Hurricane Sandy Drives JP Morgan Chase (NYSE: JPM) to Waive Some Fees
Despite the fact that Hurricane Sandy has not yet reached landfall in the Northeast, it has already caused significant impacts and strains on the region’s infrastructures. Long lines at supermarkets and gas stations, and packed highways of people heading to higher ground have brought the level of concern to a crescendo. In light of the issues bank customers could face should electricity be knocked out, JP Morgan Chase (NYSE: JPM) seem to be proactively doing the right things.
Yesterday, the New York based banking giant decided to keep their branches open a few extra hours, a small action that yielded positive results. It seemed to be a good call, as customers flocked to branches in anticipation of closings Monday and Tuesday. Today, the bank has taken additional actions as well. JPMorgan Chase & Co., the biggest U.S. bank by assets, said it is waiving fees for customers in seven states and Washington as Hurricane Sandy approaches.
Late fees on credit cards, business and consumer loans, including mortgages, and auto and student loans will be waived, the New York-based bank said today in an e-mailed statement. The policy applies through Oct. 31 for clients in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and the District of Columbia, the company said.
If the forecasters are correct, the fallout from Hurricane Sandy could be felt for many days, similar to what northeast residents went through just last year with Hurricane Irene. Recent actions by JPMorgan Chase seem to show the bank is taking their ‘customer first’ mentality serious – something customers may soon take notice of.