CBA out of touch on financial hardship,  survey finds

THE Commonwealth Bank does not understand people suffering financial hardship, an industry survey has found.
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The Financial and Consumer Rights Council asked 100 Victorian financial counsellors to rate Australia’s ‘‘big four’’ banks on how they dealt with people in financial hardship.

Participants ranked the ANZ, Commonwealth, NAB and Westpac in terms of customer communication on financial hardship matters, customer satisfaction and processes and attitudes.

In the council’s Rank the Bank report, policies on hardship were given a score out of 10. CBA scored the lowest at 4.27 and NAB the highest with 6.39. The data was collected in late 2011 and the report was released on September 6.

The council plans to meet with the four banks to discuss the survey results and find ways to make improvements.

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