Banks' Compassionate Response To Hardship Helps To Make Up For Past Sins
Money Magazine Australia|July 2020
Payment deferrals, interest rate cuts and the suspension of penalties are among the measures introduced to ease customer stress
Michelle Baltazar
Banks' Compassionate Response To Hardship Helps To Make Up For Past Sins

Big banks are often called our fair-weather friends. They’re around during the good times but nowhere to be seen when you need them the most.

But in the past two years, a new pattern has emerged. They are providing more products and services that help the vulnerable and the needy. We saw this early this year when they helped those affected by the bushfires.

Then came a once-in-a-century test that stretched the banking system to the limit. Millions of Australians were caught out in an unprecedented wave of sudden business closures, job losses and stand-downs because of Covid-19.

In what is called compassionate banking, the big four – ANZ, CBA, NAB and Westpac – threw away their usual rulebook on how to manage savings accounts, personal loans, home loans and business loans. The focus shifted away from profits and towards the wellbeing of their customers, including how to relieve them of the financial burden during a pandemic.

If you are banking with one of these major financial institutions, here are 10 ways they are helping customers affected by the bushfires and the coronavirus crisis.

1 PAYMENT RELIEF AND DEFERRALS

This story is from the July 2020 edition of Money Magazine Australia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the July 2020 edition of Money Magazine Australia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MONEY MAGAZINE AUSTRALIAView All
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 mins  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

Drop the anchor to judge value

Buying and selling decisions should be based on where a stock price is going, not where it has been.

time-read
3 mins  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 mins  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 mins  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 mins  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

Sold! Quick ways to add value

Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.

time-read
5 mins  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

Money lessons the kids need to know

Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.

time-read
4 mins  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

Property-investing rules: are they likely to change?

The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.

time-read
3 mins  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 mins  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

Are we ready to be cash-free?

Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.

time-read
2 mins  |
July 2024