13 Australian banks have now published new terms and conditions that make it clear financial abuse is unacceptable customer behaviour which may result in account suspension or closure.
“Tens of millions of customers have been told banks won’t condone disrespectful and controlling behaviour, and they’ll change their practices to explicitly forbid it,” Designed to DisruptTM author Catherine Fitzpatrick said
“This is globally leading action from Australian banks which directly addresses one of the key drivers of gendered violence. Never has it been more important.”
The Australian Banking Association has marked International Women’s Day by reaffirming the sector’s unwavering commitment to protecting women’s financial safety and security.
“The banking industry recognises that financial abuse is a form of coercive control and can keep women locked-in violent and dangerous relationships,” ABA CEO Anna Bligh said.
“Banks have taken action to stamp-out financial abuse, including training staff to spot red flags and referring customers to specialised support.
“Banks are also making it abundantly clear in their products that financial abuse won’t be tolerated and could lead to account suspensions or closures.”
Read the ABA media release here.