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The banks tried to stop fairness: Good-bye banks

Thursday, November 26, 2015

The Australian banks tried hard to stop unfair contract laws for small business people and they nearly succeeded. Fortunately, the banks failed. Now the laws have been proclaimed and come into effect on 12 November 2016.

Here’s the new Act. Here’s what makes a contract clause unfair.
Here’s ACCC information. The Australian Consumer and Competition Commission (ACCC) is now checking contracts.

They want to see contracts. We’ve sent them a big pile. We need more. SEND YOUR UNFAIR CONTRACT to our Executive Director, Ken Phillips. We’ll work with the ACCC on these. (IT consultants take note!!!!) Even during the implementation period contracts can be fixed with unfairness taken out!

Back to the banks…
Senior bank lawyers at one Australian bank once told us they would only do what the law forces them to do. They proved this on the unfair contract laws.

But take a look at Kenya! What – Kenya??? Yes, Kenya has arguably the largest non-bank money transfer system in the world. People pay each other over the phone. No banks accounts. It’s revolutionized money for the poor in Kenya. The Kenyan banks tried to stop it. The Kenyan government ignored the banks.   

Here’s the amazing story told by 60 Minutes in the USA.

That’s how to fix the banks: Stop using them!!

 

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