ALBANY, N.Y.–New York’s Acting Superintendent of Financial Services, Adrienne A. Harris, has requested that New York State-chartered banks and credit unions voluntarily waive wire transfer and processing fees associated with Holocaust reparations payments.
“These fees impose a significant burden on elderly Holocaust survivors, victims and heirs who often rely on these payments to meet their everyday needs,” said Harris in a statement. “Waiving these fees sends a powerful message on the willingness of New York’s financial community to have a meaningful impact on the lives of the people they serve.”
The department said it is estimated that more than 20,000 Holocaust survivors reside in the New York City metropolitan area alone. These Holocaust victims and their heirs are being charged $15 to $40 per transaction on each compensation payment they receive.
New York State-chartered institutions who voluntarily waive these wire transfer or processing fees will be listed on the DFS website, the department said.