The National Australia Bank (NAB) has assured customers that its new regulations surrounding financial abuse will not be open to misuse following the announcement of the new rules.
On June 26, NAB announced it would be updating its terms and conditions to allow the bank to financially ‘cut off’ customers who’ve been identified as perpetrators of financial abuse.
The new condition, which is covered under ‘unacceptable account conduct,’ warns customers that if they are identified as engaging in financial abuse, the bank can suspend, cancel or deny them access to their savings and transaction accounts.
However, concerns have been raised that the new conditions could be taken advantage of by individuals making false claims to punish another individual….