Bank of America announces disaster relief for Hurricane Rita

DALLAS -- Bank of America announced a $250,000 donation to aid those impacted by Hurricane Rita in the south Texas region. In addition, Bank of America activated its disaster relief program to assist customers affected by the hurricane in Chambers, Galveston, Hardin, Jasper, Jefferson, Liberty, Newton, Orange and Tyler counties.

The $250,000 donation will be made to the Texas United Way's Hurricane Recovery and Rebuilding Fund established to implement long-term solutions to post-hurricane recovery and rebuilding, and to ensure a continuum of care to individuals and families as they rebuild their lives.

"We want to be there for our associates, customers and clients as they begin to assess the impact of Hurricane Rita," said Walter Elcock, President, Bank of America Texas. "Given what has happened over the past few weeks, we are proud to be able to help folks begin the process of rebuilding their lives."

Bank of America mobile ATM units and mobile banking centers staffed by Bank of America associate volunteers are being positioned around the impacted areas to assist impacted customers with their banking needs.

Bank of America continues to accept public donations for the American Red Cross through its network of more than 5,800 banking centers nationwide or at http://www.bankofamerica.com. To date, more than $1.3 million has been raised for Red Cross Hurricane Katrina relief.

During the 2005 hurricane season, Bank of America and its associates have contributed more than $4.5 million to impacted areas. The company is matching all associate pledges through its Matching Gifts Program, and there is no limit to its overall relief donation.

Under the bank's disaster relief program, Bank of America customers affected by Hurricane Rita within a federal disaster area, as designated by the Federal Emergency Management Agency (FEMA), may qualify for special product and service programs including:

- Using the equity in their homes to get loans for home repairs and other uses at preferential pricing 1% below the current rate and incur no fees or points.

- Avoiding bank withdrawal penalties on time deposits and existing Bank of America Individual Retirement Accounts (IRAs).**

- Receiving emergency credit line increases on their existing Bank of America Visa or MasterCard, and getting special assistance on monthly payments.

- Customers with automobile, boat or recreational vehicle loans can call 1.800.215.6195 for assistance with payment arrangements. - Small business customers can receive similar benefits on both business and personal loans.

Customers may take advantage of the program through November 15, 2005, in any of Bank of America's banking centers or call the following numbers. For assistance with existing consumer, home or small business loans, credit cards or for more information about our special home equity loan program, call 1.800.831.5586. For information about new business loans, call 1.800.360.5080.

The loans are subject to credit approval, and normal credit standards apply. Hazard insurance is required and flood insurance where necessary. These offers cannot be used in combination with other offers, and other restrictions may apply. **Tax penalties may still apply to IRA withdrawals before age 59-1/2. Contact Bank of America for further details.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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.

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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.