Citi Broadens Relief For Mortgage Customers In Wake of Hurricane Sandy

Business Wirevia The Motley Fool
Updated

Citi Broadens Relief For Mortgage Customers In Wake of Hurricane Sandy

Service Restored to Nearly 90 Percent of Citibank Branches and ATMs

NEW YORK--(BUSINESS WIRE)-- Following the destruction across the eastern part of the United States caused by Hurricane Sandy, Citi announced today that in addition to the already expanded services for impacted area customers, it is further broadening its service relief for mortgage customers, including suspending foreclosure sales in declared disaster areas.


Citi CEO Michael Corbat said, "Our Hurricane Sandy relief programs are intended to alleviate some of the financial hardships facing our customers so they can focus on the most pressing issues in front of them. Citi is committed to helping our customers recover and rebuild by being sensitive and accommodating to their needs."

"Our thoughts are with our colleagues, clients and the communities impacted by this devastating storm," said Global Consumer Banking CEO Manuel Medina-Mora. "We are working to ensure our clients have the services and solutions they need during this critical time."

CitiMortgage Service Extensions

CitiMortgage has acknowledged hardest hit areas as announced by the Federal Emergency Management Agency (FEMA) this week and is offering impacted homeowners in these designated areas the following support:

• Waiving late payment charges for 90 days

• Customers are eligible for payment extension options, including up to 90 days forbearance of payments (or longer, based on guidance from investors for loans they own)

• A temporary suspension on foreclosure sales for customers in these FEMA disaster areas, as permitted by the individual customer and law.

For customers with mortgage applications in process in the affected areas, there may need to be a re-inspection process, at no cost to the customer, to ensure that there is no damage sustained on the home. Homes without damage will be expedited through the closing process.

CitiMortgage is committed to providing support for all customers whose homes have been damaged or affected by the Hurricane. Customers affected by Hurricane Sandy should call to inquire about payment options available to eligible customers and for guidance on handling property insurance loss claims.

Additional information may be found on www.citimortgage.com.

Service has been restored to nearly 90 percent of Citibank branch and ATM networks. This includes all six branches on Staten Island. Customers in affected areas are encouraged to contact customer services with any questions or concerns at 1-888-248-1616 or on Twitter through @AskCiti. Citibank Online, Citibank for iPad®, Citibank (Kindle Fire Edition), and Citi Mobile (SM) are also available paying bills, making deposits or conducting transfers.

Citibank Fee Waivers and Refunds Continue

Citibank is continuing to proactively wave fees through at least November 5, 2012 for the following:

  • Overdraft protection;

  • Non-sufficient funds;

  • Wiring funds to affected Citi customers;

  • Late payment for credit products; and

  • Early CD withdrawal for recovery use.

For New York and New Jersey customers, the fee waiver period will be extended through at least November 7, 2012. While Citi will make every effort to proactively waive fees, in the event customers do not see an immediate credit, it should appear on their next account statement.

Understanding the need to have access to cash during this time, Citibank will refund the fee it would otherwise charge for use of a non-Citibank ATM to any requesting customer impacted by the storm.

Citi also has services available to assist our Small Business, Commercial Bank, and Branded Credit Card clients.

Philanthropic & Community Support

On October 31, the Citi Foundation announced a $1 million donation to the American Red Cross to help with relief and recovery efforts in the aftermath of Hurricane Sandy. The $1 million contribution is in addition to the Citi Foundation's annual $500,000 grant to the Red Cross to support its Annual Disaster Giving Program. Citi also donated $50,000 to the Stephen Siller Tunnel to Towers Foundation to support direct relief on Staten Island, and has delivered several truckloads of food, water and supplies to hard-hit communities in Queens and New Jersey.

Citi ThankYou® Rewards members can also use their points to make a donation to the American Red Cross at www.thankyou.com. Contributions may also be sent to local American Red Cross chapters or to the American Red Cross, P.O. Box 37243, Washington, DC 20013.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com Twitter: @Citi YouTube: www.youtube.com/citi Blog: http://citi.com/blog Facebook: www.facebook.com/citi LinkedIn: www.linkedin.com/company/citi



Media:
Citi
Sean Kevelighan, 212-559-9466
sean.kevelighan@citi.com

KEYWORDS: United States North America New York

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