Stop the banks from profiting from your loved one's death
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Did you know that when your husband/wife/partner dies, banks will continue to charge interest on their credit cards, loans or other accounts, even after you have advised the bank of their date of death? They will also charge your deceased partner late payment fees.
Furthermore, after you obtain Probate to handle your partner's estate, did you know the bank will NOT return those accrued interest / charges to you, even after you have paid off any outstanding credit card or loan amounts?
On average it takes 10 weeks to obtain probate in NSW, so that's minimum 10 weeks of interest accruing if you are organised enough to have a lawyer apply for probate immedately after a death, which, let's face it, no one is thinking about for a at least a month when you lose your life partner. (In Australia today the average time after death by which people obtain Probate is actually 6 to 9 months.)
You have to ASK the bank for that money back. And they are not obliged to do so. When I asked for loan amounts to be corrected to the date of his death, they just said "no".
After my husband died last year, a bank refused to repay fees and interest that they had added to my husband's loans. I had probate and was executing his estate appropriately and with the assistance of my lawyer. They even refused to speak to my lawyer, only me, after I lodged a complaint with the Financial Ombudsman, hence causing me months of further distress. They did NOTHING until I went public with my plight on social media last year. Finally in order to settle our affairs, I had to sign a confidentiality agreement that I would never disclose the bank's name. It was a nightmare and noone should have to endure this on top of the trauma of a significant loss.
This is WRONG! Grieving families have enough to deal with without greedy banks exploiting them when they are at their most vulnerable.
Please sign this petition to ask the Australian government to help us lobby for change to this unfair and greedy practice by financial institutions.
This is in memory of darling late husband, Michael Vaughan.
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