of an impact. But unfortunately, many folks in Vermont, New Jersey, New York, Connecticut, and other states are still dealing with the aftermath of the disastrous storm. It seems strange to discuss landlocked, northern states like Vermont when talking about Hurricane destruction. But then again, with a 5.8-magnitude earthquake also occurring on the East Coast this past week, abnormalities abound. Here’s one more: Banks putting consumers before profits. That’s right, several major banks have enacted special programs to waive certain fees and offer low-interest disaster loans for those affected by the hurricane.
These banks include such giants as:
- JPMorgan Chase
- Wells Fargo
- Bank of America
- Capital One
- Citi
- PNC
The fees waived differ from bank to bank, but include the following:
- Overdraft fees;
- Out of network ATM fees;
- Early withdrawal fees on certificates of deposit; and
- Late fees on credit cards and mortgages.
These banks deserve our commendation and praise for a righteous decision in a time of peril for many Americans.
Although this act of empathy (and good business sense) is appreciated, it is all too rare from America’s major banks. We may hope this starts a new trend of socially conscious banking. Perhaps responsible lending, less risky investment products, full disclosure of risk and a preference for long-term investment in local businesses over short-term financial trades will prevail. Now, wouldn’t that be earth-shaking?
Assisted by Zachary A. Kady