NY Banks Drop Charges for Holocaust Payments

July 5, 2001

New York’s banks have agreed to waive their usual charges on wire-transfers for Holocaust survivors who receive monthly reparations payments following settlements with insurers and banks.

N.Y. Assemblyman Dov Hikind (D-Brooklyn) pressed the initiative, which has been agreed to by all of the State’s larger banks, including Citibank, Chase Manhattan, Dime Savings, Independent Community and Hong Kong & Shanghai Bank USA.

Some banks are going further, and will eliminate the charges from all their U.S. branches. HSBC said it would refund the amounts paid by its customers.

The payments, which are usually made quarterly, average between $200 and $300 a month.

Service fees often deduct between $10 and $30 from the accounts. The recipients, mostly elderly people, who suffered greatly during World War II, will now get to keep a bit more of their reparations.

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