Banks not ‘moral arbiters’ – Gloriavale

Banks not ‘moral arbiters’ – Gloriavale

By Laura Mills | Greymouth Star |

Gloriavale has hit back at the banking sector as the BNZ tries to close its accounts, saying banks should not act as “moral arbiter”.

The Lake Haupiri Christian community’s submission to the Commerce Commission inquiry into retail banking competition comes after the BNZ was ordered by the court to continue to provide services to Gloriavale until a hearing.

Gloriavale — which owns two of the largest dairy farms on the West Coast, plus other businesses — submitted that it relied on both online banking and in-person branch services in Greymouth.

Closings its accounts would affect individuals, including those suffering from disabilities, who are elderly and who have limited access to transport. General bank accounts operated by the community for the benefit of its members included accounts for the Gloriavale School, medical care, food and clothing.

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