Banks step up to support customers and the economy
Since the start of the COVID-19 pandemic, banks have provided an estimated $6.8 billion of deferrals and more than $45 billion in new loans, including $8.5 billion to small businesses.
Deferrals include 370,000 mortgage deferrals for homeowners, 170,000 business loan deferrals and 37,000 other deferrals, including personal loans and credit cards.
Over the next few weeks, banks will be contacting customers who don’t have debit cards. Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
Banks are offering these debit cards to ensure that all customers have the option to use a card if they are isolating or in quarantine. People receiving cards are under no obligation to activate or use them.
Watch this video featuring ABA CEO Anna Bligh explaining the upcoming delivery of debit cards.
Bank JobKeeper hotlines now live
Australia’s banks have bolstered their efforts to help businesses needing to bridge the gap until the first Jobkeeper payments begin in May by setting up hotlines. They’ve also working with the ATO to streamline the application process.
The CEOs of Australia’s banks are supporting the Federal Government’s efforts to improve tracing of COVID-19 within the community by downloading the COVIDSafe app.
To better protect their staff and their customers, CEOs are also personally encouraging their staff to do the same.
Electronic conveyancing and electronic mortgages
The ABA is pursuing reforms to enable electronic signatures for transactions and mortgages. These changes will improve banks’ ability to lend and do business now, and if the changes are retained post-pandemic, will be critical to digital banking.
We are seeking legislative reforms at Commonwealth, and state/territories levels.
Scammers are using the spread of COVID-19 to take advantage of people across Australia. The ABA has begun a campaign to raise awareness and help protect customers.
Read the ‘Protect Yourself’ fact sheet on security and safety. Download
