National Australia Bank

National Australia Bank (or NAB) is one of the largest financial institutions and bank in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation, it held total assets of A$657 billion as of 30 September 2008 and its operating income in 2008 was A$15.4 billion, it operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers.
NAB operates 1,714 branches and service centres and 2,939 ATMs globally. NAB has a "AA" senior debt rating by S&P.
NAB booked two write-downs associated with HomeSide. First, in July 2001, NAB had a $450 million write down of the value of its capitalised mortgage servicing rights (CMSRs) during the quarter ending June 30, 2001, and was the result of exceptionally high mortgage refinance volumes which lowered the value of the CMSRs, combined with a more challenging capital markets environment in which to hedge interest rate risk. This was followed shortly by a second write-down reported in September totalling $1.75 billion; this second write-down consisted of US$400 million from an incorrect interest rate assumption embedded in the mortgage servicing rights valuation model, US$760 million from changed assumptions in the model flowing from the continued unprecedented uncertainty and turbulence in the mortgage servicing market, and US$590 million from writing off of the goodwill. In total, NAB booked $2.2 billion in losses due to HomeSide.
On March 29, 2010, the U. S. Supreme Court heard oral argument in Morrison v. National Australia Bank, in which the Court is considering whether U.S. federal courts have jurisdiction over a class action filed against NAB by Australian investors for alleged securities fraud in the HomeSide fiasco. Although the plaintiffs claim that the U.S. has jurisdiction because the alleged fraud originated in Florida, the lower courts have sided thus far with NAB's argument that as far as the Australian plaintiffs are concerned, the alleged fraud actually occurred at NAB's offices in Australia. The Morrison case is the first so-called "foreign-cubed" securities class action case to reach the high court.

my husband had been using NAB online services for a number of years now he hadnt had any problems before every transaction online just goes thru smoothly not until recently that hje had changed his Phone provider. He can no longer use his old phone and when he tried to change his details that's when the nightmare began. It wont accept his new details he had to frequently call customer service all the time. he had to go to the branch all the time in order to transfer money which is absolutely nonesense because its a waste of time. The staff had been helpful enough but they couldnt do much because it's the system that's having problems. They assured my husband that after a week it will all be solved but after more than 2 weeks it's still unresolved.So word of advice if you want to stick with them just dont change any of your details.