If you live in the path of Hurricane Michael, your financial institution may cut you a break on your banking-related bills.
The violent storm devastated the Florida’s Panhandle on Wednesday as a Category 4 hurricane and moved on to wreak havoc in Georgia, the Carolinas and Virginia. At least 18 people have reportedly died from the storm.
For a limited time during the recovery, a number of banks are giving you some wiggle room. Financial institutions are waiving fees and offering breaks on loan payments for those affected by Michael — just as they did for those affected by Hurricane Florence.
Regions Financial Corp.
Regions Bank is offering customers in the FEMA-declared disaster areas payment extensions on their loans. The bank is also waiving certain fees, including surcharges and foreign ATM fees for 30 days.
Regions is also letting its customers make one penalty-free CD withdrawal.
For those affected by the storm, Wells Fargo said it will reverse some fees, like late fees for missing a credit card payment. Customers with loans can also request payment assistance for up to 90 days.
The San Francisco bank will also reverse ATM fees for customers using non-Wells Fargo ATMs.
Potentially, customers who are enrolled in an employer-sponsored 401(k) plan provided by the bank can access their retirement savings.
The Wells Fargo Foundation said it will donate $1 million in donations to support communities affected by Hurricane Michael.
The bank is offering 30-day deferral on credit card payments due in October or November. However, interest on the loans will still accrue. Customers should contact the bank to request the deferral.
If you’re struggling to make a payment or if you incur overdraft fees due to storm-related challenges, reach out to BB&T to discuss potential payment extensions or waiving fees.
The financial institution is waiving ATM fees for those customers who are in a mandatory evacuation zone and using a different financial institution’s ATM.
Several of the banks suggest calling their numbers to deal with specific challenges:
- Regions Bank: 1 (800) 411-9393
- BB&T: (800) 226-5228
- Wells Fargo: (800) 869-3557
- Synovus: 1-888-796-6887
Your bank may also update its website and/or social media pages with pertinent information related to the storm.
If you have internet access, you can also use digital banking to take care of your financial chores, like:
- Send money to friends and family.
- Deposit checks.
- Pay bills.
- Determine if your local branch is open.
There are also resources to help prepare you financially for the next storm. The Federal Deposit Insurance Corp. provides resources on what to do about your finances in advance of the next natural disaster, such as building an emergency savings fund.