Australians struggle to access financial assistance from banks. Despite regulatory requirements and public promises, many banks are failing to provide the necessary support to those in urgent need. Consumers are often met with lengthy wait times, bureaucratic obstacles, and insufficient responses when they seek help to manage their debts or financial crises.
Banks are mandated to offer hardship assistance, but their implementation is inconsistent, causing frustration among consumers. Several individuals shared their experiences of being denied adequate help or facing significant delays, exacerbating their financial woes. The Australian Banking Association (ABA) acknowledges the issues and claims that banks are working to improve their processes, but there is a clear gap between policy and practice. Consumer advocacy groups are urging more stringent oversight and better enforcement of hardship assistance regulations to ensure banks fulfill their obligations.
There is a strong need for more effective and accessible financial support systems to aid those struggling with economic hardships, especially in light of rising living costs and economic instability.
source: https://www.abc.net.au/news/2024-05-20/hardship-help-hard-to-get-as-banks-fail-to-help-those-in-need/103860130
