It’s widely known that some banks don’t exactly have the best reputation when it comes to fees and customer service. However, there are occasions in which banks show their appreciation to customers, extending a warm gesture and understanding spirit.
Take for example, the recent government shutdown, which resulted in government employees being furloughed. Two banks in particular are stepping in to help customers get through this intense time.
TD Bank is one of them. From Oct. 1st through Nov. 2nd (unless the shutdown ends before), the bank will be forgiving late fees on credit cards and giving account holders an extra $1,000 for their expenses (interest-free and no fees) with the hope to cover basic expenses until their jobs resume.
TD Bank has yet to explain how they plan to recover the $1,000 they will be giving to furloughed workers, which has impacted about 800,000 employees so far. Nevertheless, TD is doing a great service through a program called TD Cares — which will implement an array of benefits for all government workers dealing with missing paychecks due to the shutdown. Federal workers who also have mortgages with TD will now be eligible for assistance.
Another bank to the rescue is Capital One, which is providing a program for government employees similar to TD Bank. They will work with customers to waive fees from out-of-network ATMs and late payments, as well as allow some of their customers to defer payments.
Other big banks such as Bank of America, Discover, Chase, Wells Fargo and U.S. Bank offered to assist these government workers on a case-by-case basis.
This isn’t the first time banks have been so generous during a crisis. It was almost a year ago that Hurricane Sandy hit the Northeast and institutions such as JPMorgan Chase, Citigroup, Wells Fargo and Bank of America all waived fees associated with non-sufficient funds, overdraft, and late payments for credit purchases.
How have you been affected by the furlough? MyBankTracker is interested in hearing your story. Leave your comments below!