Banks still shock with their bastardry

Even after the horrors revealed by the Royal Commission, Australia’s big four banks still find new ways to appal us with their disregard for human suffering, writes Mike O’Connor.

Banks, it can now safely be said, are bastards.

They are run by overpaid and underqualified executives whose only aim is to maximise profits and thus boost the bonuses they are paid which are linked to them. The more money the bank makes, the bigger the CEO’s beach house and boat.

Over the past six years, the 12 top executives of Westpac have been paid a total of $240 million.

Allegations that Westpac breached the law on 23 million occasions, facilitating international fund transfers which have been linked to child exploitation activities is the latest in a tawdry, shameful litany of misdeeds to be laid at the door of the banking industry.

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It is now plain that bank executives and board members are possessed of the arrogant belief that they are so big and powerful that they are beyond the law.

Westpac CEO Brian Hartzer is reportedly hanging on to his role, despite the legal and PR nightmare in which the bank now finds itself. Picture: Supplied

When they are caught out treating their customers and the law with contempt, they say they are terribly sorry and promise not to do it again. They say this again and again and again.

The latest Westpac scandal is shocking, given its size and nature but there are other stories which tell of the cold and uncaring culture which prevails, stories which while played out on a smaller stage, are no less disturbing.

This is one.

Amanda, a mother of four young children, was diagnosed with bowel cancer a couple of years ago.

Her prognosis was so poor that her doctors gave her a two year life expectancy. In the light of this she was able to access her life insurance, her plan being to use the money enjoying what little time she had left with her children.

The life insurance funds were duly paid into her account which was in joint names with her ex-husband.

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Once the funds were in place, she contacted the bank and instructed it to transfer the money into another account solely in her name.

This, she was told, was not possible for “internal policy reasons”.

Her ex-husband contacted the bank and asked them to release the funds but still they stonewalled. After three months of pleading by her and her ex-husband, the bank finally released the funds.

Her parents take up the story.

“What is most upsetting is that had the bank not put the funds on hold she could have used this money while her health was still relatively OK, enjoying some special time with her four young children. Now she is very ill this will not be possible.

Former Queensland Premier Anna Bligh is now the Chief Executive Officer of the Australian Banking Association - a pretty tough job, given the continuing scandals surrounding the industry. Picture: AAP Image/Lukas Coch

“The bank has made no effort to contact her and worse, has not offered one cent of compensation or interest. Not even an apology!

“For all the rubbish that comes out from the banking association about doing better and becoming more customer focused, nothing has changed.”

MORE FROM RENDEZVIEW: Greedy banks have failed to learnA few days ago I received a final email from her parents.

“Sadly, Amanda passed away on 7th November.

“The saddest part is that if the bank had done the decent thing then she would have had some good quality time with her children. This never happened. She was just 42 years old.

“Thanks for taking time to read our message and maybe the wider community need to be even more aware of how the banks mistreat their customers.”

Read it and weep.

Mike Colman is a columnist with The Courier-Mail.