Royal Commission reveals NAB also charged dead customers

The National Australia Bank continues its grilling at the banking royal commission, amid revelations its superannuation trustee kept charging fees to a customer who had died. The seemingly never-ending list of scandals unearthed at the commission continues to grow - and it's had a major impact on the profits of two of Australia's biggest financial institutions.

Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Kenneth Hayne. Source: THE AUSTRALIAN POOL

NAB has become the second major Australian bank to be caught charging dead customers for financial advice.

Nicole Smith, the former chair of NAB’s superannuation arm Nulis [[NOO-lis]] told the royal commission they became aware of an incident where service fees continued to be deducted from a member’s account, even though they knew the customer had died.

It is unclear how many instances of this misconduct occurred.

It’s just the latest in a string of incidents where the banks have charged customers for no service.

 

Listen to this feature in Bangla in the audio player above. 

 

Follow SBS Bangla on FACEBOOK.