Latest news with #DisabilitySupport
Yahoo
30-07-2025
- Business
- Yahoo
Major Aussie banks' $60 million cash boost for Centrelink recipients over excessive fees
Several major Australian banks have agreed to refund $60 million worth of fees that affected thousands of Centrelink recipients. A payout of more than $33 million was made to over 150,000 low-income First Nations customers last year. But the Australian Securities and Investments Commission's (ASIC) investigation found a further 770,000 customers had been affected by the issue after the regulator expanded the scope of its probe to 21 banks. Some of the latest culprits who will give back the money are ANZ, Westpac, and Bendigo Bank. The total agreed payout now stands at $93 million, with 920,000 low-income people receiving JobSeeker, the Age Pension, and Disability Support payments found to have been unfairly hit with dishonour, overdraw and account-keeping fees on transaction accounts. RELATED Major warning after Aussie receives random $350 payment in her bank account Rare 50 cent coin sells for $3,050 due to 'unique' reason Terrifying superannuation reality facing 4.3 million Australians Despite these customers qualifying for accounts that had minimal fees, they were kept in accounts that attracted high charges. ASIC chair Joe Longo said this result comes after months of scrutinising the banking system and hinted there could be further payouts to come."Despite the improvements banks have made during our surveillance, there is clearly work to be done," he said. "It should not take an ASIC review to force $93 million in refunds or make banks assess their processes to ensure the trust and expectations placed in them are justified." NAB was the only bank out of the Big Four left out of ASIC's investigation because it hasn't charged these fees in more than a decade. How much will the banks be paying out to low-income customers? ANZ, Bendigo Bank, and Westpac will make up the bulk of this payout by committing to $57 million worth of refunds to more than 730,000 people. They will also pay back interest that customers would have accrued had the money stayed in their account rather than being directed to paying off fees. Several other banks will also pay back $3.6 million to 45,000 customers. Customers have received huge cash boosts of several thousand dollars, which ASIC commissioner Alan Kirkland said would be life-changing for some low-income people. 'When you read in the report that refunds of $1,200, $2,600 and $5,200 were paid, it's important to understand what those amounts mean for people struggling to make ends meet,' he said. "What started as an initiative focused on addressing avoidable bank fees for low-income customers in regional and remote locations, particularly First Nations consumers, revealed a much wider problem affecting customers nationwide." ANZ, Bendigo Bank, and Westpac have now moved roughly 815,000 customers to accounts with lower fees, which will collectively save those affected $40 million per year. Seven other banks have reviewed and improved their systems, while an additional nine have made it easier for customers to access low-fee accounts. Commonwealth Bank holds out from $270 million cash boost Commonwealth Bank (CBA) won't be paying out the $270 million charged to 2.2 million low-income customers between mid-2019 and October 2024. The bank said those charges were disclosed to customers, who had to agree to those terms and conditions. Instead, Australia's biggest bank said it would move 1.5 million eligible people to a "new nominal fee account" that is yet to be fully approved. "That will address problems going forward for those people, but what it doesn't do is set things right for the fees they've been charged in the past," Kirkland said. "That is extremely disappointing." CBA said it had already made $25 million worth of "goodwill" repayments following ASIC's first report, but stressed this was not as remediation for any contraventions. What should customers do if they're hit with unfair fees? Kirkland insisted this fight against the banks wasn't over. He added that if something feels off with your bank or lender, it's worth speaking up. "We encourage consumers to challenge their banks to ensure that they are in the best account for their needs," he said. "More importantly, we encourage banks to do more to proactively identify low-income customers and move them to low-fee accounts. "Our intervention has forced many banks to take action, but more needs to be done to ensure financially vulnerable consumers are not put in this position again."
Forbes
01-07-2025
- Business
- Forbes
Career Coaching: How Professional Guidance Elevates Your Job Search
Employment Networks (EN) and state Vocational Rehabilitation agencies (VR) are here to provide that ... More critical assistance through the Ticket To Work (TTW) Program. Vocational professionals provide a comprehensive approach every step of the way that creates confidence and helps you to overcome barriers and find a position that works for you. For those returning to work after recovering from a serious injury or disability, the journey can feel arduous. The process requires determination, perseverance and personalized guidance. For many, returning to the workforce can feel intimidating, from creating a competitive resume to understanding the Social Security Administration's (SSA) rules for working while protecting Social Security Disability Insurance (SSDI) benefits. Employment Networks (EN) and state Vocational Rehabilitation agencies (VR) are here to provide that critical assistance through the Ticket To Work (TTW) Program. Vocational professionals provide a comprehensive approach every step of the way that creates confidence and helps you to overcome barriers and find a position that works for you. If you have decided to return to the workforce, the support of a Social Security-authorized service provider is an important next step. Whether you plan to return to your previous role or find a new one, vocational experts can provide career coaching that helps you clarify goals, build skills and succeed in today's job market with expert support for your specific needs. Career Coaching In The Ticket To Work Program Career coaching is more than just sending along job openings—it's customized assistance tailored to help you identify your goals, prepare for a new role, and succeed. Through the TTW Program, ENs provide free one-on-one coaching, specific to your unique background and job aspirations. Vocational experts assist at every step of your return to work. In this article, we'll examine how they help with skills assessment and goal setting, your job search and interview preparation. Skills Assessment & Goal Setting Your EN may begin the coaching with a skills and interest assessment. They'll help you review your job history, education, personal interests, and find transferrable skills that will work across industries or positions. For example, if you had a physical job like painting or welding, you could now be looking for a role with less exertion in an office. The goal is to find your strengths and match them with job possibilities that align with your interests and abilities. Once your ENs understands your skills and goals, they'll help you create reasonable short- and long-term career goals. Your Individual Work Plan (IWP) is a personalized roadmap of the steps you'll take to find and maintain employment. This process can help you envision a future thatprovides the necessary structure to move into your job search with purpose and determination Strategic Job Search Once your vocational expert has helped you create your IWP, they'll assist you in constructing a job search strategy that works in today's evolving job market. This professional support gives you tips and techniques to focus your search where it matters most. Your vocational expert offers help with: Interview Preparation Many people find job interviews intimidating, and even more so when faced with discussing employment gaps with prospective employers. Your vocational expert assists with interview preparation by: Clients tell me that their interview prep helps them feel more confident and ready to make a positive impression. The Real-Life Impact Of Returning To Work With An EN ENs nationwide have helped thousands of former workers return to the workforce. Each person's story recounts how vocational support transforms lives. These clients have shared their positive experiences working with vocational experts at their ticketed EN. Michael Smith, a military veteran who returned to work feels his EN made his return to work less stressful. 'You need that support and want that support, throw that stress out the window and let someone else take care of it.' Marshalla Cofer reflects on her EN experience this way, 'You have no idea the relief that gives me. It's hard to even put into words. It's life changing and such a mental relief for a person with a brain injury to … have the services in place to help us.' Thousands of people who work with ENs and state VRs have gained renewed confidence and financial stability due to the guidance they've received. Career coaching through the Ticket to Work Program provides more than advice. It's an empowering partnership that helps you to achieve your goal of returning to work. From skills assessment to realistic goal setting, to a strategic job search and the latest interview preparation, vocational experts at ENs and VRs are here to help you with aspects of your return-to-work journey.
