What is financial abuse?

Financial abuse is a form of domestic or family violence, when someone takes away your access to money, manipulates your financial decisions or uses your money without consent. It often occurs with other forms of violence.

A person can be financially abusive in different ways. Some signs of financial abuse are when a person²:

Controls your access to money

• restricts your access to bank accounts, credit cards or cash
• makes you ask permission to spend your own money
• denies you access to the internet, phone or transport to prevent you from working or studying
• refuses to contribute to shared costs or child support
• refuses to provide you with enough money for living expenses or for costs related to raising children

Uses your money without your knowledge or consent

• forges your signature on cheques
• withdraws or transfers large amounts of money from your bank account
• uses your credit card
• cancels or hides bank or credit card statements
• uses bill, rent or mortgage money for something else
• sells your property

Forges your signature, forces or pressures you

• forces you to sign documents that you don't understand
• takes out loans, credit cards or debts in your name without your permission
• forges your signature on legal documents
• pressures you to take on a loan or a debt on their behalf
• forces or pressures you to change your will
• forces or pressures you to appoint them as your enduring power of attorney
• doesn't act in your best interests as your power of attorney

Threatens or punishes you

• makes you feel guilty if you don't give them money
• isolates you — or threatens to — from your family or friends if you don't give them money
• hurts or punishes you — or threatens to — if you don't give them money
• makes you feel stupid or that you can't be trusted with money
• questions or punishes your spending

How you can help protect yourself from financial abuse

• staying in touch with people you trust, and talking about any concerns you have
• learning to recognise and avoid financial scams
• regularly checking bank and credit card statements for unauthorised transactions
• opening your own mail
• storing documents, account logins and passwords in a safe and secure place
• if lending money to someone, putting it in writing and making a plan with them for repayment
• never signing documents you don't understand
• where possible, getting independent and confidential legal or financial advice
• asking someone you trust to check that the person who manages your money is doing it in your best interests
• setting up a new bank account in your name only
• updating address details to keep your location confidential
• updating your mailing preference so all correspondence is issued via email
• updating your passwords and account security so only you can access them

Australian Mutual Bank has Zero tolerance for financial abuse