NAB offers flood victims $15m worth of assistance

Thursday 17 February 2011

Article by Mozo

The National Australia Bank (NAB) has announced it is to offer customers and communities affected by the recent flooding in Queensland $15 million worth of financial assistance.

Bank customers to be given helping hand

Coming as rival Bankwest reports on how it has been helping its customers in the worst-hit areas, NAB has unveiled a range of financial support packages for its customers, including those with credit card debts with the bank.

Specifically, a $15 million Assistance Fund has been set up to provide ex-gratia payments to help those NAB home insurance customers whose losses are not covered by their policies, with those who have already seen their claims turned down to be 'proactively contacted' by bank staff.

Additionally, the bank has also confirmed that it is to increase the money it is giving to the Queensland Community Support Fund, with a total of $1 million to be gifted to small towns and villages through the initiative.

At the same time, NAB has pledged to lend at least $4 billion to Queensland businesses in order to help them recover from the recent devastation.

This comes as NAB is expected to lose $150 million after offering to pay the home loan exit fees of customers of its main rivals.

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