Senators Ed Markey, Elizabeth Warren urge Massachusetts banks, credit unions to waive fees amid

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Senators Ed Markey, Elizabeth Warren urge Massachusetts banks, credit unions to waive fees amid COVID-19 emergency


As Massachusetts residents contend with the COVID-19 outbreak and its economic impacts, Sens. Ed Markey and Elizabeth Warren have asked the largest banks and credit unions in the state to waive a host of fees to provide relief for customers.

The senators sent letters to 19 financial institutions and urged each to grant a moratorium 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 pair said in a statement Thursday morning.

The senators noted that federal deposit insurance agencies overseeing commercial banks, savings institutions and credit unions have called on their members to waive such fees.

“The recovery from this pandemic is going to take collective effort to ensure that the most vulnerable are protected,” the senators wrote. “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.”

Read more: https://www.masslive.com/coronavirus/2020/03/coronavirus-senators-ed-markey-elizabeth-warren-urge-massachusetts-banks-credit-unions-to-waive-fees-amid-covid-19-emergency.html