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NAB’s problems to result in legal action by retailers

National Australia Bank’s payment problems over the last week have Australian retailers up in arms proposing legal action against NAB in the form of a national class action to recover the loses incurred due to the bank’s failures over the last week.

National Australia BankUnited Retailers Federation national president Scott Driscoll told the Brisbane Times that retailers had lost business over the weekend because NAB customers and employees of businesses that use NAB were left without wages and access to cash over the weekend.

National Australia Bank customers last week reported problems with payments that lasted through the weekend, despite earlier assurances from NAB that payments would be processed last week.

NAB branches opened on Saturday to help assist customers who were caught without money in their accounts on the weekend, however many people who did not themselves bank with NAB were caught out due to their employers using National Australia Bank to make wage payments to employees.

United Retailers Federation national president Scott Driscoll, expects retailers to start looking at a potential class action against NAB due to customers choosing not to shop last weekend due to uncertainties over funds in their accounts according to the paper.

NAB issues a statement yesterday indicating the bank’s payment processing problems have been resolved, with NAB customers confirming transactions have cleared their accounts yesterday.

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David Olsen

David Olsen

An undercover economist and a not so undercover geek. Politics, business and psychology nerd and anti-bandwagon jumper. Can be found on Twitter: <a href="http://www.twitter.com/DDsD">David Olsen - DDsD</a>

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