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BANK OF AMERICA ANNOUNCES EXPANDED AID TO SOUTHERN CALIFORNIA FIRE VICTIMS

 LOS ANGELES, Nov. 3 /PRNewswire/ -- Bank of America today announced additional actions to help customers and small businesses affected by the devastating fires in Los Angeles and Riverside Counties. The bank will:
 -- Provide an additional $10,000 to be donated through BofA branches to local relief agencies. Last week the bank contributed $25,000 to the American Red Cross to support its fire relief efforts in Southern California, donated more than $10,000 to local relief efforts through BofA branches in affected areas, and is matching individual donations made by BofA employees to the American Red Cross.
 -- Offer special financing to small businesses that are directly impacted by the fires. Small business owners can request payment extensions and increases in existing loans and credit lines. In addition, 90-day bridge financing is available up to $25,000 for small business operators who have received approval for government-sponsored disaster loans.
 -- Make available personal loans for customers affected by the fire. Loans from $1,000 to $7,500 will be available at a special fixed rate of 6 percent. These loans will have no points or fees and may be used by homeowners or renters to help reestablish their residences.
 -- Make available a special home equity loan program for customers whose homes were affected by the fires. Under this program, homeowners may borrow from $7,501 to $25,000 for 90 days at a special fixed rate of 6 percent, with no fees or points, to handle their immediate financial needs.
 -- Offer special assistance to BofA consumer loan customers affected by the fires by extending or revising their loans. For the next 90 days, there will be no late charges on these loans and no charges for extensions or revisions. In addition, BofA home loan customers affected by the fires will be eligible for up to a three-month moratorium on their monthly payments without being subject to any late charges.
 -- Provide emergency credit line increases to BankAmericard VISA and MasterCard customers who are fire victims, as well as delaying upcoming monthly payments.
 -- Waive all bank early withdrawal penalties on time deposits and individual retirement accounts for fire victims who wish to withdraw funds from these accounts.
 Additional information about the special loan programs is available from BofA branches in affected areas in Southern California or by calling 800-227-9286. Current home loan customers can call 800-462-0505 for assistance. Current consumer loan customers can call 800-552-5203. Small business owners should call 310-996-7878 or 213-871-4770.
 BankAmericard VISA and MasterCard borrowers may request emergency credit line increases by calling 800-227-5458. Customers who anticipate difficulty in making a bankcard payment may request that their payment be skipped for one month by calling 800-582-4332.
 -0- 11/3/93
 /CONTACT: Charles Coleman, 213-345-5504/


CO: Bank of America ST: California IN: FIN SU:

EH-LM -- LA046 -- 0321 11/03/93 16:53 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:471
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