Bank to review credit card instalments for storm sufferers

Commonwealth Bank customers affected by the Lennox Head storms are being helped out by the institution. The Commonwealth Bank is set to review the credit card instalments for its customers affected by the recent Lennox Head storms in northern New South Wales.

It has announced it will consider any requests for emergency Aussie credit limit increases and will look after its consumers of good standing.

Ross McEwan, group executive of Retail Banking Services at the organisation - which offers a range of Commonwealth credit cards - said it is concerned about the impact that the storms have had on businesses and customers in the area.

He added: "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."

The bank has also pledged to permit additional loans to those Commonwealth home loan consumers badly affected by the natural disaster, as well as allow changes to repayments if necessary.

There will be a loan restructuring system put in place for business customers with existing loans and none of the standard fees the organisation usually charges for this service will be implemented.

Mr McEwan noted: "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."

Storm sufferers who wish to access their term deposits at the bank will be allowed to waive their prepayment charges over the next month and the same applies for Commonwealth Investment Bonds and CBFC debentures ahead of their maturity dates.

Earlier this year, the institution announced it would try to help out people in Riverina, New South Wales, who had been affected by flooding in the area.

Similar procedures were put in place, including waiving charges for term deposits, branch service fees and reviewing credit card instalments for those affected.

by    Sam Gooch 

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