Banks offering helping hand to flood victims - Banking - News - Moneyfacts


Banks offering helping hand to flood victims

Banks offering helping hand to flood victims

Category: Banking

Updated: 21/02/2014
First Published: 20/02/2014

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

With thousands of householders being left devastated by recent flooding, thoughts could well be turning to how they're going to cope financially. Luckily banks are coming to the rescue – by offering financial support to flood victims.

Who's doing what?

A range of big names have agreed to offer support, a move which has been backed by David Cameron, with help ranging from emergency phone lines to overdraft extensions and fast-track loan acceptances.

A lot of banks will review situations on a case-by-case basis, but here's a quick overview of who's getting involved and what they're potentially offering:

Royal Bank of Scotland and NatWest
Royal Bank of Scotland and NatWest

Royal Bank of Scotland and NatWest are offering affected mortgage customers up to three months' repayment holiday, and have increased the daily limit that affected current account customers will be able to withdraw from cash machines (from £300 to £500).
The banking group has also set up specialist small business support teams, who will help business customers with short-term financial problems they may be experiencing as a result of the floods, and has set up a £250m UK Storm Business Fund to provide short-term interest-free financing to help speed up business recovery. Call 0808 408 0840 - for enquiries from personal and business customers.

Santander will offer free overdraft extensions and is reviewing mortgage cases as well, and would consider mortgage payment holidays or conversion to an interest-only arrangement.
It could extend credit facilities to farmers and small businesses and has also set up a special helpline to deal with enquiries (0800 121 4993), and is adding an additional £100,000 to its community plus charity programme to help communities recover.
Nationwide has set up emergency support teams with dedicated phone lines for customers who may have questions or difficulty making payments (0845 8351 054 for insurance customers and 0845 6011 184 for mortgage/current account queries).
Temporary overdrafts or increased overdraft limits will also be considered.
HSBC is offering increased flexibility including loan and overdraft extensions, fast-track credit acceptance, waived or reduced arrangement fees and loan/mortgage repayment holidays, as well as not capping the limit offered on loans – every case will be considered according to individual needs.
Insurance claims adjusters have also been posted to the worst-hit areas to ensure claims can be processed quickly.
Lloyds Bank Lloyds Bank will consider increasing overdraft limits, providing loan repayment holidays and waiving fees for affected small businesses.
They've also set up a £250m fund to provide small business lending without the usual fees.

What to do if you've been affected

It's encouraging to see so many banking institutions offering additional support, particularly during a time which will already be incredibly stressful and financially strained. If you've been affected by the floods and are wondering which way to turn, the first port of call should always be your banking provider.

Contact them with any query, either by using the specialist help lines mentioned or via your usual method of contact, and see if they'll be able to offer any additional support.

What Next?

Compare loan repayments and interest with our easy-to-use loan calculator

Save and spend with high interest current accounts

Help with claiming for flood damage

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.