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Bank Of America Projects Small Business Customers Will Need $2.5 Billion To Recover From Hurricane Sandy

Stocks in this article: BAC

Bank of America has mobilized approximately 1,000 of its small business relationship bankers to reach out to thousands of their customers impacted by Hurricane Sandy this week.

“We are making every effort possible to connect with our customers in the affected areas,” said David Darnell, Bank of America, co-chief operating officer. “These are our customers, we know them, and we are in a good position to help them assess their immediate needs.”

“Based on what we have already heard from customers,” continued Darnell, “we project they will need $2.5 billion in additional credit, and we are prepared to provide that on favorable terms to help them recover from the storm. If those needs increase, we will be there. We are committed to getting them through this difficult time.”

Impacted customers should contact their small business banker, client manager, Twitter @bofa_help, call 1 .855.729.1764 or stop by any branch for assistance.

Ways Bank of America is helping small business customers

Many of our customers will face financial hardship and will be in need of assistance as a result of Hurricane Sandy. Under the company's disaster relief program, Bank of America customers affected by severe storms and floods in Rhode Island, New Hampshire, Maine, Massachusetts, Connecticut, New Jersey, New York, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C., may qualify to:

  • Modify or extend payments on loans, credit cards or lines of credit.
  • Increase credit card limits and lines of credit as appropriate.
  • Receive special assistance with lost, missing or late loan or card payments.

Bank of America will also automatically refund certain fees incurred between Monday, October 29 and Monday, November 5 for Consumer and Small Business customers in the above states. These fees include:

  • Deposit fees for overdraft, non-sufficient funds, overdraft protection transfers, extended overdrawn balance charges, and non-Bank of America ATM fees.
  • Debit card rush and replacement fees.
  • Fees for early withdrawal on a CD.
  • Bank of America credit card cash advance fees and overdraft protection transfer fees on credit cards.
  • Late payment fees on credit cards, and some consumer and small business loans, including home equity, auto and personal loans.

Bank of America

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