Xinja returns all customer deposits as it finalises exit from banking scene
Xinja founder and chief Eric Wilson. Source: supplied.
Neobank Xinja has become the first authorised deposit-taking institution (ADI) in Australia to return its deposits to customers, after finalising its exit from the local banking scene.
Xinja began returning millions of dollars in deposits to customers in December, following its shock announcement it intended to cease operating as a bank and return its ADI license to the Australian Prudential Regulation Authority (APRA).
This return of deposits process was finalised on Tuesday, said APRA, with Xinja transferring its remaining customer accounts to NAB.
A new FOI document released by the RBA shows that it believes economic risks may increase due to low interest rates, and that house prices could rise substantially if the cash rate is held at record lows.
Banks pressuring customers to make unrealistic loan repayments as deferrals end
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WedWednesday 20
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WedWednesday 20
JanJanuary 2021 at 6:19am
A Westpac spokesperson said about 75 per cent of customers who had deferred loan payments had begun to repay.
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Borrowers are being pressured by banks to make significant, bulk payments as loan deferrals begin wrapping up.
Key points:
The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
Financial counsellors are concerned the pressure from banks will send some people to payday lenders
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