New policies allow the bank to block services for individuals engaging in abusive financial behaviour
Bendigo Bank has introduced changes to its terms and conditions aimed at protecting customers from financial abuse.
The updated policies – effective from Dec. 5 for new customers and from Jan. 5, 2025, for existing customers – allow the bank to suspend, cancel, or deny access to products or services if an individual is found to be engaging in abusive financial behaviour.
Examples of conduct targeted by the new rules include defamatory or harassing comments, the use of threatening or abusive language, coercive control aimed at restricting account access, or actions that encourage physical or mental harm.
Taso Corolis (pictured above), chief customer officer for consumer banking at Bendigo Bank, said the new measures align with growing efforts across the financial services industry to address financial abuse, particularly in the context of domestic violence and coercive control.
“At Bendigo Bank, we’re working hard to improve support for financially vulnerable customers, employees, suppliers, and our wider community,” Corolis said. “The changes to our terms and conditions are an important step in better protecting and supporting potential and actual victims of family and domestic violence and financial abuse.”
The initiative follows Bendigo Bank’s decision earlier this year to join Respect and Protect, a program led by social enterprise Flequity Ventures that advocates for greater accountability in industries like banking, insurance, telecommunications, and energy to prevent financial abuse, including tactics used by perpetrators to accrue debt on behalf of victims or restrict their access to resources.
Bendigo Bank said it has also implemented additional initiatives to protect customers, employees, and the wider community from financial abuse.
For customers, the bank offers a specialised support team to assist survivors and their authorised representatives in regaining financial control, with a focus on confidentiality and safety. Through partnerships with Rural Women Online and the Good Things Foundation, the bank also supports programs that improve digital literacy and independence for vulnerable groups.
The bank’s digital platform, Up, includes features such as muting or blocking payments and disabling contact visibility to enhance safety. In addition, the bank provides information and referrals to support services via its website.
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