Bloomberg says New York Banks Will Waive Fees and Student Loans for Victims of Sandy

4798New York's governor announced Friday that some state banks will waive fees for customers that Superstorm Sandy has affected.

Emigrant Savings Bank, whose headquarters in Midtown Manhattan is shown here, is one of five New York state-chartered banks that have agreed to drop fees and penalties for customers affected by Superstorm Sandy. (Photo: PR Newswire)
The banks that agreed to drop fees and penalties include Apple Savings, Dime Savings Bank of Williamsburgh, Emigrant Savings Bank, M&T Bank and New York Community Bank.

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

The state-chartered banks agreed to waive fees until Nov. 15 and possibly longer. ATM fees, late-payment charges, penalties for returned checks, overdraft protection transfer fees and early withdrawal penalties may be extended past Nov. 15 in some cases, he said.

"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," said Benjamin Lawsky, the state's superintendent of financial services.

The governor also said that students in counties affected by Superstorm Sandy could be eligible for a 90-day grace period on their student loan debt.

Source: USA Today | Haley Viccaro, Gannett Albany (N.Y.) Bureau
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