Banks digging deeper for victims of family violence

While it may come as a surprise to some, many banking institutions are heavily invested in more than money and are actively seeking to address one of the most insidious and silent types of family violence - the exploitation of family finances.

Financial abuse is a powerful way a perpetrator can assert control over their partner. It often impacts a victim's ability to remain living in the family home or, if need be, to pay for alternative safe accommodation where they can rebuild their lives with their children.

Research suggests around 16 per cent of Australian women will experience some form of financial abuse in their lifetime. Despite its prevalence, victims in a financially abusive relationship can be difficult to identify and typically experience control of finances over time. So, banks are acutely aware of the importance of their role in addressing this serious societal issue.

The Commonwealth Bank of Australia has sought to create a streamlined pathway to assistance for customers through its Domestic & Family Violence Assistance Program. Through the initiative, independent trauma counsellors, and not bank employees, take calls from eligible customers in need of support. When a victim calls, their immediate safety and needs are assessed. If eligible, financial assistance can be made available, which is designed to provide short-term, practical assistance to victims whose access to funds has been severely restricted or cut off completely. The program is designed to provide both immediate and ongoing assistance.

Forms of financial abuse

Financial control over a partner can include instances where a person:

• Controls access to finances
• Prohibits their partner from viewing financial statements
• Refuses to contribute financially to their partner or family, including child support
• Forces their partner to take out loans or credit cards in their own name
• Stops their partner from working or pursuing study
• Forces their partner to work unpaid in the family business
• Accumulates fines in their partner's name

Helping Wayss to support others

Commonwealth Bank of Australia has sought to assist expert service providers, such as Wayss, so they can extend their reach to support vulnerable families, while also creating further awareness about financial abuse.

Over last year's Christmas-New Year period, Commonwealth Bank members from branches at Pakenham, Karingal and Fountain Gate each presented $500 cheques to Wayss. The generosity from the bank's Community Donations Program is extraordinary, when you consider all three were independent nominations from each branch. All representatives commented they wanted to support the work of Wayss to assist vulnerable families experiencing family violence.

Pictured (L - R) Alan and CEO Elizabeth Thomas from Wayss,
with branch manager Conrad Fernandez.

The bank's program aims to support organisations that make a real difference in the community and staff members collectively decide upon the recipient. Pakenham Commonwealth Bank Branch Manager, Conrad Fernandez, said staff made it clear they wanted to help Wayss.

"We spoke with staff and asked them who in their community they wanted to support. It came out fairly strongly they wanted to help people such as those Wayss assisted," he said.





Wayss supports victim survivors to live a life free from violence