BUSHFIRE AID IN VICTORIA: BANKS RAISE OVER $80 MILLION
The recent bushfires that devastated large parts of Victoria saw Australians rally in their thousands to help out in whatever way they could. The nation’s banks, building societies and credit unions were among them. As well as putting their hands in their pockets and donating to the cause, the financial institutions have set themselves up as collection points to raise funds with the help of their customers.More importantly, our banks, building societies and credit unions geared up immediately to help affected customers with their day-to-day money needs. Many customers lost all identification and banking records in the rubble, making speedy, flexible logistical assistance valuable. Every bushfire-affected customer’s circumstance is different and the big banks, in particular, have set up special hotlines to deal with individual situations. This could be, according to nab, a cash grant, deferral of home loan repayments, freezing interest accrual, providing fee-free transaction banking for 12 months, sending out new ATM and credit cards by courier, ensuring no late fees or interest are payable on VISA accounts and the like – or a combination of these. In a number of instances, bank staff members have also found themselves on the fire-affected customer list. There are now some amazing stories of “above and beyond” emerging from the banking frontline. For example, nab employs around 12,000 people in Victoria and reports staff members who have lost family members or their own homes insisting on coming to work each day just to keep the local branch open and support their community. Or the nab staff member who broke her long-service leave to return to work, provided her salary for this period was donated to the appeal. BUSHFIRE RELIEF ASSISTANCE: A snapshot of what the major banks are doing
EMERGENCY ASSISTANCE PACKAGESThe big banks, ANZ, Commonwealth/Bankwest, nab and Westpac/St George are all offering help for customers whose properties have been lost or destroyed in the Victorian bushfires.These measures include:
Additional assistance measures could include:
Insurance policies taken out through the above banks:
Naturally, assistance measures vary by institution and also by customer needs. There is no substitute for one-on-one bank contact via the branch or phone. Some banks have also been active on the ground, with mobile units going to the affected communities to work with other government agencies in dealing with the logistical impact. WHAT ARE OTHER BANKS DOING?
Smaller banks, building societies and credit unions are also actively supporting disaster relief efforts in their own way. Here’s a sample of what other banks are doing. Apologies to the financial institutions who are working hard for their disaster-affected customers but who have not been mentioned here because of time constraints. If you would like us to include your disaster relief measures and fund raising, please let us know.AMP Bank Donated $1 million through the AMP Foundation to the Victorian Bushfire Appeal Fund. AMP will match staff donations up to a further $250,000. Bank of Queensland Donated $100,000 to the Victorian Bushfire Appeal Fund and $50,000 to the Queensland Premier’s Disaster Relief Appeal. Staff is actively raising funds through personal donations and fund-raising functions. The Bank of Queensland offers a range of hardship provisions to customers affected by bushfires or floods. Bendigo & Adelaide Bank Donated $150,000 to the Victorian Bushfire Appeal Fund. Is collecting customer donations at branches. - raised $6 million for bushfire appeal and $160,000 for north Queensland flood appeal. Providing relief through hardship provisions for affected customers. Citibank Citibank and staff donated $220,000 to the Victorian Bushfire Appeal Fund. Citi Australia is assisting affected customers through its disaster relief program which covers a range of fee waivers and payment restructure options. Will donate $50 for every 5,000 frequent flyer points customers redeem for the appeal. Citibank invites credit card holders to convert their reward points to donations to assist the Salvation Army Bushfire Appeal. Macquarie Bank Donated $1 million to the Victorian Bushfire Appeal Fund. The Macquarie Group Foundation – the philanthropic arm of Macquarie Group – will match all staff donations to the bushfire appeal. Suncorp Donated $500,000 to the Victorian Bushfire Appeal Fund. Staff actively fund raising for the cause. Suncorp is collecting customer donations at branches for Victorian Bushfires and far north Queensland floods. Dedicated phone contact teams and round-the-clock staff have been assembled to assist fire and flood-affected customers. Staff is on hand in affected areas to help customers insured with AAMI, GIO, Apia, Shannons or Just Car Insurance. As well as lodging claims for homes and cars, customers may be eligible for emergency relief in the form of accommodation and one-off cash payments. CANSTAR CANNEX Homepage ... |
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