Banking Royal Commission could spark a credit crunch that drags down wider economy, UBS analysts say

Banking Royal Commission could spark a credit crunch that drags down wider economy, UBS analysts say

Posted March 24, 2018 05:50:39 Photo: Credit conditions could become far tighter following the banking royal commission. (ABC News: Michael Barnett) It has just been going just two weeks but the royal commission into the banks has had a vastly more material impact than most observers expected. Key points: Tighter …

Banking royal commission highlights the conflict of interest at heart of mortgage broking

Banking royal commission highlights the conflict of interest at heart of mortgage broking

Updated March 23, 2018 17:30:37 Video: ‘Who’s the agent for who?’: Mortgage brokers in the spotlight at royal commission (ABC News) Related Story: Mortgage brokers do the ‘heavy lifting’, but may not save you money Cash envelopes filled with bribes, problem gamblers getting credit extensions and a bank manager transferring …

ANZ restores banking services after glitch left customers unable to withdraw more than $200

ANZ restores banking services after glitch left customers unable to withdraw more than $200

Updated March 22, 2018 23:59:54 ANZ says a technical glitch that affected its EFTPOS services, phone and internet banking platforms has been fixed. External Link: ANZ Australia tweet: “UPDATE: Good news, our systems are slowly coming back up for most of our customers. If you’re still experiencing issues, please try …

Banking royal commission: Commonwealth Bank offered gambler credit card limit increases

Banking royal commission: Commonwealth Bank offered gambler credit card limit increases

Updated March 22, 2018 18:57:46 Video: Gambling addict says CommBank offered him credit limit increases (ABC News) The Commonwealth Bank continued to offer card limit increases to a young man deep in credit card debt after he told them he had a gambling problem. Key points: David Harris racked up …

ANZ banking fail leaves customers unable to withdraw more than $200

ANZ banking fail leaves customers unable to withdraw more than $200

Posted March 22, 2018 15:09:34 ANZ Bank has confirmed it is experiencing a “technical fault” which prevents customers from withdrawing more than $200 from its ATMs. External Link: ANZ error message tweet This $200 limit is also affecting ANZ’s phone banking, internet banking, EFTPOS, and other online payment platforms (Apple …

Banking royal commission hears from ANZ witness who ‘wasn’t in the business at the time’

Banking royal commission hears from ANZ witness who ‘wasn’t in the business at the time’

Updated March 22, 2018 14:34:29 Photo: ANZ says 85 per cent of car lending stems from “third party intermediaries”. (AAP Image: Sergio Dionisio) Related Story: Casual worker falls victim to new car loan ‘scam’ Related Story: Westpac’s ‘unacceptable’ car loan policies under spotlight at royal commission The financial services royal …

Banking royal commission: Westpac’s ‘unacceptable’ car loan policies under spotlight

Banking royal commission: Westpac’s ‘unacceptable’ car loan policies under spotlight

Posted March 21, 2018 20:06:02 Westpac has told the banking royal commission a Bank of Melbourne car loan granted to a carer in 2012 which she could not afford to pay back would not have been approved today. Key points: Nalini Thiruvangadam earned $350 per fortnight and was signed up …

Banking royal commission: ANZ says ‘processing errors’ to blame for it overcharging customers by $90 million

Banking royal commission: ANZ says ‘processing errors’ to blame for it overcharging customers by $90 million

Posted March 21, 2018 14:19:16 ANZ has told the banking royal commission that continued processing errors saw it charge customers the wrong amount of interest and fees on their home loans to the tune of at least $90 million. Key points: Customers have been refunded $75 million so far for …