Bank of America announced that it will activate its disaster relief program in Rhode Island and seven Massachusetts counties (Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester), all designated disaster areas by the Federal Emergency Management Agency (FEMA). The Bank of America Charitable Foundation also announced it will donate $50,000 to the American Red Cross Disaster Relief Fund to support relief efforts in Rhode Island, which has been impacted by the worst flooding the state has seen in 100 years. The Disaster Relief Fund provides food, shelter, and emotional support to victims of disaster.
"Historic rainfall and flooding have affected hundreds of thousands throughout Rhode Island and Massachusetts, causing significant damage and suffering," said Kerry Sullivan, president, Bank of America Charitable Foundation. "With a major presence in the area, it is our responsibility as a corporate citizen to act in a time of need."
Under the company's disaster relief program, Bank of America customers affected by severe storms and floods in Rhode Island and the aforementioned Massachusetts counties may qualify to:
►Receive emergency credit line increases on their existing Bank of America Visa card and MasterCard.
►Modify or extend payments on loans, credit cards or lines of credit.
►Receive special assistance with lost, missing or late loan or card payments.
►Access a new home equity loan or line increase through the bank's special loan program, with no fees and preferential pricing below the current rate.
►Avoid early withdrawal penalties on bank certificates of deposit (CDs).
Small businesses may also qualify for similar benefits on both business and personal loans.
Customers may apply for assistance under the program through May 21, 2010, in any Bank of America banking center or by calling (800) 831-5586. For assistance with a credit card account, customers may call the phone number on the back of the card or on a bank statement. Offers are subject to credit approval and current credit standards apply. A deposit or loan relationship may be required to qualify for a special loan offer. Insurance is required for mortgage and home equity loan products. These offers cannot be used in combination with other offers, and certain restrictions may apply. Tax penalties may still apply to IRA withdrawals before age 59 1/2. Bank of America NA is an equal housing lender and a member of the FDIC.
For more information, visit www.bankofamerica.com.