First Union Offers Financial Assistance to Florida Residents Affected by Severe Tornadoes

Strategic Insights -

A devastating series of tornadoes ripped through Central Florida on Monday morning, leaving a trail of destruction in its wake. The storm damaged properties in Seminole, Osceola, Volusia, and Orange counties, affecting thousands of residents. In response to the disaster, First Union Corporation, a subsidiary of First Union Corp. (NYSE: FTU), has announced a series of measures to assist those affected by the storm. The bank is offering special home-improvement loans at below-market rates, waiving extension fees for customers with existing consumer loans, and providing prequalified advances for new credit card customers.

Key Takeaways:

  • First Union has confirmed 35 branches in storm-damaged areas remain open for business and are ready to assist those dealing with financial hardships due to the storm.
  • First Union's ATM's have been fully stocked with cash to ensure that customers can access their funds.
  • The bank is offering special home-improvement loans at below-market rates to Florida residents whose property was damaged by the storm.
  • Customers with existing consumer loans can request a 60-day payment extension, with no extension fee, if they are suffering storm-related financial setbacks.
  • New Prime Equity line customers can prequalify for an advance of $5,000 or more at a rate equal to The Wall Street Journal prime rate for the first year.
  • Residents of storm-damaged areas in Florida can defer their first payment for 60 days on new consumer loans.
  • First Union is working in financial partnership with the American Red Cross to provide needed assistance to the communities devastated by the storm.
  • All local First Union branches are acting as drop-off points for donations to provide community support.
  • Florida residents and families affected by the storm who have other financial needs not addressed by First Union's special loan offers should contact a local branch for assistance.

Sources:

  • PR Newswire
  • First Union Corporation