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News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Ken Kobylowski

For Immediate Release:
November 28, 2012

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

Department of Banking and Insurance Acting Commissioner Ken Kobylowski announced today that many State-chartered banks and credit unions have taken such actions as waiving fees and penalties, offering special loan rates, easing restrictions on check cashing and allowing deferral of payments to help customers in the aftermath of Superstorm Sandy.

“The majority of New Jersey’s State-chartered banks and credit unions were up and running within a day after Sandy struck the State,” the Acting Commissioner said.  “Since that time, they have done an extraordinary job in reaching out to their customers and instituting a host of consumer-friendly actions to help customers cope after the storm.” Acting Commissioner Kobylowski said. “Our community banks and credit unions have risen to the challenge in dealing with this disaster.”

New Jersey’s State-chartered banks have implemented actions including:

• Making low-interest, short-term emergency assistance loans available to customers affected by the Storm;
• Waiving early withdrawal penalties on time deposits;
• Easing restrictions on cashing out-of-state checks and non-customer checks;
• Allowing loan customers to defer payments;
• Increasing ATM daily cash withdrawal limits; and
• Waiving overdraft and foreign ATM fees.

Details vary from institution to institution and consumers should contact their individual bank or credit union for specifics. For a list of State-chartered banks and credit unions and other financial institutions with offices in New Jersey, go to: www.state.nj.us/dobi/bankwebinfo.htm

The Department regulates 85 State-chartered banks and 19 State-chartered credit unions.