Bank cuts off business couple's accounts giving no reason
DOING business can be difficult at the best of times but when your bank cuts you off for no apparent reason, it becomes impossible.
Jodie Busch has owned the Rockhampton franchise of ATM To Go since January last year.
She provides automatic teller machines for events and in businesses like hotels.
That was until she received notification from the National Australia Bank that she was under investigation for money laundering.
"We deal in cash and NAB's policy is for $74,000 with no security. We just order it,” she said.
"In June they cut my withdrawal limit saying they weren't happy to take the risk.
"Then about eight weeks ago we had a call from our direct business manager saying we were being investigated for money laundering and had to provide information.”
Ms Busch did everything she was asked to, confirmed by an email from the bank saying they were "supporting a business as usual approach”.
Then four weeks later a letter in the mail, with no reference to NAB policy or to any wrong-doing on her part, said the bank was closing all her accounts on January 14, 2019.
Not just the business accounts and lending, but personal banking and a home loan as well.
"From the get-go they've known what we do,” Ms Busch said.
"They finance the ATMs.
"They told us nothing else, literally we don't know why.”
Multiple attempts to find a reason for the decision have proven fruitless and with less than 80 per cent equity in her home and the NAB decision to cut all banking, Ms Busch fears she won't be able to refinance her mortgage.
"We're both ex-military and have a Defence Department subsidy which we will lose if we refinance outside the NAB,” she said.
"Our immediate contacts can't give me anything, they just say they'll chase it up and then I get no response.
"I've put in an internal dispute resolution with the banking ombudsman, but NAB hasn't responded to that.
"We've been doing this for two years, we have insurance - all I want is a two-way adult conversation but it's been five weeks and I still don't know what it's for.”
A National Australia Bank spokesperson said due to customer confidentiality and the complexities surrounding this matter, they were unable to comment on the specifics of this case.
"However, what we can say is we are working hard to resolve this matter,” they said.