MasterCard (MA) and American Express (AXP) are the latest financial companies to make charitable donations in the wake of the storm that has devastated the tri-state area.
MasterCard is making a $300,000 donation to the American Red Cross and plans to double any of its employees' contributions to that organization.
The payment network is also waiving domestic interchange fees for donations made to non-profits, such as Save the Children and AmeriCares, similarly focused on aiding those affected by Sandy.
"Since daybreak on Tuesday, we have witnessed the massive and widespread devastation of Hurricane Sandy. Story after story has emerged of destruction, loss and true heroism," said Patricia Devereux, MasterCard's group head of corporate philanthropy and citizenship,
"It's safe to say that based on the size of this week's storm, the devastation left in its path has impacted someone that each of us knows – even more so for those near our Purchase, NY headquarters. It is a storm we will never forget."
The disaster has inspired a sense of charity among companies in the financial services industry.
American Express is also waiving interchange fees on charitable contributions made with its customers' cards to several organizations, such as the Salvation Army and the United Way of America, dedicated to providing hurricane relief. That rebate is being put into affect retroactively from Oct. 29 through the end of the year.
In addition, the New York credit card company is donating $1 million to the Red Cross and other organizations.
Banks are giving, as well.
For example, JPMorgan Chase said Thursday it would donate $4 million to the American Red Cross and local aid groups, and give another $1 million in matched funds for employee contributions to such groups. Wells Fargo (WFC) has
Bank of America donated $1 million to storm relief – half to the American Red Cross, the other half to other groups. HSBC said it would give $500,000 to the American Red Cross and $500,000 in matching employee contributions.
