[Note: This article is constantly being updated as rescue efforts continue. Updates are posted to the bottom.]
In light of the devastating destruction from Hurricane Harvey, Wells Fargo and JPMorgan Chase are donating $1 million each to support those affected by the hurricane and the relief efforts.
And beyond the initial $1 million donation, both banks also included options for their customers to get involved in relief efforts.
Wells Fargo is donating $500,000 to the American Red Cross Disaster Relief Fund, and an additional $500,000 to local nonprofits focused on recovery and relief efforts in Texas in the coming days and weeks.
Wells Fargo is also waiving ATM fees for customers in the affected areas, as well as reversing other fees – such as late fees – for all of its consumer products, including credit cards and checking accounts.
Wells Fargo announced a way for its customers to help as well, giving the following two options:
- Wells Fargo customers across the country may donate to the American Red Cross’ hurricane relief efforts at Wells Fargo ATMs nationwide, beginning Aug. 29. Customers will not be charged a fee for using this service, and 100% of the donations will be sent to the American Red Cross.
- Beginning Aug. 29, Wells Fargo’s Go Far TM Rewards customers nationwide can begin to redeem any amount of their available rewards and donate to the American Red Cross Disaster Relief Fund through Tuesday, Sept. 12.
“Wells Fargo is deeply concerned for all of those affected by the devastating flooding in Texas, and we’re committed to helping our customers, neighbors, team members and communities get through this,” said David Miree, lead region bank president. “With forecasts calling for more rain and potentially more flooding, we will continue to work with nonprofits and those focused on relief efforts, as we determine any additional assistance and support Wells Fargo may be able to provide.”
Once the situation there is stabilized, Wells Fargo’s mobile response unit also will enter the affected areas to help customers receive and process insurance checks.
Similarly, JPMorgan Chase said it is donating $1 million to the American Red Cross and other nonprofit organizations working to provide immediate relief.
On top of this, JPMorgan Chase said it will match employee donations to these organizations.
In addition, Chase said it will automatically waive or refund the following fees through Sept. 10 for its customers in the Houston metro area and other areas severely affected by the hurricane:
- Late fees for mortgage, credit card, business banking and auto loans
- Overdraft, monthly service and ATM fees on deposit accounts
JPMogan Chase noted that it has about 6,400 employees in the Houston area. It also serves more than 1 million local customers.
“We’re here to help our neighbors as we face the relentless rain and flooding,” said Harman Johal, who manages the more than 200 Chase branches in the Houston area.
For those who want to help the victims of the storm, the Houston Chronicle has details on how to donate to the Red Cross and other information.
And as Kelsey Ramírez reported on Friday, both Fannie Mae and Freddie Mac issued bulletins late in the week, reminding mortgage servicers and homeowners of the government-sponsored enterprises’ disaster relief policies.
Also aiding in relief efforts, BB&T Corporation is contributing $100,000 to the American Red Cross of Greater Houston to help support disaster relief, along with sending shipments of humanitarian supplies.
While many branches and offices in the greater Houston area are currently closed, BB&T is standing by to assist clients.
The bank noted that clients who may have incurred storm-related overdraft, returned item, negative account balance or late loan payment fees are encouraged to contact BB&T at 800-BANK-BBT (800-226-5228) for assistance.
"The unprecedented flooding resulting from Hurricane Harvey is causing hardships for many of our associates and clients in the greater Houston region," said Chairman and CEO Kelly S. King. "Our hearts go out to everyone affected by this storm, and we're hopeful this donation will help begin the rebuilding process."