Skip To Content
JEWISH. INDEPENDENT. NONPROFIT.
Fast Forward

NY lawmakers introduce legislation aimed at waiving bank fees on Holocaust reparations

Two New York lawmakers have introduced new legislation that would require the state’s department of financial services to maintain a list of banks that have agreed to waive wire transfer and other processing fees for Holocaust reparation payments.

Senator Zellnor Myrie, who represents the 20th District – which includes the neighborhoods of Crown Heights, East Flatbush and Park Slope with significant Jewish populations – said the bill is aimed at fully eliminating the bureaucracy of Holocaust reparations paid by Germany, Austria, and other countries to victims persecuted by Nazi Germany or its allies.

An estimated 20,000 Holocaust survivors currently live in New York City. Last December, the agency requested state-chartered banks to voluntarily waive foreign transaction or wire fees – ranging from $15 to $40 per transaction – and published a list of the banks that have agreed to do so. But they account for less than 5% of New York’s financial institutions and, since it’s not mandated, the public is not aware of all banks that do so.

The bill, also introduced in the State Assembly by Simcha Eichenstein, a Democrat of Brooklyn, would require the department to maintain and annually update the list for the public and to encourage and incentivize other banks to waive fees.

“Survivors of the Holocaust should not at all be having to worry about fees that are tacked on to the reparations that they so justly deserve,” Myrie said in a recent interview. “One person’s $15, that is groceries, that is food.”

Myrie, the son of Costa Rican immigrants who was elected in 2018 after defeating Jesse Hamilton, an incumbent with close ties to the Jewish community, said he introduced the bill as a measure to reduce costs for all people in the midst of the recovery from the COVID-19 pandemic. But it also carries symbolism in the wake of a spike in antisemitic attacks across the city. Recent police department statistics showed a 275% increase in attacks targeting Jewish people this January, compared to the previous January.

“It’s also significant for us to pay homage to those who experienced the worst of the worst,” he added, “and to say we are going to do everything that we can as a state to honor that memory and heritage.”

Myrie said he expects the state legislature to take up the bill in the Banks Committee and hopes to sign on co-sponsors and pass it before the end of the legislative session in June. “Frankly, this bill is one of the few bills that I think should pass unanimously in both houses,” he said.

Senator Myrie and Assemblyman Eichenstein speaking to a Holocaust survivor in Crown Heights who struggles with bank fees on reparation payments.

Senator Zellnor Myrie and Assemblyman Simcha Eichenstein speaking to a Holocaust survivor in Crown Heights who struggles with bank fees on reparation payments. Image by Courtesy

Myrie and Eichenstein recently met with several Holocaust survivors who shared their frustrations about the fees they are charged. Eichenstein called it “inexcusable.”

Eichenstein said the bill is personal to him not only as a descendant of four Holocaust survivors but also because he represents the Borough Park neighborhood with the largest population of Holocaust survivors outside of Israel.

“I see these survivors on the streets of my neighborhood, and I am in awe of their spirit and courage,” he said.

A message from our CEO & publisher Rachel Fishman Feddersen

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.

We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.

If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.

—  Rachel Fishman Feddersen, Publisher and CEO

With your support, we’ll be ready for whatever 2025 brings.

Republish This Story

Please read before republishing

We’re happy to make this story available to republish for free, unless it originated with JTA, Haaretz or another publication (as indicated on the article) and as long as you follow our guidelines. You must credit the Forward, retain our pixel and preserve our canonical link in Google search.  See our full guidelines for more information, and this guide for detail about canonical URLs.

To republish, copy the HTML by clicking on the yellow button to the right; it includes our tracking pixel, all paragraph styles and hyperlinks, the author byline and credit to the Forward. It does not include images; to avoid copyright violations, you must add them manually, following our guidelines. Please email us at [email protected], subject line “republish,” with any questions or to let us know what stories you’re picking up.

We don't support Internet Explorer

Please use Chrome, Safari, Firefox, or Edge to view this site.