Mum Awarded $10,000 After Son Blocks Access to Money
- A woman received $10,000 in compensation from her bank after her son placed a hold on her account, preventing her from accessing her funds.
- The woman filed a complaint with the Banking Ombudsman, which maintains the anonymity of both customers and banks involved in disputes.
- In 2023, the 84-year-old woman, who has limited English proficiency, brought her son to a bank branch to assist her with banking.
Woman Awarded $10,000 After Son Blocks Bank Access
Table of Contents
A woman received $10,000 in compensation from her bank after her son placed a hold on her account, preventing her from accessing her funds.
Complaint to the Banking Ombudsman
The woman filed a complaint with the Banking Ombudsman, which maintains the anonymity of both customers and banks involved in disputes. She initially opened accounts with the bank in 2021, depositing $500,000 from the sale of a property into a term deposit.
Adding Son to Account
In 2023, the 84-year-old woman, who has limited English proficiency, brought her son to a bank branch to assist her with banking. She granted him enduring power of attorney over her property at that time. She also opened a new account in her sole name, stipulating that any instructions from her son regarding the term deposits should be verified with her directly.
SonS Actions and Account Hold
The woman expressed concern about the authenticity of her English signature. Subsequently, her son contacted the bank and instructed them to place a hold on her account, preventing her from making any transactions. The bank complied with his request.
Ombudsman’s Ruling and Compensation
The Banking Ombudsman found the bank acted unfairly by honoring the son’s request without adequately verifying the woman’s wishes. The Ombudsman resolute the bank should have contacted the woman directly to confirm her instructions before placing the hold. As an inevitable result, the bank was ordered to pay the woman $10,000 in compensation for the inconvenience and distress caused.