Banking & Saving - Bank Of Queensland waiver term deposit charges 'to help flood victims'

Flood-hit Queenslanders could be pleased to see announcements by the Bank of Queensland planning to help out victims by allow the relinquishment of term deposit charges.

The Bank of Queensland (BOQ) has announced it is set to waiver charges on people breaking into their term deposits in order to access money after many Queenslanders were affected by floods in the area.

For credit card customers the bank said it would defer equipment finance repayments if necessary and people ahead with repaying their fixed rate loans could get their early repaid principal money back at no extra cost.

David Liddy, managing director for BOQ, added the company was thinking about all the flood-affected people in the region.

"As Queensland's bank, we really want to help Queenslanders affected by the floods to get back on their feet as quickly as possible," he noted.

The news should come as a great relief to people needing to access their Aussie credit because of the emergency situation.

In January Dun and Bradstreet reported nearly half of Australians will use credit cards to pay bills in the first quarter of 2010.

By Emma North