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January 2020

Fraud & scams /

Bank, customer go halves on loss after back-up security system disabled

Daniel lived in the countryside and had trouble using the bank’s two-factor authentication system wh…

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January 2020

Fraud & scams /

Granting remote access to internet banking did not amount to taking reasonable care

Polly was having problems with her internet when she received a call from her internet services prov…

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January 2020

Fraud & scams /

Bank could have recovered funds with swifter action

Jane received a call from a person pretending to be from her internet service provider who offered t…

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January 2020

Fraud & scams /

Bank fulfilled its obligation despite customer’s $200,000 loss

Jennifer was drawn into an investment scam and sent $230,000 to overseas accounts. The bank managed …

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December 2019

Overdrafts /

Bank system allowed significant unarranged overdraft

Mervin had a $2000 approved overdraft facility on his bank account. When the limit was approved, he …

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December 2019

Insurance policies /

Recommended life insurance exceeded insurance needs

Delia took out loan protection insurance with her bank for $50,000 – the same amount as her loan at …

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December 2019

Early repayment charges /

Bank applied early repayment interest charge correctly

Roland took out a $1.5 million loan to buy a commercial property. The loan’s interest rate was fixed…

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November 2019

Early repayment charges /

Loan a month off completion, but cash contribution must still be repaid

Sydney took out a three year fixed-interest rate loan with the bank. About two and a half years lat…

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November 2019

Credit laws and banking / Concerns about lending decisions /

Bank didn’t use bankruptcy information but was entitled to hold it

Casey applied for a home loan from his bank, which the bank declined, citing a bankruptcy debt it ha…

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Case notes

Bank, customer go halves on loss after back-up security system disabled

Granting remote access to internet banking did not amount to taking reasonable care

Bank could have recovered funds with swifter action

Bank fulfilled its obligation despite customer’s $200,000 loss

Bank system allowed significant unarranged overdraft

Recommended life insurance exceeded insurance needs

Bank applied early repayment interest charge correctly

Loan a month off completion, but cash contribution must still be repaid

Bank didn’t use bankruptcy information but was entitled to hold it