The ugly face of modern banking

Posted 22 May 2018 Written by 60 Minutes Australia
Category Banking

A 72 year old man gets a 30 year loan which he cannot repay, so he is forced to sell his house. Bank staff are there to flog you stuff you don't want or need. They hate their jobs, but are given stiff sales target to meet so the bosses can get year-end bonuses that run into the millions. When you default, the bank comes after everything you have. Staff are prevented from talking bad about their employers because of "disparagement clauses" in their employment contracts - even years after they have left the bank. When, customers asked the Australian Royal Commission of Inquiry into Banking, will bank executives get time in jail? You could just as easily cut and paste this story for SA. 

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