How About a Better Deal for Philippines Disaster Relief from US Banks & MTOs?

Q113_Wu_Com_Typhoon_V1_Facebook_1200x627_EN_USNew Orleans  The typhoon that devastated large parts of the Philippines, in a Hurricane Katrina like disaster many are seeing as part of what we can expect regularly in the future from climate change,  is inspiring protests by poor countries at the UN Climate Change Conference and some corporate social responsibility, but, sadly nowhere near enough, especially in the United States.  

            Some banks have stepped up to do the right thing and have waived all transfer fees, most for a month from mid-November until mid-December.   There may be more on the honor roll, but from what I’ve found so far, it includes two banks in Canada, the BMO Bank of Montreal and the Royal Bank of Scotland, there and presumably elsewhere, Wells Fargo is the only bank in the US that has stepped up, and the Noor Islamic Bank in Dubai, United Arab Emirates.   That’s all ACORN International has been able to locate.

Of the scores of money transfer organizations, Western Union has been the surprising hero here, though with exceptions.   In Canada, they are doing transfers to the Philippines for $1.00.   Interestingly, the Western Union website in the US seems to have waived fees completely, though it’s a mystery to me why they are charging a loony in Canada and nada in the States.  Regardless, cheers to them for doing what they are doing since MoneyGram, the other huge MTO, is charging $5 for a $100 transfer, which is hardly a bargain, and shows little heart in this crisis.

But, what’s up with US-based banks?  Why is Wells Fargo the only one of the big boys standing tall in the face of this tragedy?  Where are Chase, Bank of America, Citi, and the rest?

And, even more puzzling, especially in wake of the $1 charge by Western Union in Canada, are we starting to find out the real cost for these folks to do transfers?  

But, I digress.   The important thing now is for all of us to ask our banks to waive all transfer fees to the Philippines so that there can be real resources and financial help for typhoon victims.   Raise your voice for lowering the fees!

 

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Suspend Remittance Charges for Philippines Typhoon Recovery

o_keeley_tigra_500x279New Orleans   There was a front page story in the Wall Street Journal about the fact that more and more of the remittance business from banks and money transfer organizations like Western Union and MoneyGram is between countries in Latin America rather than from US and Canadian immigrants to Latin America.  Western Union in 10 years has seen US-based transfers drop from more than half of its business to only 30% of the $79 billion it moves.

            What I have not seen, that I should have seen, and correct me if I’m wrong, so ACORN International will know and Google can get right, is any indication that Western Union, MoneyGram or any major US-based bank has suspended remittance fees for immigrant families and relatives in the US who are trying to send desperately need money to the Philippines in the wake of the terrible typhoon disaster the country is experiencing.   I heard from Judy Duncan of ACORN Canada yesterday where our Remittance Justice Campaign is a major emphasis, that some banks had announced that they were suspending fees temporarily to help out.   In the US, we may be reading about a $13 billion dollar JPMorgan Chase settlements, but we are not reading about banks or MTOs stepping up in this huge Katrina-level disaster.

            And, in the Philippines this matters even more than in most countries.   Some of the best remittance policies in the world exist in the Philippines, because, like it or not, exporting labor is a linchpin in their national economy, so before issuing a work visa overseas, the government instructs traveling workers in how to handle transfers at the lowest possible cost.  With workers all over the globe, and all over the US in hospitals and other occupations, a suspension of remittance fees during this crisis even for a couple of weeks could mean many more millions that could go to direct relief, family-to-family, person-to-person.

            ACORN International is calling on banks and MTOs in the US to immediately suspend remittance fees so that money can move immediately to families in perilous circumstances desperate for aid from their families.   This is the season for Thanksgiving and Christmas.   Rather than just bowing our heads, let’s stand up straight and demand that banks, Western Union, and the rest do right and do it right now.

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