Bank didnt think about gambling problem
The Commonwealth Bank of Australia (CBA) has been fined AUD$150,000 (USD$107,580) after a Federal Court ruled that it had violated the National Credit Act for increasing a customers credit limit, even after that customer told the bank that he had a gambling problem. The bank also did not bother to verify the customers financial situation before offering the credit bump.
According to the Australian Securities & Investments Commission (ASIC) its investigation into the situation had to do with a credit limit increase on the customers bank-issued credit card from AUD$27,100 (USD$19,436) to AUD$35,100 (USD$25,174) on January 20, 2017. CBA offered the customer, Mr. Harris, the increase and installed it …
Read the full article at: https://www.pokernewsdaily.com/australian-bank-fined-aud150000-for-increasing-problem-gamblers-credit-limit-34069/