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More info about the new banking code.

The new banking code has been in for just about two weeks (I talked about it here) and a new AusBanking website, belonging to the Australian Banking Association, is now available (ausbanking.org.au).

According the website, the new Banking Code is 'a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks. Australian banks have completely re-written their Code of Practice to better meet community expectations'.

The main benefits are:

  • Greater protection for customers

  • Basic, Low or No-fee accounts

  • Stronger enforcement and compliance

  • Easier credit card maintenance

  • Easier for small businesses

Of particular note is section 9 of the code (scroll past the participating banks) which outlines the assistance that the Australian Banking Association can give you if you are experiencing financial hardship.

The website also has a list of participating banks. Note that any bank shown, incorporates any subsidiary bank that is owned by them.

In all, these changes seem to be heading in the right direction towards a fairer and more open banking industry.