Gun account closure: NAB responds to circumstances surrounding closed accounts
The National Australia Bank has responded to claims they have closed the accounts of gun shop owners because of the industry’s risk. See what they said.
THE National Australia Bank has apologised for the circumstances surrounding the closure of a gun shop owner’s bank account.
It comes after The Weekly Times today revealed Australia’s big banks were cutting ties with gun shop owners, claiming the firearms industry was too risky to service.
The Weekly Times has seen several letters from NAB advising of account closures, including to a gun shop owner in Boonah, Queensland, and to a returned Defence Forces veteran in Ipswich.
In a statement to The Weekly Times today, NAB consumer banking executive Anthony Waldron said: “We are sorry for the circumstances that have been identified and we will work directly with these customers to resolve”.
“We appreciate that in these cases it may be difficult for any customer required to find alternative banking arrangements. It is clear that we can manage this process with more care and respect. We are sorry for the circumstances that have been identified and we will work directly with these customers to resolve,” he said.
Mr Waldron said the account closure was “not gun store specific”.
However, a letter to the customer on January 30 stated: “NAB regularly reviews the risks associated with providing banking services to customers involved in certain industries. As a result of these reviews, NAB has chosen to cease providing you with banking services.”
Mr Waldron today said: “There are times that we determine that we can no longer provide banking services to some existing customers because of factors including our risk appetite as well as regulatory and legislative obligations”.
“Treating our customers consistently and fairly is important to us, and we will be reviewing this process to ensure customers are always treated with care and respect.”
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