Term deposit benefit offered to flood victims

The Commonwealth Bank (CBA) has announced details of a "special emergency assistance package" aimed at helping people affected by the flooding in New South Wales and Queensland.

Among the measures is an offer to waive prepayment charges over the next month for affected customers wishing to access term deposits, Commonwealth Investment Bonds and CBFC debentures ahead of the maturity date.

The bank also said it would provide changes to repayment arrangements for CBA home loan customers who may experience difficulties because of the flooding.

Commenting on the emergency package, the bank's retail banking services executive, Ross McEwan, said: "The Commonwealth Bank is concerned at the impact the rain and flooding has had on local residents and businesses.

"We've put special arrangements in place for our customers, and our staff are ready to assist them promptly with their financial concerns and enquiries."

Australians seeking to improve their long-term finances can choose to compare term deposits in search of the best returns. CBA also stated that, among its other measures, it would waive branch service fees where the customer is looking to obtain a service from the bank as a result of the disaster.

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