THE shock collapse of Banksia Financial Group could not have come at a worse time for Margaret Kane.
With her husband Bill battling cancer, the Warrnambool couple’s life savings was the last thing on her mind this week as Bill underwent chemotherapy treatment.
As news of the demise non-bank lender spread, Ms Kane struggled to come to terms with the possibility of losing up to $30,000 in savings.
“It took all of our security — we’ve been with Banksia for 20 years,” Ms Kane told The Standard.
Answers have been slow coming for shocked Banksia investors, many of whom are pensioners and farmers.
“When you’re 76-years-old it’s a bitter pill to swallow,” Ms Kane said.
Like many others, the couple had re-invested money recently into Banksia, leaving them asking why a company, which was teetering on insolvency would still take their money.
She now hopes that something may be returned.
“We left the money in there in case anything happened to us so the kids wouldn’t have to folk it out — I’m hoping to get some money back.”
Until recently the elderly couple had used the Koroit Street branch like a regular bank, withdrawing checks to cash at other banks.
Knowing others who have lost more, Ms Kane vowed to fight on.
“I feel sorry for the people who have lost everything,” she said. “We have to live in hope that it’s bright on the other side. We live to fight another day.”