Will interest still accrue on personal loan products?
Whilst we are under no legal obligation to cease interest accruing on solely owned personal loan accounts, we understand the discovery of an outstanding and increasing debt at this time may cause you further stress and worry. In helping to reduce any financial concerns or emotional distress felt, from the date of their passing, Defence Bank will not charge interest on all solely owned personal lending products held by your loved one.
Should any fee(s) be charged on a solely owned personal lending product after the date of death we will have this reversed.