Commonwealth Bank extends commitment to customers impacted by Storm Financial
30 July 2009 – Sydney: The Commonwealth Bank has extended for another month a moratorium on interest payments for customers impacted by the collapse of Storm Financial.
The extension to 30 September 2009 is to enable customers to register for participation in the Storm Financial Resolution Scheme.
Customers who register for the Scheme will have their interest payments suspended until their participation in the Scheme ends: either through the customer accepting an offer or the customer withdrawing from the Scheme.
Through the Resolution Scheme, which involves law firm Slater & Gordon Limited, the Bank has committed to:
- A review of each CBA/Colonial customer’s circumstances
- Disclosure of relevant documents in respect of a customer’s circumstances
- The provision of legal advice paid for by the Bank
- Access to former High Court Judge, Mr Ian Callinan, to resolve disputes where agreement cannot be reached
Registration for the Scheme will be via a customer’s legal representation. The Commonwealth Bank will also be contacting customers who are eligible for the scheme to provide details about how they can participate.
For customers who choose not to register for the Scheme, interest repayments will recommence on 1 October 2009.
The Bank reaffirmed its commitment to customers impacted by Storm Financial, reiterating that where the Bank has done wrong, it will be put right for customers.
The Bank again appealed to customers experiencing hardship to contact the Bank to discuss their situation.
For more information contact:
Ph: 0411 080 268