Harvey donations Copyright Win McNamee, Getty Images

How Financial-Services Firms Are Responding to Hurricane Harvey

Here, we list some major firms and their efforts to help soften Harvey's devastating blow.

Wirehouses, regionals, independents and custodians reacted quickly to the disaster left by Hurricane Harvey, offering donations to the Red Cross, matching employee contributions and taking other relief measures. Some brokerages with affected advisors and clients worked to get those individuals back on their feet. Below, a list of some major firms and their efforts to help soften Harvey's devastating blow, in alphabetical order. 

Bank of America

  • $1 million donation to support Harvey relief efforts, including $250,000 to the Red Cross.
  • Matching employee donations of $1 or more through Sept. 30.

 BNY Mellon/Pershing

  • Immediate contribution to the Hurricane Harvey Fund of the American Red Cross. (A BNY Mellon spokesperson declined to provide a dollar amount.)
  • Matching donations made by employees through its Community Partnership program.

 Fidelity

  • Fidelity Charitable collaborating with the Center for Disaster Philanthropy to provide a list of organizations that are currently providing immediate relief to storm victims.
  • Fidelity Charitable donors recommended 2,069 grants totaling $3.8 million to national and local nonprofits supporting relief efforts as of Aug. 29.
  • Offering a match program for employees who donate through their Fidelity Charitable Giving Accounts.
  • Created a contingency plan to support urgent needs from advisor clients, such as trading, money movement and check-deposit needs.
  • Closed Fidelity branches in the affected area through Sept. 4.

 JPMorgan Chase 

  • $1 million donation for relief efforts, including the American Red Cross and other nonprofits.
  • Dollar-for-dollar match any employee donations to these organizations.
  • Waiving or refunding late fees for mortgage, credit card, business-banking and auto loans, overdraft, monthly service, and ATM fees on deposit accounts through September 10 for customers in the affected areas.

LPL Financial

  • Donating $250,000 through a combination of corporate donations and matching gifts from employees and advisors.

Morgan Stanley

  • Established a website where U.S. employees can donate to the Red Cross to assist people impacted by the storm. Employees have contributed over $400,000 so far.
  • Set up a dollar-for-dollar match program, up to $500,000. The first $250,000 has already been sent to the Red Cross.
  • Speaking with charitable partners on the ground in Houston to identify opportunities for local volunteerism.
  • Identifying recovery-assistance services, medical care and help with insurance claims for employees affected by the storm.

 Raymond James

  • Initial $100,000 donation to disaster relief efforts in Houston
  • Appropriated $25,000 to its internal charity, Friends of Raymond James, a 501(c)(3) nonprofit that provides assistance to Raymond James associates who are victims of challenging or tragic life events.
  • Encouraging others to donate via social media channels.

 RBC

  • $100,000 donation to the American Red Cross in support of Americans affected by the hurricane in Houston.

Charles Schwab

  • Initial $50,000 grant (via the Charles Schwab Foundation) to nonprofits providing aid to the relief effort, including the American Red Cross, Habitat for Humanity and the Houston Food Bank.
  • Offering a match of $2 for every $1 contribution, up to a total of $100,000, for employee donations to those organizations providing assistance.
  • Supporting partner nonprofits, Boys & Girls Clubs of America, and Donors Choose to help clubs and classrooms damaged by the hurricane.
  • Closed the firm’s Houston and Corpus Christi branches to ensure the safety of clients and employees.

TD Ameritrade

  • Dollar-for-dollar match, up to $500,000, for employee and client donations to the American Red Cross.
  • Set up a special microsite to help retail-advisor and RIA clients donate. 
  • Reimbursing paper-statement fees, wire-out fees and third-party check fees through the end of 2017 for clients who live in affected areas.

Vanguard

  • Vanguard Charitable donors made more than 400 grants for hurricane relief, representing a total $1.2 million.

 Wells Fargo

  • $500,000 donation to the American Red Cross Disaster Relief Fund and $500,000 to local nonprofits focused on recovery and relief efforts in Texas.
  • Allowing customers to donate to the American Red Cross’ hurricane relief efforts at Wells Fargo ATMs for no additional fee.
  • Waiving ATM fees and late fees for customers in the affected areas.
TAGS: Philanthropy
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