Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Westpac’s charity stunt is a cynical cover-up

Media Release Finsec, the finance workers' union

1 December 2005

Westpac’s charity stunt is a cynical cover-up

Westpac’s planned Christmas donation to the Family Budgeting Service is being called horribly ironic by Finsec, the bank workers’ union, today.

“Many clients to the budgeting service are there because they are in debt that they cannot pay back to banks. Westpac’s pay system rewards staff for getting customers into debt. Clearly they are trying to cover up this unethical behavior through this donation.” said Finsec’s Campaign Director, Karen Skinner. “This is hypocritical and unethical.”

“The Family Budgeting Service is an crucial and worthy recipient of Christmas donations from corporations. However, it is deeply ironic that a corporation that that has just made another huge profit, primarily by selling debt to New Zealanders, is now donating to an organisation that ameliorates the effects of that debt on ordinary New Zealanders.”

Finsec understands that Westpac does not intend to make its donation from their $611 million profit and are planning to announce to staff in the next few weeks that they have funded this donation by not giving them their traditional Christmas present.

“Westpac drives up customer debt to fuel its profits, and penalises staff in the process. Who is Westpac CEO Ann Sherry trying to kid with this ‘charity’ stunt?” asked Ms Skinner.

On the Family Budgeting Service website, one of their recommendations at Christmas time is: “Resist the temptation to borrow or be lured by tempting credit deals. Be honest with yourself about repayments.”

On the Westpac website it says: “Make the most of your credit card. Find out how to get a credit limit increase…”

Finsec supports the work of the Family Budgeting Service and has written to them asking them to talk to Westpac about what they are doing to drive up this debt, through customer debt targets.

“The best Christmas present the bank could give its customers and bank staff is to replace sales targets with a pay system that rewards giving good service and quality advice, rather than selling customer debt.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news