As Queensland and Northern NSW communities are bracing for the impact of Tropical Cyclone Alfred, customer-owned banks are ready to provide support.
“We understand this is an incredibly stressful time, but customer-owned banks stand with their customers and communities, ready to assist where needed,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
“If you’re experiencing financial hardship, please reach out to your mutual bank or credit union as soon as it is safe to do so. Customer-owned banks offer a range of support options to help members through this difficult period,” he added.
Some ways customer-owned banks can provide support to customers experiencing financial hardship include:
- Loan repayment relief: options to defer or restructure loan repayments
- Fee waivers: assistance with transaction fees and replacement cards
- Emergency access to funds or disaster relief packages: early access to term deposits or priority short-term financial support
Customers are encouraged to reach out directly to their customer-owned bank to see what options are available.
Due to the severe weather, many customer-owned bank branches in the Tropical Cyclone Alfred impact area are currently closed for the safety of both customers and staff. Customers are encouraged to use internet banking and mobile banking apps which remain available as alternative ways to bank, and to call their bank’s Contact Centre for support and general enquiries. Additionally, customers can visit their bank’s website and social media for updates.
“Customer-owned banks recognise that for some communities, the recovery period for this event may be long. We remain committed to supporting our customers through the difficult path ahead,” Lawrence said. For more information on how banks are supporting customers, click here.
For further information or to arrange interviews, please contact media@coba.asn.au.
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For almost 180 years our sector has put customers first, returning profits to more than 5 million Australians who put their trust in customer-owned banks.