/ 20 May 2024

Heartless banks

piggy bank

Aussie banks have been shamed for their “heartless” approach to cash-strapped customers in an ASIC report out today. The report into 10 banks, including the Commonwealth, NAB, Westpac and Macquarie, found they made it difficult for customers in hardship to get help – and 1 in 3 people dropped out of the process before receiving it. The most common claims in the 1400 hardship files reviewed were from people struggling with mortgage payments on family homes due to loss of jobs, illness or divorce. ASIC Chair Joe Longo said struggling customers deserved better from their banks. “For people who reach out to their lender to signal they need support, this can be devastating,” he said. Australian Banking Association chair Anna Bligh said banks will consider the findings and work on ways to support customers.

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