Wednesday, October 31, 2012

BofA, Wells donate $1 million each to Sandy relief

Bank of America and Wells Fargo have each announced they are donating $1 million toward Hurricane Sandy relief.

Bank of America's donation includes $500,000 to the American Red Cross hurricane fund. The other half will be given to national, regional and local nonprofits, the bank said.

The Charlotte bank is also refunding some overdraft fees and ATM fees incurred by customers because of the storm. Other customers affected can get credit line increases or avoid early withdrawal penalties on CDs.

“We have customers and employees throughout the hardest hit region and their safety is our main consideration,” CEO Brian Moynihan said in a statement. “As we do what we can to help them through this, we also are doing our part to help get relief to communities affected."

Wells Fargo is giving $250,000 to the American Red Cross and will divide the remaining $750,000 among nonprofits as needed, the bank said. Wells will also collect Red Cross donations at its ATMs.

The bank is also expanding its mobile deposit service into the affected states and is waiving late fees for credit cards and loans, as well as ATM fees, for affected customers.

Financial markets reopened Wednesday morning, and the Dow average was largely unchanged by midday.

Bank of America also reopened branches in Connecticut, Massachusetts, Rhode Island, Maine, New Hampshire, Maryland, Pennsylvania, Delaware, Virginia, Washington D.C. and upstate New York.


Anonymous said...

A million dollars? Each? WOW! How generous! Both banks posted HUGE profits last quarter, and all they're willing to get up off of is a million dollars? Sad! Heck, that's 1/10th of either of their CEO's salaries.

Anonymous said...

How much are you giving "Anonymous"? So yeah, shut up. They didn't have to give anything, that is VERY generous of them.