Why is the Bank focusing on Financial Abuse?
The community’s expectations have changed over time and it is now recognised that we all have a part to play in assisting those vulnerable members of our community.
Please refer to the Australian Banking Association website which details how the ABA is working with a number of organisations to promote good practice and clearer processes for banks so they can better support customers who may be vulnerable to financial abuse.
What is financial abuse?
Financial abuse is when someone takes away your access to money. A person may manipulate your financial decisions or use your money without consent.
Once you know this, let our staff know, as there are ways to get help and regain your independence.
What can the Bank offer customers impacted by financial abuse?
Our staff have been trained to recognise and assist a customer who may be a victim of financial abuse. It is important for us to help and support customers to navigate through their situation to financial independence.
This may include:
- Arranging new accounts or other banking services.
- Working with different areas of the bank on the customers behalf.
- Referring customers to external agencies and financial counsellors.
Are there some warning signs I should look out for?
Yes there are many. Here’s just a few:
- Check your transactions regularly and let us know if there are any transactions you don’t recognise.
- Don’t let anyone speak for you or make you feel rushed to make a financial decision. Eg. Withdrawing a large amount of cash from your account, or setting up e-banking.
- Don’t allow anyone calling you to access your computer or provide them with your bank account details.
- Make sure you understand what financial access you are giving to a family member or friend by adding them as a signatory to your account.
Most importantly, if you suspect you are being financially abused, please let us know so we can help you.