September Is National Preparedness Month -- Have a Financial Plan in Place Should Disaster Strike

September is National Preparedness Month, so it’s a good time to create a financial plan for emergencies. Preparation is key to avoiding financial disruptions during a natural disaster. Bank of America offers the following tips to help you develop an emergency financial plan in case disaster strikes:

• Have cash on hand – In the event there is a loss of power, your local bank or ATMs may not be able to dispense money, so it’s a good idea to have at least enough cash to pay for important expenses such as gas and food for at least three days.

• Protect financial and insurance documents, account information, computer – Losing important financial records and insurance policies, account logins and passwords would further complicate your recovery from a disaster. Therefore, safeguard copies of financial documents and insurance policies in a heavy-duty, waterproof container and, if possible, do the same for your computer.

• Mobile banking – If operations at your local bank are disrupted because of a severe weather event, mobile banking is a great tool to access account(s), receive updated information and move funds as needed. It might also make sense to set up automatic bill pay to avoid missing payments. Additionally, as most banks now have mobile apps for smartphones, it’s recommended that you have the app downloaded and ready to use, which will help simplify the mobile banking experience. Check with your local bank to see if they have mobile ATM units or mobile banking centers positioned in areas to assist impacted customers with their banking needs.

• Follow your bank on social media – If your bank’s phone service and online site are down, check its social media channels (e.g., Facebook and Twitter) for updates on branch openings and closings, ATM access and other relevant financial news.

• Understand your insurance policies – Read your property insurance policies and find out what they do and don’t cover due to a disaster. Keep a copy of the claims procedures and contact information with you in case you have to evacuate.