By  Updated on Wed Jul 16, 2014

Banks Close Ahead of Hurricane Sandy: 5 Things to Know for the Week

Banks Close Ahead of Hurricane Sandy: 5 Things to Know for the Week

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As Hurricane Sandy aims to ruin Halloween and the election season for the East Coast, banks are preparing to weather the storm by closing branches that are located in danger zones. All bank customers in regions affected by the storm should contact their branch to learn of the operating hours of that specific location.

  • Many banks have made announcements regarding the closures of branches that are expected to be affected by Hurricane Sandy. Some branches may have shortened or extended hours in the next several days to accommodate customers. Other means of conducting banking transactions, such as online banking and mobile banking are encouraged.
  • South Carolina’s Department of Revenue has reported a data breach that compromised roughly 3.6 million Social Security numbers and 387,000 debit and credit card numbers that belong to the state’s taxpayers. Officials said all of the information, except for 16,000 card numbers, were encrypted. The state is providing one year of free credit-monitoring, by Experian, to affected taxpayers.
  • On Thursday, ING Direct and Capital One will legally become a single bank, eight months after Capital One received approval to acquire the online bank. The transition could affect customers who have large balances at both banks because FDIC insurance coverage will change — Capital One has already notified customers of when this will happen.
  • Thursday also marks a new rate cycle for the Series I savings bond from the Treasury, which will announce the fixed-rate component of its composite rate. The inflation-rate component, revealed earlier this month, already points to a November 2012 composite rate of at least 1.76%. The fixed-rate component is likely to be 0%.
  • A new update to the American Express mobile apps allow customers to receive fraud warnings, account alerts and credit-related notifications directly through the app. Normally, customers get these types of notifications through email, phone call or text message.
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