Category: Wealth Tips

The National Australian Bank’s “revised” terms and conditions https://www.nab.com.au/content/dam/nabrwd/documents/guides/banking/personal-transaction-and-savings-products-terms-and-conditions-changes.pdf  went into force November 1st and include, in clause 11: “NAB may close your account at any time at its discretion”.

The reasons NAB would consider enforcing clause 11 make for interesting reading. NAB can take a range of things into account when exercising its rights and discretions. These can include:
(e) NAB’s public statements, including those relating to protecting vulnerable persons, the environment or sustainability;
(f) community expectations and any impact on NAB’s reputation;

So – as of November 1st – NAB reserves the right to de-bank you if you get cancelled, or say something they don’t approve of about climate change or “vulnerable people”.

From: https://off-guardian.org/2023/10/14/while-you-were-watching-israel/

The Big Four bank CEOs would have been extremely unhappy on Friday as they monitored the Canberra hearing of the Senate inquiry into bank closures in regional Australia.

https://citizensparty.org.au/media-releases/big-four-banks-worst-nightmare-dominates-senate-hearing