Commerce Bank Accepting Small Change To Help Hurricane Katrina Victims

It’s not just large donations that'll help survivors of Hurricane Katrina. Small ones, even pennies, can add up to big help. NY1’s Paul Messina has the story in this Money Matters report.

Usually we tell you how to save money. This time we'll tell you how to save lives with money, and it'll all go to the victims of Hurricane Katrina.

“Anyone can walk into the bank and donate the coins that they've put through the penny arcade, or they can make a cash donation to the hurricane relief effort,” says David Slackman of Commerce Bank.

All 350 branches of Commerce Bank are accepting donations through September 30th which they'll then forward to the American Red Cross. They're making it easy by taking your loose change.

“I came in today because I saw the sign on the door,” says one New Yorker. “I've been looking for different ways to donate, and to be frankly honest, I'm a little hesitant about donating online.”

“It's up to every individual as to how much money they wish to donate,” says Slackman. “If they'd like to donate all of the coins that would be fine, or if they'd rather make a specific donation, part of the coins, that's fine too.”

And yes, you'll even get a receipt for tax purposes.

Just think, if every resident of New York City donated just 15 cents, that would add up to more than $1 million.

“No matter how small, it certainly will help the relief effort,” says Slackman.

Commerce Bank is also matching up to $50,000 of the donations, an amount that has already been surpassed.

“The amount of donations has amounted, across the whole bank, to about $1,000 an hour. So this is rather significant,” says Slackman.

“I saw the sign on the door and I figured I'd just go home and grab my change and donate it,” says another donor.

And it's going to a good cause, for a change.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.