#A00005 Timeline: banking scandals in Australia since 2009

#A00005 Timeline: banking scandals in Australia since 2009

Labor and the Greens are pushing for a banking royal commission, while the Coalition has promised to increase funding to Asic, the corporate, markets and financial services regulator, previously cut by the Abbott government. Here, we’ve collated some of the scandals in the banking and financial sector over the past seven years

#A00004 Banking royal commission: Westpac made claim against chronically ill pensioner's house

Banking royal commission: Westpac made claim against chronically ill pensioner's house

Westpac Bank made a claim against the house of an elderly pensioner with multiple debilitating health conditions after it had allowed her to become guarantor for her daughter’s loan, and her daughter’s business failed.

The pensioner was only allowed to stay in her home after New South Wales Legal Aid made a claim to the financial services ombudsman on her behalf and Westpac agreed to let her stay there until she died.

#A00003 Wells Fargo employees altered business customers' information: WSJ

Wells Fargo employees altered business customers' information: WSJ

(Reuters) - Some employees in a Wells Fargo & Co (WFC.N) unit that handles business banking improperly changed information on documents related to corporate customers, the Wall street Journal reported on Thursday, citing people familiar with the matter.

The employees in Wells Fargo’s so-called wholesale unit, which is separate from its retail bank, added or altered information without customers’ knowledge, the Journal reported.

Dollarmites and Australia's Commonwealth Bank scandal #A00002

Dollarmites bites: the scandal behind the Commonwealth Bank's junior savings program

Thousands of children’s Commonwealth Bank accounts were fraudulently set up by retail branch staff as part of a widespread scam to earn bonuses and meet aggressive performance targets.

The scam involved CBA staff either using the bank’s money, sometimes loose change or their own money to illegitimately activate Youthsaver accounts for financial gain.

They would do so when parents had signed up their kids for school banking, often referred to as Dollarmites, but had not deposited money into the account within 30 days. If no deposit had been made, the sign-up would not count towards sales targets and financial rewards.

A Fairfax Media investigation can also reveal that the scam is part of a broader culture of gaming financial incentives at the bank where staff were caught faking customer referrals to boost performance targets and earn rewards.

Australia Royal Banking Commission focus on small business

Royal commission to focus on small business lending as banks troop back to the witness box

Small and medium enterprises are the focus of the next fortnight of hearings, beginning on Monday.

Karen Fairweather of Hoot Cards and Gifts in Melbourne's central business district is looking forward to an examination of merchant fees — the cost of transactions.

"The biggest issue for us is EFPTOS fees. You get charged so much for each transaction, every single time," she said.

Electronic funds transfer at point of sale (EFTPOS) and new tap and go technology can be great for consumers, but tough for retailers who must absorb the cost.