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Tech & Science Millions of bank customers have got money back but for others, the wait continues

23:10  02 december  2019
23:10  02 december  2019 Source:   abc.net.au

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More than 2 million bank customers have received compensation from the big four banks . Other people who say they were the victims of bank misconduct say the royal commission has not helped their fight. New complaints authority AFCA will run a compensation scheme of last resort but it is only

For example, Ally Bank , CIT Bank and Synchrony Bank all currently offer their online high-yield savings accounts paying rates of 2% or more. And even though online banks operate entirely on the Internet, they’re still completely liquid. You can move money in and out of them, to and from other banks

a man standing in front of a sign: John Rose says he is still owed millions despite winning against NAB in court. (ABC News: Daniel Ziffer)© Provided by ABC Business John Rose says he is still owed millions despite winning against NAB in court. (ABC News: Daniel Ziffer)

It has been one year since the banking royal commission dragged the chief executives of the big four into the witness box during its final public hearings, but for many customers who have been ripped off, the pain is not a thing of the past.

"It's ripped ten years out of my life and the toll has been enormous. It's just caused… it's on my mind 24/7, it's never ever, ever, left me," said John Rose, an entrepreneur scammed out of millions by his former business partner.

Mr Rose spoke to The Business from outside NAB's Melbourne headquarters, standing next to a truck he had hired, towing a billboard declaring "I got Nabbed", asking other bank victims to contact him.

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"There's no question about it, it's still ongoing, it's still happening," he said.

"These big institutions are like an aircraft carrier, you can't turn them around … not in five minutes, anyway."

John Rose made his fortune by inventing the Stackhat bike helmet but said he unwittingly guaranteed a multi-million-dollar loan for his former business partner, Tim Rice.

Dragged to the Supreme Court to pay up, he beat the bank and won again when the bank appealed.

However, he is still owed millions and it took the stunt with the billboard to secure a meeting with NAB.

A year since the royal commission's final hearings, victims of bank misconduct are concerned little has changed and justice is further away than ever.

Meantime, the sector continues to be hit by scandals.

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is the amount of money that you have got in your bank account. a verb which means that you give something (often money ) to someone else for a period of time. they must give it back to them. money that someone owes to someone and they promised to pay it back by a certain date but didn't.

Other tactics central banks use include open market operations and quantitative easing, which involve selling or buying up government bonds and securities. Reserve requirements refer to the amount of cash that banks must hold in reserve against deposits made by their customers .

Banking industry's problems continue

Last week, Westpac lost its chair and chief executive, accused by regulator AUSTRAC of "indifference" and "inadequate oversight" of money laundering and terrorism financing laws.

Most horrifically, the bank failed to prevent customers, including a convicted child sex offender, sending money to pay for child exploitation, including the live-streaming of children being raped.

This latest scandal comes as the banks continue to pay the price for past misconduct.

Australia's big four banks — the Commonwealth Bank, Westpac, ANZ and NAB — have returned $1.5 billion in compensation to more than 2 million customers.

Another $5 billion in remediation is expected to flow soon, as the banks also spend hundreds of millions of dollars on new systems to fix old problems and prevent new ones.

Even ANZ's chief executive, Shayne Elliott, has been caught up in the so-called fees-for-no-service scandal.

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my bank does in New Zealand. You go to your bank and TELL them you want to withdraw X-amount on a certain date. If you are taking it out of the country or If they don’t they’re going to have to order cash from their armored truck company and you’ll have to come back the next business day or even the

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Farmer's five-year, 40,000km fight with NAB

Unsuccessful in having his case presented at the royal commission, farmer Bill Mott is still trying to get answers from NAB.

He claims he was mis-sold unsuitable products and fleeced by interest linked to the manipulated bank bill swap rate (BBSW).

Forced into default five years ago, his $22 million farming empire was sold for $7 million.

"Did the whole job on me with receivership and everything else, gutted our family, destroyed my marriage," Mr Mott said.

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The bank requires its telephone banking customers to provide only their card number, date of birth Most other major UK banks ask for a password and account number, or cross-check that the phone Fraud victims often tell Money Mail they were lured into a false sense of security after a caller posing

The bank says rumours are untrue, it is profitable and customers ' cash is not at risk. Metro Bank is not having a good year. Its shares have plummeted and rumours about the lender's health Children can use the bank 's Magic Money machine to count their piggy bank savings, while adults get fee-free

"Since [then] we've done forensic analysis of our accounts, they were gouging with interests and false charges. A lot of conduct, bad banking conduct.

"I've been negotiating with them personally, without a lawyer, for three years and all they do is just keep stonewalling me — I just can't get across the line."

Since he lost his farms, Mr Mott has had meetings with two NAB chief executives, the chief risk officer and a raft of senior bank figures.

From his home in Meandarra, Queensland, he's travelled more than 40,000 kilometres, much of it by car, visiting Brisbane, Sydney and Canberra twice each and making 11 trips to Melbourne.

Despite a handshake deal with then-chief executive Andrew Thorburn, who promised to investigate his case, the bank has dismissed Mr Mott's request for an independent mediator.

Earlier this year, a process where Jeff Kennett acted as an arbitrator for a group of people with long-running complaints against NAB fell over, with most leaving the process and claiming the former Victorian premier had not been furnished with appropriate documents and took a harsh approach.

Mr Mott said all that is left is for him to take the bank to court, an expensive and difficult process.

"When a farmer takes on the bank and the bank has lawyers and God-knows-what behind him, you're never going to get justice through that system," the Western Downs farmer said.

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"Even if we won in court they still don't have to pay, you know, this is the way the system works."

In a statement, NAB's executive general manager of customer resolution and remediation Jocelyn Turner said the bank worked with customers experiencing financial hardship.

"If we need to go to mediation to help resolve an issue, we offer up to six different options of experienced, legally-qualified mediators, usually a retired judge," she said.

NAB has, along with the other big four banks, adopted a "model litigant" policy, which commits the bank to act "honestly, consistently and fairly" and not take advantage of any imbalance in power between parties.

"We acknowledge the long-standing customer issues involving Mr Rose and Mr Mott," Ms Turner said.

"These cases have been going on for a long time and we understand this has had significant impacts on their lives.

"We continue to engage with Mr Rose and Mr Mott."

Bank victims felt ignored by royal commission

Naomi Halpern understands Mr Mott's frustration.

Ms Halpern was one of hundreds of people funnelled into managed investment schemes (MIS) by four Melbourne-based financial advisers.

"We know that marriages have broken up, kids have been taken out of schools because their parents couldn't afford to pay fees any more, people have lost homes," she said.

"It's devastating."

The experience of misconduct victims like Ms Halpern helped propel the royal commission into being but many felt victims were ignored.

"The people who brought this whole issue into the public awareness and some of the people who most desperately need not only compensation but restitution… have been completely wiped off," she said.

A new body, the Australian Financial Complaints Authority (AFCA), has been flooded with interest by consumers now aware of bank wrong-doing.

AFCA will also run the royal commission's most notable win for victims, a compensation scheme of last resort.

However, the scheme only covers firms that have become insolvent, and restrictions on time and the size of disputes mean Mr Rose, Mr Mott and Ms Halpern would not qualify.

Most disputes are against our biggest banks, among the most profitable financial institutions in the world.

The royal commission may have prevented future problems and addressed industry-wide issues, but customers fighting old ones say it has changed nothing.

Preference vs experience: How do your customers really want to pay? .
Payment processes play an increasingly integral role in the success of any business model. With business strategies planned around consumer behaviour, business owners are left with a challenge: are you delivering the payment experience that your customers really want? If not, they might walk away.If you’re not investing in a painless payment experience for your customers, you might see them moving to your competitors. On top of that, Australians are moving towards bank debit as their preferred payment option.

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