New Yorkers Receive a Financial Reprieve as Banks waive Fees for Hurricane Sandy affectees reports Best-CashAdvance

(EstateNewsWire.com, November 14, 2012 ) Houston, TX -- New York's governor, Andrew Cuomo, announced this past Friday that several state banks will begin to waive fees for customers affected by Superstorm Sandy. The participating banks have agreed to drop fees and penalties, including Apple Savings, Dime Savings Bank of Williamsburgh, Emigrant Savings Bank, M&T Bank and New York Community Bank.

Governor Cuomo announced in a statement, "Thousands of New Yorkers' lives have been disrupted by the storm — including their usual financial obligations and activities. As a result, some people may have late payments or be forced to incur other bank fees and penalties."

The handful of state-chartered banks have agreed to waive fees until the middle of the month, and if necessary, longer. This includes ATM fees, late-payment charges, penalties for returned checks, overdraft protection transfer fees and early withdrawal penalties. Benjamin Lawsky, the state's superintendent of financial services, stated: "Local banks can play a major role in helping our communities recover, as they have played a major role in their growth before the storm.”

Additionally, Governor Cuomo stated that students in counties affected by Superstorm Sandy could be eligible for a 90-day grace period on their student loan debt. In order to be approved, students must request the temporary loan relief and reside in heavily affected regions, including the Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk and Westchester counties. The grace period will start on October 27 and end January 25. Cuomo said in a statement, "Those who lost homes or are still without power should not be burdened with the added worry of being late on their student loan payments. The grace period we are providing will give these New Yorkers some breathing room to focus on rebuilding and restarting their lives after the storm."
The New York State Higher Education Services Corporation will aid student loan borrowers by reversing notifications to credit reporting agencies and suspending collections calls.

As the storm hit, Bank of America, Citi, TD Bank and Wells Fargo stated that they would either waive or refund out-of-network ATM fees as well as late fees such as fees associated with credit cards, auto loans and student loans for customers in areas most damaged by Storm Sandy.

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