Last updated 28 November 2016
The Code of Banking Practice (Banking Code) sets out all the important rights customers have in their dealings with banks. Credit unions and building societies have their own code with similar (or better) provisions referred to above under the industry codes of practice. The rights in the Banking Code are greater in most cases than the rights the law would give to customers. Matters covered by the Banking Code are:
- disclosure of fees and charges, and other terms and conditions
- changes to terms and conditions, and fees and charges
- disclosure of general information about banking services
- procedures and protocols to protect an individual’s privacy
- provision of statements of account
- provision of copies of documents
- cancellation of direct debits
- charge-backs on credit cards
- debt collection procedures and protocols
- procedures to handle complaints.
The Banking Code also gives guarantors more information about borrowers and other rights. More information can also be obtained from the Mutual Banking Code of Practice, which is the code of practice for credit unions and mutual building societies, and the Mortgage and Finance Brokers Code of Practice, which is the code for mortgage brokers.