Summary:
National Australia Bank has announced a new policy that will freeze and terminate customer accounts engaging in “unacceptable account conduct.” The policy, set to launch in November, involves scanning customer transactions for banned words in the description. If flagged, customers will be asked to change the description, and the bank will investigate instances of potential financial abuse. The bank aims to identify elder abuse, domestic violence, bullying, and other forms of harassment. The system automatically scans each transaction description for around 1,300 blocked words and has been actively blocking abusive transactions since late 2020.
Key Points:
– National Australia Bank will freeze and terminate customer accounts with “unacceptable account conduct.”
– The bank’s new policy, starting in November, involves scanning transactions for banned words in the description.
– Customers will be asked to change the description, and the bank will investigate potential instances of financial abuse.
– The bank aims to identify elder abuse, domestic violence, bullying, and other forms of harassment.
– The system automatically scans each transaction description for about 1,300 blocked words.
Hot Take:
National Australia Bank’s decision to freeze and terminate accounts engaging in “unacceptable account conduct” reflects its commitment to protecting customers from harm. By scanning transaction descriptions for banned words, the bank is taking proactive measures to identify potential instances of financial abuse, elder abuse, and other forms of harassment. This move showcases the bank’s dedication to providing a safe banking environment and supporting customers in need.
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