MASSACHUSETTS BANKS TO WAIVE FEES ON HOLOCAUST RESTITUTION PAYMENTS

The Massachusetts Office of Consumer Affairs reports many of the 3,000 Holocaust survivors residing in Massachusetts and receiving reparations or restitution payments from Germany or other European countries are often charged an average fee of $15 per payment when the funds are transferred to their bank accounts. Payments are wired anywhere from once a month to once a year. The average recipient is 80 years old with low to moderate income. Through a new program, over 60 banks in Massachusetts have agreed to eliminate such transfer fees, thus enabling survivors to retain significantly more of their restitution payments.

A list of participating banks can be found at: http://www.mass.gov/ocabr/banking-and-finance/banks-and-credit-unions/selecting-banks/participating-banks-in-the-holocaust.html .

Massachusetts Holocaust survivors who are interested to learn more about the program are encouraged to go to their local bank or contact The American Association of Jewish Holocaust Survivors of Greater Boston, Inc. and The Greater Boston Child Survivor Group representative Rosian Zerner at 617/244.1029 or email Rosian@Zerner.com .

-Adapted from: ElderLaw News, e-newsletter from Margolis & Associates, December 18, 2006 and the Massachusetts Office Of Consumer Affairs And Business Regulation press release: “Holocaust Restitution Fee Waiver Program Launched: More Than 60 Banks Enrolled To Eliminate Transfer Fees For Holocaust Survivors”, December 1, 2006.

12/06