First
published by the Australian
Bankers' Association
in August 2003. Subsequent
amendments published
in May 2004. For details
of these amendments
see Australian
Bankers' Association
under "Code of
Banking Practice".
This
version of the Code
of Banking Practice
includes these amendments.
1.1
This Code is
a voluntary code of
conduct which sets
standards of good
banking practice for
us to follow
when dealing with
persons who are, or
who may become, our
individual and small
business customers
and their guarantors.
(a)
continuously work
towards improving
the standards of
practice and service
in the banking industry;
(b)
promote better informed
decisions about
our banking services:
(i)
by providing effective
disclosure of
information;
(ii)
by explaining
to you,
when asked, the
contents of brochures
and other written
information about
banking services;
and
(iii)
if you
ask us
for advice on
banking services:
(A)
by providing
that advice
through our
staff authorised
to give such
advice;
(B)
by referring
you to
appropriate
external sources
of advice; or
(C)
by recommending
that you
seek advice
from someone
such as your
legal or financial
adviser;
(c)
provide general
information about
the rights and obligations
that arise out of
the banker and customer
relationship in
relation to banking
services;
(d)
provide information
to you in
plain language;
and
(e)
monitor external
developments relating
to banking codes
of practice, legislative
changes and related
issues.
2.2
We will act
fairly and reasonably
towards you
in a consistent and
ethical manner. In
doing so we
will consider your
conduct, our
conduct and the contract
between us.
2.3
In meeting our
key commitments to
you, we
will have regard to
our prudential
obligations.
3.1
We will comply
with all relevant
laws relating to banking
services, including
those concerning:
(a)
consumer credit
products;
(b)
other financial
products and services;
(c)
privacy; and
(d)
discrimination.
3.2
If this Code
imposes an obligation
on us, in addition
to obligations applying
under a relevant law,
we will also
comply with this Code
except where doing
so would lead to a
breach of a law (for
example, a privacy
law).
In
addition to your
rights under this
Code, you
retain any rights
you may have
under Federal laws,
especially the Trade
Practices Act 1974,
the Australian Securities
and Investments Commission
Act 2001 and Chapter
7 of the Corporations
Act 2001, and under
State and Territory
laws, especially the
Uniform Consumer Credit
Code and Fair Trading
Acts.
5.1
We will require
the ABA to
commission an independent
and transparent review
of this Code
every 3 years or sooner
if appropriate, with
the review to be conducted
in consultation with:
(a)
banks which
adopt this Code;
(b)
consumer organisations;
(c)
other interested
industry associations;
(d)
relevant regulatory
bodies; and
(e)
other interested
stakeholders.
5.2
We will participate
in any such review
and co-operate with
the person conducting
it.
5.3
We will require
the ABA to
establish, and we
will support, a forum
(including consumer,
small business
and banking industry
representatives) for
the exchange of views
on:
(a)
banking issues;
and
(b)
the effectiveness
of this Code.
We
will also require
the ABA to
ensure that these
views are taken into
account in the next
review of this Code.
5.4
We will require
the ABA to
promptly publish on
its website:
(a)
the recommendations
and report arising
from a review of
this Code
(and to make them
available to the
public in hard copy
on request);
(b)
reasons why any
such recommendation
has not been accepted;
and
(c)
quarterly progress
reports on the implementation
of those recommendations
which have been
accepted, until
the implementation
process is complete.
We
recognise the needs
of elderly customers
and customers with
a disability to have
access to transaction
services, so we
will take reasonable
measures to enhance
their access to those
services.
10.1
We will expeditiously
provide to you,
or any person, on
request:
(a)
the terms and
conditions of
any ongoing banking
service we currently
offer;
(b)
full particulars
of standard fees
and charges
that are, or may
become, payable
for any banking
service we currently
offer; and
(c)
particulars of the
interest rates applicable
to any banking
service we currently
offer.
10.2
The terms and conditions
of our banking
services will:
(a)
be distinguishable
from marketing or
promotional material;
(b)
be in English and
any other language
we consider
to be appropriate;
(c)
be consistent with
this Code;
(d)
be provided at the
time of or before
the contract for
an ongoing banking
service is made
except where it
is impracticable
to do so, in which
case they will be
provided as soon
as practicable afterwards;
and
(e)
draw attention to
the availability
of the general descriptive
information referred
to in clauses 13.1
and 13.2 if it is
relevant and will
specifically mention
the availability
of information about:
(i)
account opening
procedures;
(ii)
our obligations
regarding the
confidentiality
of your
information;
(iii)
complaint handling
procedures;
(iv)
bank cheques;
(v)
the advisability
of you
informing us
promptly when
you are
in financial difficulty;
and
(vi)
the advisability
of you
reading the terms
and conditions
applying to the
relevant banking
service.
10.3
Any written terms
and conditions
will include a statement
to the effect that
the relevant provisions
of this Code
apply to the banking
service but need
not set out those
provisions.
10.4
We will include
(where relevant) the
following in or with
our terms and conditions
applying to a banking
service:
(a)
the standard
fees and charges
that then apply;
(b)
the method by which
interest, if any,
is calculated and
the frequency with
which it will be
credited or debited;
(c)
the manner in which
you will
be notified of changes
to:
(i)
the terms and
conditions;
(ii)
fees and charges;
and
(iii)
interest rates;
(d)
if appropriate,
the fact that more
than one interest
rate may apply;
(e)
any minimum balance
requirement or restriction
on depositing money
in, or withdrawing
money from, an account;
(f)
for term deposits:
(i)
how we
will pay interest
and repay the
principal;
(ii)
how funds may
be dealt with
at maturity; and
(iii)
details of any
fee or charge
or change in an
interest rate
resulting from
a withdrawal in
advance of maturity;
(g)
in respect of a
loan to you
which is not regulated
by the Uniform Consumer
Credit Code, the
repayment details;
(h)
subject to clause
24, the frequency
with which statements
of account will
be provided;
(i)
a statement that
information on current
interest rates and
standard fees
and charges
is available on
request;
(j)
how we will
process the cancellation
of a direct debit
request relevant
to a banking
service, in
accordance with
clause 19 of this
Code; and
(k)
how you or
we may alter
or stop another
payment service.
