Banking

Your consumer rights as a banking customer 

As a consumer, you are entitled to be treated fairly by your bank. You have the right to:

• have your money kept safe and secure, and returned to you in accordance with the law
• be able to conduct your banking in a safe environment
• be kept informed about the banking products and services you use, including any important changes to the terms and conditions of a product or service
• be given information to help you make an informed decision about whether to use a product or service
• have your privacy respected and your personal information treated confidentially in accordance with any terms you have accepted
• be able to access a complaints process if you have a problem
• access information about financial hardship arrangements and get help when appropriate.

It is your responsibility to:

• read and understand any contract, terms and conditions before signing or accepting them
• ask the bank to explain anything you do not understand about the contract, terms and conditions
• meet your obligations under any contract you enter
• keep your personal information and banking details, including your PIN, access codes and account numbers secure
• read your account statements and notify the bank of any suspected unauthorised activity
• take reasonable care to minimise the risk of fraud or forgery
• notify the bank immediately if your debit or credit card is lost or stolen
• take reasonable precautions when banking online, for example, install security software on your computer.

Australian Financial Complaints Authority (AFCA)

The Australian Financial Complaints Authority is a single dispute resolution scheme for all financial services.

Contact the Australian Financial Complaints Authority (AFCA) if you have a complaint regarding:

• credit products
• finance facilities
• loans
• banking payments and deposits
• insurance policies
• investments
• financial advice
• a breach of law or duty
• misrepresented information, for example, fees, charges, rebate or interest rates
• a misrepresented product or service
• lack of assistance in relation to financial difficulty you are experiencing.

Australian Securities & Investments Commission (ASIC)

ASIC is Australia’s regulator for financial services and consumer credit. They set and enforce banking standards and act against misconduct in the banking sector.

The legislation regulates the relationship between lenders and borrowers and covers things such as:

• contractual disclosures
• fees and charges
• mortgages
• guarantors
• credit advertising.

If you think your bank or credit provider may have engaged in misconduct or illegal activity, you can lodge a complaint with ASIC. They do not get involved in mediation between financial institutions and their customers over monetary disputes. 

If something goes wrong:

• call AFCA on 1800 931 678 or make a complaint online if you have an issue with a financial service or product. AFCA provides a free and independent external dispute resolution service to consumers.
• if you believe a bank or financial institution is or has engaged in illegal activity or misconduct, contact the Australian Securities and Investments Commission (ASIC) on 1300 300 630.
• to report a scam, refer to the SCAMwatch website.