?? Our Objective for 2025: Educate, Inspire, and Establish Fairness for Women

Our goal at Diva Academy is to empower, educate, and enable at least 1% of Australian women to become financially independent. This is in line with the theme of International Women's Day 2025, which is "Inspire Inclusion," as attaining gender parity requires financial independence and knowledge.

?

By equipping women with the necessary skills to navigate and confront financial systems, we are not only exposing unethical banking practices but also paving the way for long-lasting economic reform.

?

2024's Biggest Bank Scandals That Rocked Australia

?

1?. ?345 Cases Ignored in NAB's Hardship Application Failure

?

ASIC filed a lawsuit against NAB for neglecting to reply to 345 hardship applications from 2020 to 2023. When a consumer requests financial hardship help, banks are required by Australian law to react within 21 days. However, hundreds of vulnerable customers—many of whom were having difficulty keeping up with the rising cost of living—were disregarded by NAB.

?

?? What You Can Do: Contact the Australian Financial Complaints Authority (AFCA) if you have applied for hardship aid and been turned down. You might qualify for reimbursement. First raise the issue with your Bank! AFCA is inundated with complaints currently.

?

2?. ANZ Faces Criticism for Inaccurately Determining Interest on Savings Accounts

?

Because ANZ was accused of underpaying interest on consumer savings accounts, ASIC opened an investigation. Over the years, the error might have cost thousands of consumers millions in missed revenue.

?

Examine your bank statements! ?? What You Can Do Request a breakdown from ANZ or change banks if your savings interest appears to be lower than you anticipated. This goes for any bank!

?

3 Banks Are Forced to Pay $28 Million to Overcharged Low-Income Customers in a Refund Scandal

After ASIC discovered that CBA, Westpac, Bendigo Adelaide Bank, and ANZ were improperly holding people in high-fee accounts, they were compelled to return around two million customers. Banks nonetheless charged fees for these accounts even though low-income Australians, seniors, and students were supposed to be exempt from costs.

?

?? What You Can Do: Verify whether your bank has been overcharging you if you're a low-income earner, retiree, or student. If so, ask for a reimbursement or go to a bank that doesn't charge fees.

Banks have strict compliance, and they have to make sure they are not the cause of your hardship.?

4. ASIC Takes Action Against Careless Lending, But Is It Enough?

?

The truth is that banks continue to make money off of customers who are unaware of their rights, even though ASIC was able to secure $32.2 million in penalties against financial institutions in the first half of 2024.

?

?? What You Can Do: You have the right to file a complaint with AFCA and ASIC if your bank denied you hardship help, raised your credit limit without your permission, or granted you a loan you couldn't afford.

?

?? How Australians Are Being Trapped by Bank Debt in 2025

?

To keep Australians in a precarious financial situation, the Big Four banks employ deceptive marketing, psychological tricks, and legal loopholes. Remember that it is a systemic business and money-making machine. Eventually, we will be publishing specific guides for every product and dismantling the legal jargon that entraps many because we put our signatures on it! The debt trap, or hamster wheel, is a real thing. Many women, however, are reliant on others informing us of what they want us to know.

Here are a few of their best marketing/branding tips:

?

?? "Minimum Payment" Scam: You will be in debt for decades if you only make the minimum payment on your credit card. "0% Interest Balance Transfer" Catch: These deals have unstated costs, and after the promotional time expires, the interest rate increases. ?? "Bank Loyalty" Myth: Clients believe that maintaining their bank would result in better rates, yet new clients frequently receive better offers. ?? "Silent Interest Hikes": In 2024, several banks increased credit card interest rates without informing their clients. ??"Loyalty Programs" rewards that cost you but can also be revoked!

Do you ever consider that delinquent customers (the vulnerable and deeply in trouble) are funding the freebies?

The banker never loses!

?

?? How to Regain Financial Control in 2025

1. Negotiate Reduced Interest Rates: Give your bank a call and ask for a reduced interest rate. Change banks if they say no.

2. Contest Unfair Fees: Ask for a refund if you were charged an unjust late fee or penalty.

3. Make use of AFCA and ASIC: These regulatory agencies exist to support consumers in retaliating. Remove the notion of "They won't do anything." They must take action, and recent actions demonstrate that they are not remaining silent.

Did you know; ASIC has more jurisdiction, especially relating to behaviour where AFCA will bring the parties together for conciliation, and it is based on the documentation and product offered? The burden of proof falls on the bank to produce documents you may not have in your possession.        

4. Never Pay the Minimum: The purpose of the minimum payback is to keep you in debt.

5?? Remain Up to Date: Keep up with financial news and demand transparency from your bank.

Be that nerd that reads up on ASIC findings or ask your #Professional; as Brokers and consultants, we get the current findings and the news about all things economy, lending, and everything in-between.

2025 is the year to be RAW and Honest about the hidden reality and options to demand transparency.

?? What is the worst interest rate increase or hidden fee you have ever encountered from a bank? What experiences have you or anyone you know had when dealing with financial stress? Please leave a comment below; it begins with a conversation and a story, and the solutions appear!

?

?? Are you wondering how to successfully negotiate with your bank? Or anyone! It begins with your financial fidelity and then understanding all the areas that hold us back from keeping professionals accountable. View the guides from Diva Academy here:

???? Let us know what you need as a woman navigating matters that can be concealed. It is the unknown and undisclosed that keeps us complacent and, sadly, at times waking up in someone else's nightmare!

?

?? Please share this content! Banks have less influence over us the more people are aware of this. I have to elaborate on this... It may not be the banks, but it is the humans that can manipulate their position of power!

?

#DivaAcademy #InspireInclusion #IWD2025 #BigBankScandal #FinancialFreedom #ASIC #DebtDetox #SmartMoneyMoves #WomenWithMoney #EquityinEquality #DivaFinancial MoneyEqualsChoice #MoneyTalks #AustralianFinance