Bank of America Projects Small Business Customers Will Need $2.5 Billion to Recover From Hurricane S

Bank of America Projects Small Business Customers Will Need $2.5 Billion to Recover From Hurricane Sandy

CHARLOTTE, N.C.--(BUSINESS WIRE)-- 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 automaticallyrefund 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 protectiontransfers, 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 protectiontransfer fees on credit cards.
  • Latepayment fees on credit cards, and some consumer and small business loans, including home equity, auto and personal loans.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYS: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

For more Bank of America news, visit the Bank of America newsroom.

Reporters May Contact:
Anne Pace, Bank of America, 631.425.9319

KEYWORDS:   United States  North America  North Carolina


The article Bank of America Projects Small Business Customers Will Need $2.5 Billion to Recover From Hurricane Sandy originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story