Hurricane Florence could hit a third of US bank branches

Qlik

Hurricane Florence has begun thrashing the East Coast, and
experts say the storm could unleash
catastrophic flash flooding and storm surges as high as 13
feet. 

More than five million people were under hurricane warnings
or watches as of Thursday morning. Already, the
hurricane has triggered more than 1,000 flight
cancellations and the closing of
nearly a dozen airports in North Carolina and South
Carolina.

Millions of people could see their financial services disrupted,
too.

More than 30,000 US retail bank branches — 34% of the country’s
branch network — are currently at risk of facing tropical storm
force winds from Hurricane Florence over the coming days,
according information compiled by data analytics firm Qlik. 

Qlik analyzed branch data from the Federal Deposit Insurance
Corporation and compared it with the National Weather Service’s
storm-path forecast and the probabilities that certain areas
would see tropical storm-force winds.

While more than a third of US bank branches could feel the brunt
of Hurricane Florence, the chances aren’t high for many of them —
for over 14,000 the probability is less than 5%. 

Only 1,713 branches face a high risk — a probability of more than
60% — of facing intense tropical winds. 

But for those that do get hammered, customers could lose access
to their local bank’s services for days or weeks, depending on
the extent of the damage.

Even with millions of customers embracing mobile and digital
offerings from banks — like peer-to-peer payment platforms such
as Venmo and Zelle — many still take out and deposit cash in
person or get paid via check rather than direct deposit. 

Many banks waive ATM and other fees for customers affected by
severe storms, as well as deploying mobile bank units to
heavy-hit areas. 

BB&T, which is based out of Winston-Salem, North Carolina and
operates 1,900 branches across the country, is likely to be among
the most affected by Hurricane Florence. It had closed more than
160 branches or ATMs by early afternoon Thursday, according
to their website. 

PNC, which also has a substantial presence in the Carolinas, has
also begun
closing branches and is preparing to deploy mobile-banking
units.

“We have begun to close branches and other facilities in
the Carolinas, Greater Maryland and Greater Washington areas,
with the vast majority in the Carolinas at this point,” a company
spokeswoman told Business Insider.

For customers in the path of the storm,
the FDIC recommends making physical copies and digitally
storing sensitive documents. 

Read the rest of the
FDIC’s tips for financially surviving a disaster.