Another article regarding the disgusting banks and the failures to introduce Kenneth Hayne’s recommendations.
Another disgusting bank episode.
Amazing that the ANZ were suddenly able to resolve the issue after A Current Affair gave the grubs some well deserved free publicity.
The latest from the Consumer Action Law Centre.
XXXX,
It has been almost three years since several of our clients courageously took a stand to appear before the Banking Royal Commission. They did this knowing it wouldn’t be easy, that they and their story would be scrutinised and called into question. However, they did it in the hope they would play a part in preventing the harm they experienced from happening to anyone else.
Today marks two years since the final report of the Banking Royal Commission was handed to the Government – the very first recommendation of which stated that our safe lending laws should remain intact.
This is why it is so deeply insulting to our clients that – right now – the Federal Government is attempting to repeal these laws in direct contradiction of the Royal Commission recommendations.
Many of you already wrote to your federal MP to voice your concern about this proposal. Since then, more than 25,000 organisations and individuals have signed an open letter in support of saving our safe lending laws.
Of course, our clients weren’t the only ones harmed by irresponsible lenders. As community lawyers and financial counsellors, we hear countless stories of people struggling with the long-term impacts of unaffordable debt. People who are skipping meals for fear of falling behind in repayments. People who are too ashamed to tell their family just how much debt they’re in. And some who are facing the prospect of homelessness.
We need Parliament to know that these experiences will become far more frequent unless they vote to save safe lending laws.
Right now, the proposal to scrap safe lending laws is before a Senate Committee tasked with reviewing it by March this year. After the Committee reports back, it could be just a matter of days before it goes to a vote in the Senate.
We genuinely believe we can stop this in its tracks, but we need as much support as we can get. So please add your name to the letter today and share it with everyone you know.
Yours in hope,
Alycia
Campaigns & Advocacy Adviser
Consumer Action Law Centre
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I think this one is more complicated than you imply.
Many TCs were issued by companies that have gone tits up in the intervening decades. While TCs may have been safer than cash decades ago, these days - if you are still holding any - you may be lucky to get anything for them unless you involve ACA. 
In other words, they are only as safe as the capacity of the issuing organization to pay.
It probably wasn’t resolved at all. Probably ANZ reasoned that the loss in goodwill far exceeds the value of the TCs ($1000) so they just donated $1000 to Ms Gordon, shredded the TCs and wore the loss.
ANZ won’t get the $1000 out of Travelex as Travelex is in administration.
Perhaps Ms Gordon is guilty of greed but it has paid off in this case. Had she redeemed the TCs a decade ago or even a few years ago, she might have got her money. But she reportedly held off because the exchange rate was unfavourable. However then Travelex’s financial difficulties emerged.
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Part of an ABC News article today.
Court rules CBA lied to business customers over $2.2 million interest bill
The Federal Court has ruled that the Commonwealth Bank mislead business customers more than 12,000 times about interest rates on business overdraft accounts in a case arising out of the banking royal commission.
The court found that the CBA charged an interest rate on business overdraft accounts substantially higher than what its customers were advised in a case brought by the corporate watchdog, the Australian Securities and Investments Commission.
The bank was found to have broken the ASIC Act on 12,119 occasions by engaging in misleading or deceptive conduct, which is a criminal offence.
The court also ruled that the CBA breached its general obligation as a financial service licensee to comply with financial services laws, in contravention of the Corporations Act.
The bank admitted it had told customers they would be charged an interest rate of 16 per cent on their overdraft, when in fact, some were charged 34 per cent, because of a systems error.
More than $2.2 million in interest was overcharged by the CBA.
ASIC Commissioner Sean Hughes said financial institutions needed to prioritise the upgrading of their information technology systems, “to ensure they deliver on promises made to their customers”.
“By CBA failing to take adequate steps to rectify this error after it was identified, this resulted in customers continuing to be overcharged.”
The court will decide on criminal penalties in April."
Which bank?
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That isn’t consistent with the idea that anyone “lied”. Or is the computer a convenient scapegoat?
Computer says No?
Yet again a very low fine for egregious behaviour, and again no word on compensation of those affected (par for the course). Sometimes I think the Court case outcomes are the most egregious outcomes, but only my opinion.
Oops.
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For those who do not like to click through, the funds are not lost. They unintentionally became a prepayment to close out a loan, where there was only supposed to be an interest payment. The amount in play was reportedly the closeout amount to the cent, which could have caused the recipient to mis-apply it, especially with the day delay at Citi to realise the fat finger. An appeal may happen but regardless at least one staff has probably ‘interrupted’ their career, if not opened it to new opportunities while spending time with family.
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This does not seem like a good idea.
Neither does this.
Bank of Qld to takeover ME Bank.
"Bank of Queensland buys ME Bank for $1.3 billion
By Stuart Marsh10:01
The Bank of Queensland (BOQ) has announced it will acquire 100 per cent of ME Bank for $1.325 billion.
BOQ said the purchase will make the combined business a “compelling entity to the big banks”.
ME Bank’s acquisition will help bolster the digital offering available from BOQ, as well as exposing a younger demographic to the brand."
It will probably be all downhill after that.
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True.
I wonder whether the ASX can enforce continuous disclosure as a condition of listing even where the law would no longer require it. The problem is that the ASX is itself listed i.e. poacher and gamekeeper.
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NAB is in strife once again.
ASIC takes CBA to task.
Which bank?
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I just tried to log onto the CBA Netbank website but it fails each time.
Not sure whether thay are smarting over ASIC’s actions or they forgot that April Fools Day stops at midday.
The CBA strikes again.
A long overdue call for something to be done about the thieving banks’ outrageous credit card interest charges.
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A sad article regarding old pub owners being unable to get insurance.
I wonder if the old truck outside the Walkabout Creek Hotel is insured?
tie credit card interest rates to the official cash rate
Credit card rates reflect two things though.
- Cost of capital - hence related to the official cash rate
- Cost of fraud and default - not directly related to the official cash rate.
If we are getting into rampant government interference, I would like to ban credit cards. Problem solved. Really solved. 
