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Bank Fees, Student Loans Modified for Victims of Sandy

Posted By Joseph Spector On November 9, 2012 @ 11:25 am In Uncategorized | Comments Disabled

Gov. Andrew Cuomo announced today that some state banks will to waive fees for customers affected by Superstorm Sandy, Gannett’s Haley Viccaro reports.

[1]The banks that agreed to drop fees and penalties include M&T Bank, Apple Savings, Dime Savings Bank of Williamsburgh, Emigrant Savings Bank and New York Community Bank.

“Thousands of New Yorkers’ lives have been disrupted by the storm – including their usual financial obligations and activities,” 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, Cuomo 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 Superintendent of Financial Services Benjamin Lawsky.

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

Students must request the temporary loan relief and reside in the Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk or Westchester counties. The grace period will be from Oct. 27 through Jan. 25.

“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,” Cuomo said in a statement. “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 (HESC) will also assist student loan borrowers by reversing notifications to credit reporting agencies and suspending collections calls.

Students with loans and in areas affected by Superstorm Sandy can contact HESC to request the temporary loan suspension by calling 1-866-991-HESC or by emailing Dept736@hesc.ny.gov.


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[1] Image: http://statepolitics.lohudblogs.com/files/2012/11/cuomounclesame.jpg