Severe weather checklists always advise people to have cash on hand, and make financial arrangements before a storm hits, but what happens if you don’t make it to the ATM or get the bills paid on time? What if the banks close and you need to make a deposit?
Two of the nation’s largest banks are prepared for branch closures and payment delays due to Hurricane Sandy and the “Frankenstorm.”
In a measure of goodwill to those who may be in the path of severe weather, J.P. Morgan Chase and Citibank will waive overedraft, ATM and late fees incurred by residents of New York, New Jersey, and Connecticut until Oct. 31. Consumers will have until Thursday to settle their accounts before they will be charged late fees, Time reported.
Capitol One said waivers would be considered on a case-by-case basis.
Banks are expecting to close branches in the path of the storms, with Citibank closing New York City locations, Wells Fargo closing 162 banks in New York, New Jersey, and Connecticut on Monday, and Capitol One expecting to close branches in New York and New Jersey.