Australia’s most recognizable brands are some of the 20 ABA members, including the Big Four banks, iconic regional banks and international banks with Australian banking licenses.
An ABA spokesman said member banks had “very experienced difficulty teams”.
“The hardship teams have worked with families who have experienced flooding before and have a range of very practical measures to help people through those experiences,” the spokesperson said.
“ABA member banks offer a range of measures to help customers affected by natural disasters.
“The message from the banks is clear: don’t worry about it alone. Call your bank as soon as you can, they are ready to help you.
“Unfortunately for many, a natural disaster can turn into a financial disaster and customers are encouraged to speak to their bank as soon as they can and inquire about the help that may be available to help them through this difficult time. .”
Depending on individual circumstances, assistance may include:
● deferral of scheduled repayments on home, personal and certain business loans for up to three months;
● elimination of fees and charges, including for early access to term deposits;
● consolidation of debts to facilitate the management of repayments;
● restructure existing loans without the usual set-up costs;
● provide additional funding to help cover cash shortages;
● defer future credit card payments; Where
● increase in the emergency credit limit.
Customers can contact their bank by phone or via their bank’s website if they are unable to physically reach a branch.
ABA works with government, regulators and other stakeholders to improve public awareness and understanding of industry’s contribution to the economy.
It ensures that Australian banking customers continue to benefit from a stable, competitive and accessible banking sector.
The ABA advocates for a strong, competitive and innovative banking industry that delivers excellent and fair outcomes for customers.
If you are affected by flooding or in difficulty and require assistance, a list of contact details can be found on the ABA website at https://www.ausbanking.org.au/for-customers/financial-difficulty/