This last loan was added only to the internet banking profile of her husband because he was recorded as the primary account holder. The net effect was that the $70,000 loan did not show up on Erin’s online banking records. In March 2023, the couple signed a contract to buy a business, and Erin said it was during this process that she discovered the $70,000 loan and the fact it had not been paid off. The couple were forced to withdraw their offer to buy the business, and Erin complained that the bank’s failure to update her online banking profile had misled them about the state of their finances. Otherwise, they would not have considered buying the business or spending $16,000 investigating the business. She wanted the bank to reimburse her for that $16,000 she had spent.

Our investigation

We examined the bank’s records and found the bank had been clear with the couple about the $70,000 loan at the time it was approved and advanced. Its settlement letter contained a clear outline of the repayment obligations through till February 2024 when the fixed interest rate period ended. The loan contract said the bank would send printed account statements to Erin’s registered address. Erin had an opportunity to check the statements. Even if we were to accept that the bank’s failure to upload the loan to Erin’s internet banking profile amounted to a breach of some duty or obligation to her, the bank neither did or said anything that could have led her to believe she had paid off the loan. Nor, finally, was it reasonable for Erin to have taken any action based on the belief it had been paid off.

Outcome

We did not uphold Erin’s complaint.