Commonwealth Bank activates emergency package for people affected by floods in Riverina and Southern NSW

19 October 2010: The Commonwealth Bank has responded to residents and businesses across the Riverina and southern New South Wales by activating its special emergency assistance package to help people affected by flooding.

“The Commonwealth Bank is concerned at the impact the rain and flooding has had on local residents and businesses,” said the Bank’s Acting Group Executive Retail Banking Services, Michael Cant.  “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:

• providing changes to repayment arrangements for Commonwealth Bank home loan customers who may experience difficulties because of the flooding, 
• loan restructuring for business customers with existing loans, without incurring the usual bank establishment fees,
• considering requests for additional loans (including emergency credit limit increases) where, based on our enquiries, the customer could meet the additional repayments without financial difficulty,
• expediting claims to CommInsure for customers seeking help through their home, contents and motor vehicle insurance,
• 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 happy to discuss with customers their overall financial position, any change in repayment arrangements, or to consider options for additional loan funds,” Mr Cant said.

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For more information contact:

Adam Welch

Commonwealth Bank

Ph: 02 9117 7052