December 22, 2021
Acting Superintendent of Financial Services Adrienne A. Harris today announced the New York State Department of Financial Services (DFS) has requested that New York State-chartered institutions 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 Acting Superintendent Harris. “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.”
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.
Financial institutions that will waive or continue to waive wire transfer or processing fees in connection with Holocaust reparation payments are asked to fill out the following form.
Holocaust victims and their heirs seeking assistance obtaining a fee waiver from their financial institution should complete the form available here and submit it to the Holocaust Claims Processing Office (HCPO) at [email protected].
The HCPO is a unit of the New York State Department of Financial Services. It was created in 1997 to help Holocaust victims and their heirs recover assets deposited in banks; unpaid proceeds of insurance policies issued by European insurers; and artworks that were lost, looted or sold under duress. The HCPO does not charge claimants for its services. To date, the HCPO has responded to thousands inquires and received claims from 46 states and 40 countries. The office has helped secure over $182 million in offers for bank, insurance, and other losses. The office facilitated settlements involving 179 cultural objects.
For a copy of the request letter, please go to the DFS website.