Resources Minister Matt Canavan banks with Westpac, the company he has labelled "wimps" and encouraged Queenslanders to think about boycotting over its refusal to finance the giant Adani coal mine.
And Finance Minister Mathias Cormann and Prime Minister Malcolm Turnbull, who have both backed Senator Canavan's combative approach to Westpac, are also customers of Australia's second largest bank.
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ABC spreading fake news: Canavan
Nationals MP Matt Canavan has had a bizarre spray on radio, accusing the ABC of reporting fake news over the Adani coal mine.
Senator Canavan, who blasted Westpac as spineless for refusing to fund Adani's proposed Carmichael mine in the face of climate change protests, has a Westpac savings account, according to the parliamentary register of interests, along with accounts with Commonwealth Bank, ING and HSBC.
"May I suggest those Queenslanders who are seeking a home loan or a long-term bank deposit or some such in the next few months might want to back a bank that is backing the interests of Queenslanders," he said over the weekend.
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"Some corporations unfortunately today are wimps in regard to standing up to these activists."
On Monday, Senator Canavan indicated he would put his money where his mouth was, after being contacted by Fairfax Media.
"The minister is taking steps to close his Westpac account. He plans to switch to the Bank of Queensland," said a spokeswoman. Â
"It's a public holiday in Queensland today, so he will follow up again on the paperwork tomorrow [Tuesday]."
Senator Cormann, who described Westpac's new coal investment policy as "strange and very, very disappointing", is also a customer.
Three mortgages over the Western Australia senator's home address, his Canberra residence and an investment property are all held by Westpac, according to parliamentary records.
On Monday, Mr Turnbull said he was  "disappointed" with Westpac.
"I think these projects should be examined on their merits," he said.
Mr Turnbull declares a deposit account with Westpac on the members' register but he also has accounts with CBA, St George, Macquarie Bank, Citibank and National Australia Bank.
Westpac released its new climate policy on Friday, saying it would limit lending for new thermal coal projects to "only existing coal-producing basins" and those that are mining coal with the highest energy content.
The Carmichael mine would be the first to dig in Queensland's Galilee Basin.
Westpac's policy would rule out investing in the Galilee but the bank could still to do business in the Hunter Valley in NSW, where the coal is of a higher calorific value.
Australia's four largest banks have now all ruled out funding the Adani mine.
Adani, owned by Indian billionaire Gautam Adani, claimed Westpac had chosen to "bow to environmentalists".Â
A Westpac spokesman rejected Senator Canavan's claim that its lending policy had been driven by recent protests, including a disruption by climate change and anti-coal protesters at its 200th birthday party last month.Â
Labor environment spokesman Mark Butler said Westpac's decision reflected that Adani proposal does "not stack up" on the numbers.
"I think the banks are a bit tougher than making commercial decisions based on a few young activists turning up to their birthday party," he said on Sunday.
"This [decision] reflects the state of the commercial coal market, particularly in India."
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