Hurricane Irene was not as devastating to New York as it was predicted to be, but the rest of the East Coast has definitely felt the after-affects. The category 1 hurricane is said to have caused an estimated $7 to $10 billion dollars worth of damages.
While most people were furiously tweeting jokes, or eating their emergency food stash, reporters were tracking the damages. As of today, it is estimated that nearly 6 million homes and businesses were affected by Hurricane Irene and 27 people have died in weather-related injuries.
As many slowly start the recovery processes, Bank are attempting to soften the blow. JPMorgan Chase (NYSE:JPM) is the first to announce relief measures for customers.
JPMorgan Waives Fees Those Affected
One financial institution trying to help out customers is JPMorgan Chase. The financial corporation announced its plans to waive fees for their customers living in the tri-state areas.
Customers in New York, New Jersey and Connecticut do not have to worry about late payments on their credit cards, loans and overdraft fees until Sept. 4.
Other Banks Working To Assess Damages
As of now, JPMorgan Chase is the only financial institution with plans of suspending fees. Bank of America(NYSE: BAC) has plans of deploying mobile units to areas affected, and Citigroup (NYSE:C) is working with customers to offer financial assistance based on circumstance.
M&T Bank (NYSE: MTB) has just announced reduced loan rates to those affected by Hurricane Irene including residents and businesses. Residents in Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia will be eligible for a discounted rate on personal unsecured loans. The bank will also offer loan payment deferrals.
If you are in an affected area and have any reports of damages to bank branches or ATMs send an email to editor[at]mybanktracker.com to let us know. We will try to keep you up-to-date on the restoration plans.
Flooding and Shutdowns Cost Billions
As thousands of workers try and clean up the damages, many states still have roads that are completely submerged under water. One of the largest problems is the widespread flooding, as the nations electrical infrastructure is not built to handle the size and scope of these floods.
A lot of the money loss doesn’t only come from flooding and storm damage, but also is a result of the businesses and transit closing down to prepare for the storm. Many were forced to evacuate their homes and business as New York prepared for the storm, the MTA even shutdown on Saturday at noon leaving many stranded.