Bank of America Announces Customer Disaster Relief Program in Wake of Severe Storms and Floods in Georgia

/PRNewswire/ -- Bank of America today announced its disaster relief program for 17 counties in Georgia that have been designated disaster areas by the Federal Emergency Management Agency.

The Bank of America Charitable Foundation also announced it will donate $50,000 to the American Red Cross to support relief efforts for people impacted in the region by the recent severe storms and floods.

The counties include: Catoosa, Carroll, Chattooga, Cherokee, Cobb, DeKalb, Douglas, Fulton, Gwinnett, Newton, Paulding, Rockdale, Stephens, Bartow, Coweta, Heard, and Walker.

"These storms and floods have caused significant damage and suffering throughout our state," said Geri Thomas, Georgia president for Bank of America. "Bank of America is pleased to help our neighbors get through this difficult period."

Under the company's disaster relief program, Bank of America customers affected by severe storms and floods in those 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
-- Access a new home equity loan through the bank's special loan program,
with no fees and preferential pricing below the current rate
-- Purchase a new primary residence through the bank's special mortgage
program and we will waive loan fees and expedite the loan process.
This purchase program is available to all qualifying residents of
impacted counties, not just existing customers.
-- Avoid bank early withdrawal penalties on 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 November 13 in any Bank of America banking centers or by calling 1.800.831.5586. For assistance with a credit card account, the phone number on the back of the card or on a bank statement may be called. The offers are subject to credit approval and current credit standards apply. 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, N.A. is an equal housing lender and a member of the FDIC.

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Divorce, overdraft and learning

A month or so ago I stopped into a local bank to open a couple of new accounts. While I was going through the motions a young man came into the bank. He needed to talk with someone regarding his checking account.

It took a while to get the accounts set up and it was a small bank so I couldn't help but overhear a large portion of his problems. In a nutshell, the kid was in huge trouble.

He didn't have a clue how to balance a check book. He didn't understand money. His parents were divorced and Dad sounded like a tyrant. Mom sounded like someone struggling to keep her head above water.

The guy was practically in tears at times trying to understand how he'd let his account go into overdraft. He was in college. I gather he was sharing a car with his mother. He didn't have enough money to put gas in the car to get home or get back to school.

The bank staff did a fairly good job of trying to help him out. It really wasn't their place to teach him basic 101 check book balancing. He didn't seem to grasp the check card, thinking that they shouldn't let him have money if it was going to make him go into overdraft, even though he had outstanding checks. He was floored after seeing the overdraft charges that had wracked up, compounding the problems he had created.

Why is this in helping hands? Well, after hearing how scared the kid was to go to his Dad for help, and hearing the plight of his Mom's finances, I walked over and gave him a some money. Enough to get some gas so he could go home to face the music.

If I'd been able to clear up his overdraft, I would have. But only if I'd felt he really understood how to stop from getting back into the same predicament.

How did a kid graduate from high school and not know how to balance a check book? I know that's something a parent should teach. I didn't learn how to balance a check book in school. But I sure was able to grasp the concept of writing down deposits and knowing when to stop writing checks. Of course, back when I graduated from high school debit cards didn't exist. If you wanted cash you had to get to the bank during banking hours. I still remember when the grocery stores started giving cash back! Freedom from banking hours!!!

Back to the guy in the bank. He was thrilled to get the little bit of money I handed him. What I really wanted to do was straighten out his parents. I know I'm judging based on very little info, but it sure seemed that Dad was pretty self-centered and really had done a job on the kids self confidence. Mom had her own set of problems and it didn't sound like she could do more than keep her head above water, if that. The pair's son was caught between the two and struggling. He seemed very immature, but maybe that was because I was seeing him in a very stressful situation.

I hope that after I left someone at the bank was able to sit down and show the kid how to balance a check book. They wrote off a couple of overdraft charges for him, which helped a little. He needed more help that anyone at the bank could offer.

I've thought about him many times, wondering what happened to him. Something like that can either turn someone around or send them into a downward spiral at that age. I hope he's one who learns, grows and conquers.