![]() ![]() This goes a long way towards giving customers a break when it will the greatest impact. Banks can waive fees for such things as using out-of-network ATMs, non-sufficient funds and late loan payments for customers affected by the disaster. It’s critically important to customers who depend on them to make it through the storm.īanks can also show empathy when it’s needed most by giving customers a much-needed break on fees. For in disasters, banks need to make sure cash is available and easy to access. ![]() One photo on FEMA’s website shows a red Bank of America truck, looking for all the world like an emergency rescue vehicle, equipped with two ATM terminals.Īnd when you think about it, “rescue” is just the right word. For instance, banks brought in mobile ATMs so customers after Hurricane Katrina and Superstorm Sandy could get much-needed cash. Often, this is where making cash available comes into play. “Among the most important things they can do is to be available and flexible with their customers.” “Financial institutions, including banks, need to be responsive to their customers’ significant and urgent needs in the face of natural disasters and other dramatic, unexpected events,” says Mark Hamrick, Washington bureau chief and senior economic analysts for. That’s why most consumers will run to their nearest bank to get cash in worst case scenarios. Though we take credit, debit and digital payment technologies for granted, they don’t work when stores are damaged and systems down. Because when a storm or emergency situation hits-and customers’ lives get turned upside down-cash remains a grounded certainty in a sea of unknowns. In fact, people will need their bank more than at any other time. They need cash to gas up their cars, stock up on provisions and pay the contractor who rebuilds their home and businesses. The availability of money, so often taken for granted, becomes especially urgent when people suddenly have to deal with a tree crushing their house or floodwaters submerging their kitchen. The disasters are different in type but the fundamental needs remain the same: food, shelter and of course money. Hurricanes ravaging Florida, Texas and the Carolinas. BAI Learning & Development Terms of Serviceįlash flooding in Maryland. ![]()
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