Banks are ready to assist customers in financial difficulty
3 June 2021
Customers affected by the mouse plague are being encouraged to contact their bank to access assistance on offer, which can include deferring principal payments on business loans, credit card and personal relief and waiving costs for withdrawing term deposits early.
Chief Executive Officer of the Australian Banking Association Anna Bligh said as the plague continues to worsen banks are ready to assist communities and have been helping customers in need.
“Whether it be a drought, flood, COVID-19 or a mouse plague, Australian banks are committed to assisting customers in need,” Ms Bligh said.
“I’m urging anyone who has been affected by the mouse plague to get in touch with their bank and find out about the assistance on offer.”ABA CEO Anna Bligh
“I’m urging anyone who has been affected by the mouse plague to get in touch with their bank and find out about the assistance on offer.”
“No one needs to suffer in silence and we all know natural disasters and plagues can bring unwanted stress into people’s lives, so customers should make the most of this opportunity and speak to their bank to find out what’s on offer.”
ABA member banks are offering a range of assistance measures to help customers in need. These measures can include:
- Deferring principal payments on business loans and/or leasing payments
- Offering a reduction on home loan and personal loan repayments
- Credit card and personal loan relief
- Waiving application fees for restructuring business facilities
- Mental health support via specialist programs
Customers are encouraged to contact their bank directly to discuss hardship arrangements available to them.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.