Find out what actions banks take to protect their customers and what actions customers should take to protect themselves. More information is available in the Security and Fraud Prevention section of our website.
Rights and responsibilities
Your bank has made a number of obligations to you:
- Your money is safe and secure
- Your information will be maintained with confidentiality
- You will receive changes to terms and conditions and fees and charges
- You will receive information about banking services
- You will receive a statement of account
- You can utilise direct debits
- You will have access to fair debt collection and complaints handling procedures
Banking and financial services regulation and voluntary codes of conduct are in place to protect consumers.
Bank customers should be aware of their rights and responsibilities when they are conducting bank transactions.
For more information, see Code of Banking Practice and Industry Standards and the ePayments Code.
Resolving a dispute
If you’re not happy with a bank product or service, your first step is to contact your bank to tell them about your problem. If you don’t think the bank has resolved your problem to your satisfaction, then you can make a complaint to the Financial Ombudsman Service.
Banks and privacy
Code of Banking Practice
The Code is a voluntary code that sets out standards of disclosure and conduct which subscribing banks agree to observe when dealing with their customers. For a copy of the Code freecall 1800 009 180 and we will send you a hard copy in the mail.
Don’t worry if you have forgotten about the existence of a bank account – banks keep account records so that the money can be tracked down and returned to you at any time.
Commonwealth Government legislation (Section 69 of the Banking Act 1959) governs unclaimed monies. Currently banks are required by law to transfer accounts with a balance of $500 or more that have not had a customer initiated deposit or withdrawal for the last seven years to Commonwealth Treasury. The law states the transfer must occur. However, the bank will always try to make contact with you before they send your funds to Commonwealth Treasury.
Visit the Australian Securities and Investments Commission website to search their database for unclaimed funds.