Bank creates mechanism for depositors to contribute to Baltimore bridge collapse recovery
Maryland Motor Truck Association President and CEO Louis Campion on the recovery and impact on the trucking industry from the Francis Scott Key Bridge collapse.
Baltimore-headquartered CFG Bank is rolling out a special money market account that allows depositors to contribute a portion of the interest they accrue to benefit relief and recovery efforts in the city after the Francis Scott Key Bridge collapsed in late March when it was struck by a container ship that lost power.
CFG's Maryland Tough Baltimore Strong high-yield money market account allows commercial and retail customers to donate 0.05% of their accrued interest through the end of the year to the Maryland Tough Baltimore Strong Key Bridge Fund. Existing depositors can easily transfer funds from an existing CFG Bank account, while new customers who are interested can create an account online or in-person.
The fund was created by the Baltimore Community Foundation and provides funds for the families of the six people who died in the tragedy and first responders and their families, as well as port workers who've been displaced and small businesses that have faced disruption. Dwyer said interest donated through the accounts will be matched up to $500,000 by the bank.
«In light of the horrible tragedy, I was really trying to think some things through that I could really do to help,» CFG CEO Jack Dwyer told FOX Business in an interview. He said the money market fund providing interest to the Baltimore relief fund makes it «one of a kind product» and added that «As far as I know, no one's ever tried to do anything like this before.»
BODY OF 6TH VICTIM IN BALTIMORE BRIDGE COLLAPSE PULLED FROM WATER
Salvage crews work to remove spans of the Key Bridge from the
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