PERFORMANCE OF BANKS DEALING WITH HARDSHIP

BATTLERS KEEP THEIR HOME
05/05/2014
WHISTLEBLOWERS NEEDED
07/05/2014

PERFORMANCE OF BANKS DEALING WITH HARDSHIP

Unhappy Banking advocates are in daily contact with banks on behalf of clients experiencing financial hardship. Over the course of many years of dealing with the largest banks we have found the way banks deal with hardship change from time to time. We have found that the hardship process can become protracted and problematic when a bank:

  1. Refuses to acknowledge the hardship
  2. Continues with enforcement action despite hardship
  3. Complicates the hardship assistance process
  4. Does not clearly explain the hardship process and the rights of the customer
  5. There are internal communication failures between the banks departments
  6. Refuses to negotiate when the issues are clear
  7. Refuses to communicate with the customers elected representative

The above issues have resulted in our rating of the big banks to a hardship fairness test. This is based on our experience dealing with hundreds of complaints from bank customers.

  1. NAB
  2. WESTPAC
  3. ANZ
  4. SUNCORP
  5. BENDIGO
  6. BOQ
  7. CBA

NAB – BEST PERFORMER HARDSHIP FAIRNESS TEST

  1. Timeliness in responding to hardship requests
  2. Provision of documentation upon request
  3. Willingness to negotiate and resolve established issues with representative and customer
  4. Less legal costs and expenses

CBA – WORST PERFORMER HARDSHIP FAIRNESS TEST

  1. Delays in processing hardship requests
  2. Refusal to provide documentation upon request
  3. Refusal to cooperative with the customers elected representative
  4. Higher legal costs and expenses