Bank to Suspend, Cancel Accounts of Customers Engaged in ‘Financial Abuse’
The National Australia Bank (NAB) has assured customers that new rules that allow it to “cut off” customers identified as perpetrators of financial abuse will not be open to misuse.
On June 26, NAB announced it would be updating its terms and conditions saying the bank will suspend, cancel, or deny access to savings and transaction accounts if a person is found to have engaged in financial abuse.
Yet there are concerns the conditions could be taken advantage of by individuals making false or malicious claims against partners, family members, or other individuals.
NAB’s head of Customer Vulnerability, Michael Chambers, said the bank would conduct detailed investigations into any claim via a specialist team trained to make the necessary enquiries….