Your rights under the Code

The Code of Banking Practice outlines several commitments to you, whether you’re an individual or a small business customer.

Code-subscribing banks must act fairly and reasonably toward you and in an ethical way – a key clause that applies to all their dealings with you.

Other commitments cover everyday banking products and services, such as savings accounts and credit cards, to lesser known ones such as foreign currency loans.

The latest version of the Code comprises more than 40 clauses; clauses that may affect your day-to-day banking are listed below.

Key clauses

Terms and Conditions

The bank’s Terms and Conditions must be consistent with the Code.

Access to information

The bank must provide you with certain documents within certain timeframes.

Access to credit

Before offering or increasing a credit facility, the bank must exercise the care and skill of a diligent and prudent banker.

Resolving disputes

The bank must provide you with information about its internal dispute resolution process and tell you about external dispute resolution schemes.

For low income earners

The bank must provide you with information about accounts suitable to low income earners.

If you’re in financial difficulty

The bank must try to help you to overcome financial difficulties you may have with a credit facility you hold with that bank.

For guarantors

The bank has several obligations to people who act as guarantors.

The Code also includes provisions for small businesses and customers that live in remote Indigenous communities or have special needs.

Previous versions of the Code

If you’re concerned a bank may have breached the Code prior to 1 February 2014, please refer to the 2004 Code of Banking Practice (PDF 1. 04 MB)

What if banks break their promises?

Ensuring banks abide by the Code – and keep their promises to you – is the role of the Code Compliance Monitoring Committee.


Find out more

Download the Code of Banking Practice (PDF 6.68 MB)

Find out which banks subscribe to the Code

Concerned a bank has breached its code obligations in providing services to you? Report your concern to the CCMC