AMP Bank rolls out support measures

by Gerv Tacadena24 Mar 2021

AMP Bank has activated its disaster relief assistance program to support its clients affected by the storms and flooding in New South Wales and South East Queensland.

The bank's home loan, practice finance, and deposit customers will be able to access relief options including pauses in loan repayments for three months, access to term deposits before maturity without any interest penalty and fee waivers where a customer requires a same day transfer of funds via SWIFT payment.

"We’re working to identify potentially impacted clients, including those whose homes have been inundated by flood waters or who have been cut off as a result of the storms and may need financial assistance," said Sean O'Malley, acting managing director at AMP.

Customers may reach out to AMP directly in order to find out how they might be helped by the bank.

AMP is also encouraging affected clients to consider other support programs available, including the Australian Government Disaster Recovery Payment, which provides affected households with a one-off financial assistance for equivalent to $1,000 per eligible adult and $400 per eligible child.

There is also the Disaster Recovery Allowance for those who have lost income as a direct result of the floods.

Other banks have also recently rolled out their support measures for their respective clients affected by the floods.