Banks slammed for 'making money off people who are struggling' during COVID-19

  • 📰 abcnews
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 83%

Australia Headlines News

Australia Latest News,Australia Headlines

Australian banks are deferring well over $250 billion of loans, but interest is still accruing and credit card rates remain high, leading consumer groups and customers to accuse them of profiteering off those they say they are assisting.

"Unprecedented" is a word no-one wants to hear anymore, but it's a fair description of the situation millions of Australians found themselves in in March this year, as whole industries were shut, virtually overnight, to stem the spread of coronavirus.APRA figures show repayment deferrals had been granted on $266b worth of loans as at May 31

Analyst Brett Le Mesurier says the best outcome for both banks and their customers is to avoid default But have they done enough to help the millions of customers affected by the economic fallout of COVID-19?"You scroll through Facebook and the bank has all these ads about helping people, 'We'll look after you', 'Contact us.' And it just doesn't ring true to me," she said."I'm really worried for lots of Australians out there who aren't as fortunate as myself that are really, really struggling and the bank's just making money off them, basically.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

For a decade held points generating credit card, big limit, cost $$ yearly. Wanted to replace with ‘no-fee’, small limit, card. Inundated with questions about spend, etc., which had never been asked all these years. Application is in progress for weeks! Bank auspol

Uh it is what banks do and have always done

Soulless

Surely not!! Their TV ads say they care!!

Is anyone surprised?

Making money from, not off

FatherBob Boring.

it's been like this for over 2000 years

Should be pausing homelans full stop and not backdooring us with fuckin interest fees.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in AU

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Victoria's deadliest day as 19 people die of COVID-19Victoria has recorded its deadliest day of the COVID-19 pandemic, with 19 deaths overnight and 322 new cases. Did 6 six thousand plus Victorians recover from Covid? WOW. last time i waste my time on FAKE NEWS. Hope karma comes for all these reporters
Source: 9NewsAUS - 🏆 10. / 72 Read more »

COVID-19 has brought 'draconian incursions' without 'any scientific justification' | Sky News AustraliaThe Australian’s Adam Creighton says it’s hard to believe how heavy the public consequences are over something without 'any scientific justification and ... no cost-benefit analysis'.\n\n“We’ve had extraordinary draconian incursions on our civil liberties,” Mr Creighton told Sky News host Alan Jones.\n\n“Nothing’s been presented to the people, and yet it’s just happened.\n\n“Victoria of course, they’ve declared a state of disaster which effectively suspends all laws and gives all the powers to the premier and the police minister.\n\n“For a disease which has a ninety-nine and a half per cent survival rate, I mean it really is hard to even say that it’s happening.”\n\nImage: Getty Adam_Creighton His opinion on a medical crisis is irrelevant from the outset. Adam_Creighton Adam Creighton's medical opinion is worthless. Adam_Creighton 'any scientific justification and ... no cost-benefit analysis' What is that smell that follows Adam_Creighton? Do you smell it? Jeebus that stench is getting strong... Oh yea... BULLSHIT [ Sky entertainment should be fined for false news ]
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Action needed now to keep COVID-19 out of aged careEditorial: While Australia has performed relatively well in its response to the COVID-19 epidemic overall, there’s no doubt we have failed older Australians give the elderly access to quality Vitamin D3 and liposomal Vitamin C. ✅ Thanks to the LNP!! Yeah locking up the family of old people to stop them from getting visits was a poor choice
Source: smh - 🏆 6. / 80 Read more »

Over 1,000 COVID-19 cases recorded among Victorian healthcare workers | Sky News AustraliaThe number of active coronavirus infections recorded among healthcare workers in Victoria has doubled during the past fortnight to well over 1,000 cases.\n\nInterstate and ADF teams have stepped up to fill the gap, putting to rest fears of a shortage of medical workers.\n\nOver the past 24 hours Victoria has reported its biggest fall in case numbers since the start of the second wave, a success which has been marred as it was also the state's deadliest day on record.\n\nThe Victorian Premier announced 19 deaths had been recorded with 14 linked to aged care facilities.\n\nWell over 100 fatalities could be recorded by the end of the week if the current trend persists.\n\nThe impact of stage four restrictions is not expected to be reflected in the daily case count for another week.\n\nImage: Getty Luckily 99.35% of people recover without issue 🙂
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Women arrested at Noosa shopping centre, accused of arriving from COVID-19 hotspotJUST IN: Two teenage girls accused of entering Queensland from a coronavirus hotspot have been arrested at a shopping centre. 9News You misspelled “children” 🙄 No faces shown, obviously - because they're white (unlike the two women from a few weeks back) Charges might not be laid. 'Supt Hawkins said it was possible the teens 'maybe don't understand the full criteria' of the state's border restrictions'. Ignorance of the law is no excuse. Makes me wonder who they're connected to if they're receiving favourable treatment.
Source: 9NewsAUS - 🏆 10. / 72 Read more »

PM dismisses 'hideous' suggestion to lift COVID-19 restrictions early | Sky News AustraliaPrime Minister Scott Morrison says it is “hideous” to argue COVID-19 restrictions should be imminently lifted because the disease disproportionally kills the elderly. \n\nOver 300 people have died from the novel coronavirus in Australia, the bulk of which have been over the age of 70. \n\nSky News Political Editor Andrew Clennell said the prime minister will not risk the public’s health by advocating for lifting restrictions early, especially when it comes to Victoria. \n\n“Federal sources tell me that they will only be assured by this decline in numbers when we have a week of sustained reduction of days below 200 new cases a day,” Mr Clennell said. \n\nVictoria recorded 322 additional cases in the past 24 hours along with 19 deaths. \n\nMr Clennell said the federal government is taking a closer look at each state’s hotel quarantine procedures in order to ensure another widespread outbreak does not occur. \n\n“Former senior bureaucrat Jane Halton has been deployed to have a look at the hotel quarantine system for overseas arrivals and how it is operating in the wake of the Victorian quarantine disaster which has caused the outbreak out there,” he said. \n\n“Halton has gone out to look at hotel quarantine arrangements in NSW and Queensland and found deficiencies in the integrity of the process in terms of the security around people coming off the plane, onto buses and into hotel quarantine. \n\n“People are allowed limited exercise in a courtyard with a security guard so that is not a problem, but there have been things tightened in terms of the airport and transport arrangements as I understand it. \n\n ScottMorrisonMP 🤡👆 ScottMorrisonMP Sky news: ScottMorrisonMP Poor cover up to what's really happening in Melbourne
Source: SkyNewsAust - 🏆 7. / 78 Read more »