NAB customers on notice that using NAB bank accounts as a tool of financial abuse will not be tolerated
Consumer Action Acting CEO Tania Clarke has welcomed the announcement today by National Australia Bank (NAB) updating its terms and conditions (T&Cs) that puts NAB customers, who use NAB accounts as a “tool of abuse” on notice.
“{In doing this NAB has announced it will take strong action which is the right thing to do to protect victims of economic abuse,” said Ms Clarke.
“Banks have a critical role to play in supporting customers experiencing financial abuse so I commend NAB for changing its T&Cs to say they will suspend, cancel or deny perpetrators access to their savings and transaction accounts if the bank identifies that they have used NAB bank accounts as a tool of financial abuse.”
Financial abuse can take many forms including where an individual is denied access to their own funds or has their funds misused by another individual. This form of control can occur between couples, family members or relationships where one person is providing care for another.
The banking and finance sector can have a significant impact on the lives of people experiencing family violence – in writing loans, design of credit products, and in responding to joint account issues and financial hardship.
“It’s great that NAB says it is working with other banks to help develop a consistent approach across the industry as this is a systemic issue and only an industry-wide approach will help solve it,” said Ms Clarke.
ENDS
Media contact: Mark Pearce, Media and Communications Adviser, 0413 299 567, media@consumeraction.org.au
