Ask financial institutions for a moratorium on charges that could compound to economic hardships

Washington (March 18, 2020) – Senators Edward J. Markey (D-Mass.) and Elizabeth Warren (D-Mass.) are calling on Massachusetts financial institutions to provide relief to their customers struggling during the coronavirus emergency. In a letter sent to the 19 largest banks and credit unions in the state, the Senators urge the institutions to grant a moratorium for the duration of the crisis on ATM fees, overdraft fees, minimum balance mandates, late fees for credit card payments, and any other fees that could increase the financial burden on consumers.  The federal deposit insurance agencies that oversee commercial banks, savings institutions, and credit unions have issued guidance recommending that their member institutions take such action.

“The recovery from this pandemic is going to take collective effort to ensure that the most vulnerable are protected,” write the Senators in their letter to 19 major Massachusetts banks and credit unions. “We are asking you to be a leader within the Massachusetts community and set an example for the financial sector in the rest of the country. We need to help the most vulnerable of our citizens during this crisis. Ensuring that they are not burdened with bank-related fees is one step that we should take.”

A copy of the Senators’ letters can be found HERE.

The letters were sent to Bank of America, Citizens Bank, TD Bank, Santander, Eastern Bank, Rockland Trust, Middlesex Savings Bank, Capital One, and Chase. The credit unions include: DCU, Metro Credit Union, Rockland Federal Credit Union, Workers Credit Union, Hanscom Federal Credit Union, Jeanne D'Arc Credit Union, Greylock Federal Credit Union, Merrimack Valley Credit Union, Webster First Federal Credit Union, and St. Anne's Credit Union.

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