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Hurricane Season Is Here

 

RBC Bank Offers Residents and Businesses Financial Tips to Prepare for Hurricane Season

Raleigh, N.C. - August 23, 2011 – With hurricane season upon us and Irene brewing out in the Atlantic, RBC Bank wants to remind residents and business owners about financial preparations they should make before a hurricane strikes.

Here are some things local residents should keep in mind:

  • Cash on hand – In case power goes out and ATMs are not working, be sure to have some cash on hand. We recommend as much as $50 per person.
  • Debit and credit cards – If you do have to evacuate, in addition to cash, be sure to take debit and credit cards with you, as well as personal checks.
  • Checking in via the Web – Set up a Web Banking account so you can conduct banking activities and keep in touch with your bank from an evacuation site.
  • The essentials – Be sure copies of important documents are saved in a secure location – such as your bank lockbox – in addition to saving copies in water-proof containers at home.

If you’re a homeowner who has built up equity in your home through home value appreciation, another option for preparing for an approaching hurricane is to use your Home Equity Line of Credit to purchase materials (shutters, wood boards, etc.) that can protect your property and could lower your home insurance costs.

Business owners should prepare for the unexpected, which could include power outages, business closings – or even serious structural damages. Your emergency plan should be tailored to meet the needs of your company, but planning for the worst will mean getting your business back up and running faster.

Here are some things to keep in mind:

  • Communication – Be sure you have a system in place to communicate with your employees – and your customers – about your business status.
  • Information protection – We all know the importance of backing up important data – make sure you have a data recovery plan. Also make sure that sensitive information is secure.
  • Documentation – Document assets using a digital camera, a pen-to-paper or key-to-screen list. Make sure the files you capture are saved in several locations.
  • The essentials – Be sure copies of important information are saved in a secure location.

For more information, we recommend visiting the Homeland Security Web site at www.ready.gov.

This article is provided by RBC Bank. The information included in this article is not intended to be used as the primary basis for making financial decisions. RBC Bank does not provide tax or legal advice. Please consult your own financial, tax or legal advisor.

About RBC Bank

RBC Bank, headquartered in Raleigh, N.C., offers a wide range of financial services and advice to individuals, businesses and public institutions throughout the Southeast. RBC Bank’s network includes more than 420 full-service banking centers in six states (Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia), an extensive ATM network and telephone and online banking. RBC Bank is the 40th largest U.S. bank by consolidated assets, according to SNL Financial’s List of the Nation’s 50 Largest Banks, September 2010. RBC Bank is a wholly-owned subsidiary of Royal Bank of Canada (RBC) (RY on the TSX and NYSE), Canada’s largest and most stable bank as measured by assets and market capitalization. For ten consecutive years, RBC has been named to the prestigious Dow Jones Sustainability World Index. RBC has been listed as one of the most sustainable large corporations in the world for six years in a row, according to the annual ranking by Corporate Knights. And, in February of this year, RBC was ranked 31st in The World’s Most Respected Companies by Barron’s, and third among financial institutions. More information about RBC Bank may be found at www.rbcbankusa.com.