The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
As Hurricane Irma approaches Florida, lenders including Wells Fargo & Co. and Bank of America Corp. are making plans to move a small number of mobile teller machines into the state to provide some customers with much-needed cash amid expected power failures.
Two Wells Fargo trucks equipped with automated teller machines that were destined for Texas have been rerouted to the US Southeast and will be moved into Florida if needed, Michael King, a spokesman for the San Francisco-based bank, said. Two other units in Texas could also be dispatched once Irma passes, he said.
Bank of America, which also deployed mobile ATMs in the Houston area after Hurricane Harvey, will move trucks into Florida in the event of prolonged power outages following the storm, said spokesman Lawrence Grayson, adding the bank has 17 such units located around the country. The lender closed branches in south and central Florida in advance of Irma, which is expected to slam into the state early Sunday as a Category 4 hurricane after decimating a chain of Caribbean islands. Wells Fargo closed 533 offices in the state, with a few staying open, King said.
“We’re certainly preparing for the potential deployment of mobile financial centers and mobile ATMs based on the areas of post-impact need,†Grayson said. “After the impact, where is it needed?”
Bank of America and Wells Fargo are the largest lenders in Florida by deposits, according to Bloomberg Intelligence. SunTrust Banks Inc., the third largest, has a mobile banking truck in Lakeland, Florida, and plans to move it to the area most in need following the hurricane, spokeswoman Angie Amberg said.
The Atlanta-based lender will waive or refund ATM or overdraft fees on consumer and business
accounts in storm-affected areas, she said.
If deployed, the mobile units would only serve the needs of a tiny share of customers needing cash in a state where the three banks have a total of more than 1,700 offices and $2.3 trillion in deposits, according to Federal Deposit Insurance Corp. data.
Irma strengthened Friday and grew in size, meaning that most of the state will face hurricane-force winds as it cuts a path through the peninsula into Georgia.
The storm, which has already left at least 21 people dead and thousands homeless across the Caribbean, could cause damages in Florida in excess of $135 billion, according to Chuck Watson, a Savannah, Georgia-based disaster modeler with Enki Research.
Mandatory evacuations were issued for the Florida Keys and other areas, with around 650,000 people told to leave Miami-Dade, the largest ever attempted in the county. The storm may knock out power to more than 3 million homes and businesses and its pending arrival has prompted a run on ATMs in South Florida.
