Retail banks have announced emergency relief packages providing a number of measures to assist affected customers avoid financial difficulty as a result of Cyclone Yasi.

The Australian Bankers’ Association (ABA) said the banking industry understands that Queensland is still managing the impact of the recent floods and now has to deal with the aftermath of this devastating cyclone.

“This is why banks will continue to provide affected customers with emergency relief packages which can be tailored to suit individual needs,” according to ABA chief executive Steven Münchenberg.

“Banks are urging any customers who may be adversely affected by the cyclone to contact their bank,” he said.

“Australian banks have a long history of working with customers affected by natural disasters, by putting in place arrangements for special financial needs in difficult times. This includes special arrangements for individual customers, businesses, as well as the farming community.”

“Banks manage the impact of natural disasters on customers on a case-by-case basis reflecting varying impacts and options available to individual customers. The financial position of customers varies and this determines the options that are available.”

“Farmers and other rural businesses experiencing difficulties because of the cyclone need to understand their financial position so that they can work together with the bank to identify the options that best suit their businesses.”

Some of the financial arrangements for those affected by the cyclone include suspension of loan repayments for a specified period; waived bank fees on residential, business and agricultural loan re-structuring; waived early withdrawal fees for those customers wishing to withdraw term deposits; temporary adjustment to customer lending limits including credit cards to assist customers cope with unexpected costs; and expediting insurance claims for insurance customers.

As part of its support package, National Australia Bank (NAB) said it will suspend home loan repayments and waive fees for withdrawing term deposits early and for home loan and personal loan applications.

NAB’s Queensland State GM Richard Kennerley has encouraged those affected by the cyclone to contact the bank to discuss the individual circumstances involved and try to find a way for the bank to offer support.

Meanwhile, the Commonwealth Bank package includes tailored solutions to difficulties faced by home loan, credit card and personal loan customers due to the cyclone and expediting claims to CommInsure for those with home, contents and motor insurance.