NAB latest bank to admit it charged dead customers
The National Australia Bank (NAB) has become the latest financial institution to deduct fees from dead customers.
The claims have been made at the Royal Commission as the bank’s superannuation arm comes under scrutiny.
The inquiry has heard the NAB only discovered the problem in June and the extent of the problem is not yet known.
The bank has also been accused of wrongly charging fees and then failing to properly compensate customers.
It’s heard the bank was conflicted over the best way to distribute millions of dollars in remediation payments.
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AFR Chanticleer columnist James Thomson tells Ross Greenwood it really does “beggar belief their IT isn’t good enough”.
“You have to imagine why don’t the banks, these massive banks with massive profits, why don’t they have systems that can identify this stuff instantly.”