Pair of Financial Institutions Offer Flood Aid in Region

Two banks have activated assistance plans for customers in parts of southern New England that were impacted by flooding as a result of heavy rains at the beginning of April. Bank of America has set in motion its disaster relief program for customers in Rhode Island and seven Massachusetts counties. Among the parts of the program that helps homeowners specifically is giving them the ability to access a new home equity loan or line increase through B of A's special loan program. They will pay no fees and receive preferential pricing, below the current interest rate. The bank will also modify or extend payments on loans or lines of credit. Waterbury, Conn.-based Webster Bank will provide unsecured home improvement loans to customers in Rhode Island, Connecticut and Massachusetts at a rate 2.5 percentage points below the standard rate. Priority processing will get the check to the borrower within one week of application. It is also offering "payment alternatives," including deferments for existing mortgage and home equity loan customers whose home has suffered flood damage or where the borrower's employment has been disrupted as a result of the flooding.