This International Women’s Day, the Australian Banking Association has reaffirmed the sector’s unwavering commitment to protecting women’s financial safety and security.
The Australian Banking Association has made a resolute commitment to prioritise women’s financial safety and security.
Alarming statistics reveal that one in six women in Australia will experience financial abuse in their lifetime, prompting the banking sector to address this issue as part of the 2024 IWD theme, “Count Her In.”
Financial abuse
The types of financial abuse that women can face include
- controlling someone’s spending
- stealing, taking, or ‘borrowing’ a person’s money, debit or credit cards, possessions or property without their knowledge or consent
- limiting or denying a person access to their money or bank statements
- forging someone’s signature, forcing them to sign a document or misleading them about the contents of the documents they are signing
- pressuring another person to act as a co-borrower or guarantor for a loan/joint loan when they do not wish to do so.
- making a person pay for another person’s expenses (e.g., where they share a home with another person and do not contribute to bills, maintenance, and other expenses despite being asked to do so).
Bank’s action
“The banking industry recognises that financial abuse is a form of coercive control and can keep women locked-in violent and dangerous relationships,” said ABA CEO Anna Bligh.”
“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.”
Thirteen Australian banks have now adopted new terms and conditions, explicitly stating that financial abuse is unacceptable customer behavior.
This initiative is designed to combat disrespectful and controlling behaviour.
More information on financial abuse prevention can be found here.
