Commonwealth Bank activates emergency package to help NSW and Queensland flood victims

The Commonwealth Bank has responded to the Floods in Northern NSW and South East Queensland by activating its special emergency assistance package to assist people affected by the floods.

"The Commonwealth Bank is concerned at the impact of the floods on families, farmers and business people," said the Bank’s Group Executive, Retail Banking Services, Hugh Harley. "We’ve put special arrangements in place for our customers and our staff are ready to assist them promptly with their financial concerns and enquiries."

Key features of the Bank’s special assistance package include:

• prioritising claims to CommInsure for customers seeking help through their home and contents insurance,
• loan restructuring for business customers with existing loans, without incurring the usual bank establishment fees,
• providing additional loans or changes to repayment arrangements for Commonwealth Bank home loan customers who may experience difficulties because of the floods,
• review credit card instalments for customers of good standing and consideration of requests for emergency credit limit increases,
• waiving prepayment charges over the next month for affected customers wishing to access term deposits, Commonwealth Investment Bonds and CBFC debentures ahead of the maturity date,
• waiving branch service fees where the customer is looking to obtain a service from the Bank as a result of the disaster.

"Our staff will be ready to discuss with affected customers their overall financial position, changes in repayment arrangements or to consider options for additional loan funds", Mr Harley said.

ENDS

For further media information please contact:

Bryan Fitzgerald
Communications, Community and Reputation
Telephone: (02) 9378 2663