Understanding the Banking Code for Better Banking

The Banking Code is a set of rules that banks must follow when dealing with customers. It's designed to protect your rights and ensure you're treated fairly.

The Code requires banks to clearly explain fees and charges, so you know what you're paying for. This includes things like overdraft fees and monthly maintenance fees.

You have the right to a clear and transparent explanation of how your account will be managed, including any changes to fees or terms. This information must be provided in a way that's easy to understand.

Banks must also provide you with a clear and concise explanation of their complaints handling process. This means you know exactly how to raise a concern or complaint if something goes wrong.

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The Banking Code has a robust compliance framework in place to ensure that banks adhere to the highest standards of conduct. The Code is binding on subscribers and is used by the Australian Financial Complaints Authority as a benchmark across the banking industry.

The Banking Code Compliance Committee (BCCC) plays a crucial role in investigating alleged breaches of the Code. They can formally warn a bank, require them to rectify or take corrective action for serious breaches, and report serious, systemic and ongoing issues to ASIC.

The Code is underpinned by a set of Statement of Guiding Principles that provide an ethical, customer-oriented and sustainable framework for decision-making. These principles guide banks in serving their customers and are shared by all member banks.

Compliance with laws is a critical aspect of any organization's operations. If the Code imposes an obligation on us that is in addition to obligations applying under a relevant law, then we will comply with the Code unless doing so would lead us to breach the law.

We must ensure that our actions align with both the law and the Code. This means that we will carefully review our obligations under the law and the Code to ensure we are meeting all requirements.

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Our goal is to maintain a strong reputation by adhering to both the law and the Code. We understand that compliance is not just about avoiding penalties, but also about building trust with our stakeholders.

In cases where the Code and the law conflict, we will prioritize compliance with the law. This is to avoid any potential consequences of breaching a law.

By taking a proactive approach to compliance, we can minimize the risk of non-compliance and maintain a positive relationship with our stakeholders.

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The Banking Code is a set of rules that applies to banks, and it's designed to protect consumers. It's the first industry code to be approved by ASIC, and it's binding on subscribers.

The Code applies to you if you're a customer of a bank that has signed up to the Code. This means that if you're dealing with a bank that has agreed to follow the Code, you're entitled to its protections.

A business is considered a small business if it meets certain criteria, including having an annual turnover of less than $10 million and fewer than 100 full-time equivalent employees. However, this doesn't apply to companies listed on the Australian Stock Exchange or government entities.

The Code applies to a wide range of banking services, including bank accounts, term deposits, credit cards, and loans. It also covers consumer credit insurance, payment services, and foreign currency exchange services.

Here's a breakdown of what the Code applies to:

The Code requires banks to provide clear and transparent information about their services and fees. This includes providing a statement in their written terms and conditions that the Code applies to the banking service or guarantee.

In New Zealand, a unique six-digit BSB bank code is used to identify a bank and its branch location, making it easier to track transactions.

This code is made up of the first two digits representing the bank and the last four digits representing the specific branch.

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To make a wire transfer in New Zealand, you'll also need the seven-digit account number and the suffix of two or three digits, which is required for the transaction to go through.

New Zealand's BSB bank code system is designed to provide a clear and concise way to identify financial institutions and their branches, reducing errors and increasing efficiency in financial transactions.

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Our bank is committed to providing excellent customer support, and we've got a few key principles in place to ensure you get the help you need. We'll have a Customer Advocate to help facilitate fair customer outcomes and minimize the likelihood of future problems.

Our staff and representatives will be trained and competent, including about the Banking Code. They'll be able to competently do their work and understand the Code to comply with it when providing banking services.

We'll engage with you in a fair, reasonable, and ethical manner, as outlined in our Banking Code. This means you can expect a positive experience when interacting with our bank.

Our Customer Advocate is there to help you navigate any issues that may arise with your banking services. We have a dedicated Customer Advocate in place to facilitate fair customer outcomes and minimize the likelihood of future problems.

The Australian Banking Association's Guiding Principles for Customer Advocates will guide our Customer Advocate's work. This ensures that we're providing the best possible support to you.

We're committed to making sure our Customer Advocate is equipped to handle any situation. This includes being trained on the Code and how to comply with it when providing banking services.

Here are some key points about our Customer Advocate:

We believe that having a Customer Advocate in place is essential for providing top-notch customer support. By having a dedicated point of contact, you can rest assured that your concerns will be heard and addressed in a fair and reasonable manner.

If you have a complaint, we're committed to handling it fairly and reasonably.

We'll ensure our process for handling your complaint is fair and reasonable, and we'll keep you informed of the progress.

You'll be given the name of a contact person who's handling your complaint and a way to contact them.

When we've completed our investigation, you'll receive a written response that includes the outcome of our investigation, your right to take your complaint to an external dispute resolution provider, and the name and contact details of that provider.

Here are the key timeframes for handling your complaint:

We'll also keep you informed if we require further information from you, and we'll request it within 21 days of receiving the complaint.

If you're not satisfied with the outcome of our investigation, you can take your complaint to our external dispute resolution provider.

If you're a small business owner, you know how frustrating it can be to navigate the loan application process. Simplified loan contracts with fewer conditions for total loans under $3 million can make a big difference.

The Banking Code provides clear guidelines for how banks should communicate with small businesses. For example, we'll tell you how to apply for a loan, including the information we require and how long before we'll make a decision.

We'll also give you a plain English document clearly setting out the key general terms and conditions of the loan, in addition to the disclosures required under Part 3 of the Code. This document may be a separate document or part of the loan document.

If we decide not to approve a loan, we'll tell you the general reason why, unless it's reasonable for us not to do so. This transparency is a big help in understanding our decision-making process.

Here's a summary of what you can expect when applying for a small business loan:

You have the right to request copies of certain documents from your bank, and it's actually quite straightforward. This includes contracts, mortgage or security documents, statements of account, and any relevant notices.

You can request these documents at any time, and your bank is required to provide them to you within 30 days.

There are a few exceptions to this rule, however. If you ask for a notice more than two years after the contract it relates to has ended, your bank doesn't have to give it to you. Similarly, if you've already received a statement of account within the past three months, you won't be able to get another copy for free.

If your bank does charge you a fee for providing you with a copy of a document, they may waive or refund it in certain circumstances. For example, if you don't have access to electronic statements, they'll waive the fee for hard copy statements.

Here are some key points to keep in mind:

We'll send you statements for your deposit account at least every six months, or more frequently if you ask. This is a standard practice that ensures you stay on top of your finances.

If you're in default on your loan account, we'll provide a statement of account or alternative, such as a transaction history, if you request it.

As a small business or individual, you're entitled to a statement of transactions on your account, even if the National Credit Code's statement rules don't apply to your loan or credit account. This is a safeguard to help you keep track of your financial activities.

However, if the nature of the banking service makes it impractical for us to provide such a statement, we may not be able to do so.

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We will provide you with extra care if you're experiencing vulnerability, including age-related impairment, cognitive impairment, or financial abuse.

We will train our staff to act with sensitivity, respect, and compassion if you appear to be in a vulnerable situation.

We will work with you to identify a suitable way for you to access and undertake your banking if you tell us about your personal or financial circumstances.

We will be respectful of your need for confidentiality when providing banking services to customers who are experiencing vulnerability.

We will try to make it easier for you to communicate with us and provide appropriate guidance and referrals to help you maintain or regain control of your finances.

We will refer you to external support if necessary.

We will give you a plain English document clearly setting out the key general terms and conditions of the loan before you accept a loan offer.

We will give you at least an account statement for a deposit account every six months, or more frequently if you ask.

We will give you a statement of account or alternative if you ask for it when you're in default on your loan account.

We will provide statements of transactions on your account if the National Credit Code's statement rules don't apply to your loan or credit account, unless it's impractical for us to do so.

Here are some examples of the types of statements we will provide:

You can easily manage your account online, thanks to the Banking Code. Customers can reduce their credit limits or close their card accounts online, making it more convenient to take control of your finances.

Banks will remind you when a credit card balance transfer introductory offer is about to end, so you can plan accordingly. No more unsolicited offers to increase credit limits will be sent your way, giving you peace of mind.

You can also dispute a transaction on your credit or debit card account if you notice something suspicious. If you tell us within the time limit set by the credit card or debit card scheme rules, we'll claim the relevant amount back if we find it was incorrectly charged.

If you're eligible, you can get a basic account with special features like no informal overdrafts, no dishonour fees, and no overdrawn fees. These accounts are designed to help you manage your finances more effectively.

Here are the special features of basic accounts for eligible customers:

We'll also raise awareness of basic, low, or no fee accounts and give you information about them, so you can make informed decisions about your banking.

Banks will now remind you when a credit card balance transfer introductory offer is about to end, making it easier to plan your finances.

You can finally say goodbye to unsolicited offers to increase your credit limits, as banks will no longer send them to you.

With online access, you can reduce your credit limits or close your card accounts without having to visit a bank branch.

To make the most of this feature, make sure to regularly check your online account to stay on top of your credit card management.

Here are some key benefits of the new credit card management features:

Basic no-fee accounts are a great option for those who want to keep their banking costs low. These accounts have minimal fees and charges, making them an attractive choice for everyday banking.

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You can choose to receive your account statements at monthly or longer intervals, and there are no minimum deposits required, except for government benefit payments. Free direct debit facilities are also included, allowing you to set up regular payments with ease.

A debit card, such as eftpos or a scheme debit card like Visa Debit or Mastercard Debit, is also provided at no extra cost. This means you can make purchases and withdraw cash without incurring additional fees.

Here are the key features of basic no-fee accounts:

However, keep in mind that you may still be charged for certain ancillary services, such as bank cheques or transactions at ATMs owned and operated by third parties.

Combining your accounts can be a convenient way to manage your finances, but there are some rules that apply.

If your accounts are combined, you'll be informed promptly if we use funds from one account to repay a debt you owe us. This is a straightforward process.

However, there are some circumstances where we can't combine your accounts. If you have an account related to a loan regulated by the National Credit Code, we may not combine it in certain situations.

These situations include if we're actively considering your financial situation or if you're complying with an arrangement we've made with you. We may also not combine your accounts if it would breach our Code of Operation for recovering debts from certain government payments.

If we're considering your financial situation, we might require you to keep funds in an account until we've decided on your request. This is to ensure we have a clear picture of your financial situation before making any decisions.

When managing your bank account, it's essential to understand the Sort code, which is used in England and Ireland to identify the bank location.

The Sort code is six digits, expressed as three sets of two numbers separated by a hyphen.

In Ireland, the Sort code is also known as the National Sort Code or NSC, and it begins with 9.

The Sort code is used as part of the IBAN code for making bank transfers internationally, making international transactions smoother.

Sort codes are a crucial part of bank transfers, and having the right code is essential for successful transactions.

We will only appoint external experts who are members of professional organisations that abide by a similar code of practice. This ensures they have the necessary qualifications and experience to provide accurate and unbiased valuations.

Our processes in relation to external expert valuations will be fair and transparent. We will communicate clearly and explain the purpose of the valuation to the customer.

We will provide you with a copy of the valuation and the related valuer instruction, unless enforcement proceedings have already commenced. We may require you to acknowledge in writing that you accept our reasonable limitations on your use of the valuation before we provide it to you.

We will act fairly when using investigative accountants and insolvency practitioners. This includes ethically managing potential conflicts of interest when appointing receivers who have been investigating accountants.

You and your are defined as a person who receives a banking service or information at the time it's provided. This can include individuals or small businesses that meet certain criteria.

A guarantor is an individual who secures a loan for another person or a small business. Guarantors play a crucial role in ensuring loans are repaid.

A business is considered a small business if it meets specific requirements at the time it obtains a banking service. This includes having certain characteristics, but the exact details are not specified in the provided text.

Having a joint account can be a convenient way to share financial responsibilities with someone you trust.

You can use a joint account to make withdrawals, but be aware that either you or another account holder can make withdrawals without needing approval.

If you're concerned about someone else making withdrawals without your consent, you can ask your bank to change the account authority so that all account holders must approve future withdrawals.

This is especially relevant if you're vulnerable or need to protect your financial interests.

Directors of a company who are signatories on behalf of the company, rather than joint account holders in their personal capacity, are not subject to this rule.

Financial services are a crucial aspect of the banking code. The code requires banks to provide clear and transparent information about their services, including fees and charges.

Banks must also ensure that customers have access to their money when needed, with a maximum waiting period of 5 working days for withdrawals. This is a significant improvement from the previous 10 working days.

Customers can also rely on banks to provide timely and accurate statements, with a minimum frequency of monthly statements. This helps customers keep track of their finances and identify any discrepancies.

The Banking Code of Practice is a game-changer for customers. It provides a plain-English, customer-friendly guide to understanding their rights and obligations.

Customers can now easily switch banks by being given lists of direct debits and recurring payments. This makes it a whole lot simpler to switch banks.

You'll receive notice of transaction fees before they occur, so you can plan accordingly. This way, you're not caught off guard by unexpected fees.

Banks will take extra care when serving customers who are experiencing vulnerability. This is a big deal, as it shows that banks care about their customers' well-being.

Better protections are in place for guarantors, including a cooling-off period. This gives guarantors time to think things through before making a decision.

Guarantors will be notified of changes to the borrower's circumstances, including if they're experiencing financial difficulty. This helps guarantors stay on top of things and make informed decisions.

Banks are now offering basic, low or no fee bank accounts. You may be eligible, so it's worth asking your bank about it.

Lenders Mortgage Insurance is a type of insurance that may be required for your loan. We will require you to pay for it if necessary, and we'll provide a fact sheet with key policy features.

The cost of lenders mortgage insurance will not be more than the actual cost we incur for the policy. We won't receive a commission on your policy.

If your loan is repaid or refinanced before the policy ends, you may be eligible for a partial refund of the fee or charge you paid. We'll explain this in the fact sheet we provide.

In Australia, a BSB (Branch State Bank) code is used to identify a bank branch.

The BSB code consists of six numbers, with the first two or three digits for branch identification.

You can find the BSB code on your bank statement or online banking account.

To locate your BSB code, search a BSB branch locator on your bank's website or use another online BSB checker tool.

A BSB code is required for international bank transfers, which also use an account number and SWIFT code for processing through the SWIFT network.

The IFSC is a crucial code used in India for transferring money within the country. It serves as a bank code, facilitating transactions between banks.

In India, the IFSC is used to transfer money within the country between banks and to transfer foreign money to Indian bank accounts. This code is essential for smooth transactions.

The IFSC is a unique 11-digit code assigned to each bank branch. It helps identify the branch and facilitates faster processing of transactions.

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As part of the Banking Code, it's essential to keep your accounts safe and secure. We'll tell you to safeguard your payment documents, cards, and devices.

You should notify us immediately if any of those items are lost or misused. Our terms and conditions set out the specific procedures for doing so.

To notify us of the loss, theft, or misuse of payment documents, cards, or devices, you can follow these steps:

If you don't tell us about the loss, theft, or misuse, there may be consequences. We'll tell you about these consequences in our terms and conditions.

We'll also let you know if we cancel your credit card due to misuse or other security concerns.

In Mexico, CLABE (Clave Bancaria Estandarizada) is used for 18-digit Mexican bank account numbers.

The CLABE is used for banking transactions, including bank transfers.

In Australia, users of electronic payment facilities are protected by the ePayments Code.

This code applies to consumer electronic payment transactions, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY.

It's worth noting that the ePayments Code is a complement to other regulatory requirements, such as financial services and consumer credit licensing, advice, training and disclosure obligations under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.

The ePayments Code has its roots in the Electronic Funds Transfer Code of Conduct, which existed from 1986.

Direct Debits and Recurring Payments are a convenient way to pay bills and services on a regular basis. You can ask your bank to give you a list of your direct debits and recurring payments for up to the previous 13 months.

Direct debits are regular payments from your deposit account, where you've given your account details to a merchant or service provider. Recurring payments, on the other hand, are regular charges to your credit or debit card.

You can ask your bank to cancel a direct debit request, and they'll promptly process it. They'll also investigate an unauthorized direct debit and act promptly to assist you.

To stop withdrawals, you can ask your bank to cancel your direct debit request. However, if there's a problem with a direct debit, you may want to contact the merchant you pay through the direct debit.

Here are the types of regular payments:

Transaction Service Fees can be a surprise, but they're not always disclosed upfront. The bank will tell you about a transaction service fee immediately before you incur the fee, if it's practical and reasonable for them to do so.

However, there are some circumstances where they might not be able to warn you in advance. For example, if the fee is charged based on your end-of-day balance, like an overdrawn fee.

You might not be warned about fees when making online purchases from a third party, using a merchant terminal, or using another bank's ATM. Break costs can also sneak up on you if your transaction makes a prepayment to a fixed rate loan.

Here are some scenarios where you might incur a transaction service fee without being warned:

Swift codes are used worldwide for international transactions between banks, helping to facilitate smooth and secure money transfers.

A SWIFT code, also known as a Bank Identifier Code (BIC), is an eight to 11 digit code that identifies the bank, country, and head office location.

The code can also optionally identify a specific branch, providing an extra layer of detail for more precise transactions.

SWIFT codes are essential for international transactions, allowing banks to communicate with each other and process cross-border payments efficiently.

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In Mexico, a unique banking system uses 18-digit numbers for bank account identification. These numbers are known as CLABE.

The CLABE stands for Clave Bancaria Estandarizada, which translates to standardized bank code or standardized bank cipher. It's used for banking transactions, including bank transfers.

The CLABE is a crucial part of Mexican banking, allowing for secure and efficient transactions.

The MICR code plays a vital role in India's Electronic Clearing System. It's a nine-digit code consisting of City Code, Bank Code, and Branch Code, each with three digits. This unique code enables automatic electronic reading of checks.

The MICR code is used in conjunction with the IFSC code, which is also crucial for financial transactions in India. MICR is a specialized ink used for printing checks that can be read by machines.

The MICR code is printed using magnetic ink character recognition technology, making it easy for machines to read and process transactions. This technology has streamlined the transaction process in India.

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International Payments are a crucial part of modern banking, and the Banking Code ensures that these transactions are conducted securely and efficiently.

The Banking Code requires banks to implement robust security measures to prevent unauthorized transactions, such as those related to cross-border payments.

The IBAN is a standard format bank code used internationally to identify a foreign bank account and facilitate wire transfers and interbank transfer transactions.

It's a lengthy number, consisting of up to 32 alphanumerics.

The IBAN includes a country code, which helps identify the country where the account is located.

The number also includes two check digits, which are used to verify the accuracy of the IBAN.

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Hong Kong has its own unique system for domestic bank account transactions, using a three-digit bank code number to identify the bank name.

This code is combined with the branch code and bank account number to facilitate bank transfers.

For overseas transactions, Hong Kong uses the SWIFT code and IBAN.

If you're a farmer, you might be relieved to know that you won't be charged default interest on your loan during a drought or natural disaster. This is a one-time courtesy, so be sure to report the circumstances to your bank to avoid any confusion.

If you're a small business owner, you'll get 30 days' notice before your bank takes enforcement proceedings against you. This gives you a chance to rectify the situation and avoid full repayment.

In some cases, your bank may not give you notice before requiring repayment of an overdraft or on-demand facility. However, if this also constitutes default under another loan, they'll still follow the 30-day notice rule for that loan.

If you're unable to remedy the default, or if it poses a material and immediate risk, your bank may not give you the usual 30 days' notice before taking action. This is a rare exception, but it's essential to understand the circumstances under which it might apply.

Here are some key scenarios to keep in mind:

If you're in default under your loan, you'll be given notice before enforcement proceedings begin. This notice period can vary depending on the type of loan you have.

If you're a small business in default, you'll receive 30 days' notice before we require full repayment or take enforcement proceedings. This gives you time to remedy the default and avoid enforcement.

There are some exceptions to this notice period, however. If the default is unable to be remedied, or if it's reasonable for us to require repayment to manage a material and immediate risk, we may not give you notice.

If you have an overdraft or on-demand facility, we may not be required to give you notice when we require repayment. However, if a failure to repay that facility on demand also constitutes default under another loan with us, we'll comply with the notice period for that other loan.

We'll also tell you if we report your default activity to a credit reporting body. You can obtain a copy of your report directly from a credit reporting body if you want to see the details of your default.

In some cases, we may not charge default interest on a loan during a drought or natural disaster. If you're a farmer and your land is affected, you may be eligible for this exemption. You'll need to notify us of the circumstances and we'll refund any default interest or fees that were charged during the default period.

If you're a small business in default under your loan, you'll receive 30 days' notice before we require you to repay the loan in full or take enforcement proceedings.

This notice period is a standard practice to give you time to remedy the default. If you're able to fix the issue within the 30-day period, we won't require full repayment or take enforcement proceedings.

However, there are situations where we may not provide this notice period. These include cases where the default is unable to be remedied, or it's reasonable for us to do so to manage a material and immediate risk.

We may also not provide notice if we've already given you a period to remedy the default and you haven't fixed the issue. For instance, if you have an overdraft or on-demand facility, we may not be required to give you notice when we require repayment.

Here are some scenarios where we won't provide notice:

In some cases, we may transfer your debt as part of a funding arrangement, such as a securitization or the issue of covered bonds. This transfer may occur even if we're actively considering your financial situation or you're complying with an arrangement we agreed to. However, we'll always notify you in writing if we sell your debt to another party.

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If we decide not to extend your loan, you'll receive notice at least 3 months before the full repayment is due.

This notice period gives you time to prepare and explore other options for managing your loan.

If you're a small business and not in default, the notice period is a minimum of 3 months.

You'll need to repay your loan in full at the end of its scheduled term by regular periodic repayments.

We're not required to extend or refinance your loan on the same terms if we decide to do so.

You'll have to negotiate new terms if we agree to extend or refinance your loan.

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Your guarantee will be limited to a specific amount and/or category of amounts, such as all amounts owing under a specific loan, plus other liabilities and amounts as described in the guarantee.

To limit your liability, you can write to the bank, but they don't have to accept your request if it doesn't cover the borrower's existing liability, or if they need to make further advances.

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If you want to limit your liability, you'll need to specify the amount or category of amounts, and the bank will review your request.

Here's a summary of the possible limits on your liability:

Signing your guarantee is a crucial step in taking on liability for a loan or asset. You'll receive the guarantee documents directly from the lender or their representative.

You'll never receive the guarantee documents from the borrower or someone acting on their behalf to arrange for you to sign. This ensures you're not influenced by the borrower's interests.

If you're a commercial asset financing guarantor, sole director guarantor, or trustee guarantor, the lender will give you the guarantee documents, and you can sign them in the borrower's presence.

However, if you're a director guarantor who chooses to sign and deliver the guarantee earlier, you can do so without the lender's influence.

Here are the scenarios where the lender will not give the guarantee documents directly to you:

Ending your guarantee can be a bit complicated, but don't worry, I'm here to break it down for you.

You can withdraw from a guarantee at any time before credit is provided, as long as you give written notice to the relevant party.

If you've already signed the guarantee and the loan terms have changed in a material way, you can withdraw from the guarantee if the new loan terms are significantly different from what was initially proposed.

You can only withdraw from a guarantee to the extent of your obligations under the guarantee.

To end your liability under a guarantee, you have two options: pay the lower amount of what you owe, or make alternative arrangements that the relevant party agrees to.

The relevant party will inform you in writing of any changes or requirements related to ending your guarantee.

You can refer to the following options for ending your guarantee:

If you've guaranteed a loan, you might be wondering how your lender will enforce their rights if the borrower defaults. According to the lender's policy, they won't enforce any mortgage or other security you've given them unless they've first enforced any mortgage or other security that the borrower has provided for the guaranteed liability.

However, this restriction doesn't apply if you've specifically agreed in writing after the default notice is issued that it doesn't apply, or if the lender reasonably expects that the net proceeds of enforcing the borrower's security will not be sufficient to repay a substantial portion of the guaranteed liability.

Before enforcing a loan against a small business, the lender will give 30 days' notice. If the business remedies the default during this period, no enforcement proceedings will be taken.

The lender will not enforce a judgment against you unless they've first enforced any mortgage or other security that the borrower has provided for the guaranteed liability, and one of the following conditions has occurred:

Here's a summary of the conditions under which the lender won't enforce a loan against a small business:

Limiting liability under a guarantee is a crucial aspect to consider before accepting one. You can limit your liability to a specific amount or category of amounts, such as all amounts owing under a specific loan, plus other liabilities and amounts as described in the guarantee.

You can also limit your liability to the value of a specified property or other assets under a specified mortgage or other security at the time of recovery. However, you'll need to write to the lender to request this limitation.

The lender doesn't have to accept your request if the amount or nature of the limit you request doesn't cover the borrower's existing liability, plus any interest owed or fees incurred. This is the case if the lender is obliged to make further advances to the borrower or if preserving the current value of an asset as security for the loan requires further advances.

You can limit your liability before accepting a guarantee, but the lender has the right to refuse your request if it doesn't meet certain conditions. Here are the specific conditions under which the lender may refuse your request:

The lender will typically include a prominent notice in the terms and conditions of the guarantee stating the limitations of the guarantee. If you're unsure about the limitations of your guarantee, it's essential to review the terms and conditions carefully before accepting the guarantee.

Accessibility and Inclusivity is a top priority for banks, and it's great to see it being taken seriously. We are committed to providing banking services that are inclusive of all people, including older customers, people with a disability, Indigenous Australians, and people with limited English.

Our staff will be trained to treat these diverse and vulnerable customers with sensitivity, respect, and compassion. This is a crucial step in ensuring that everyone feels welcome and supported when using our banking services.

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We will take reasonable measures to enhance accessibility for people with a disability, older customers, and those with limited English. This might include providing alternative formats for documents or offering assistance with online banking.

If you're an Indigenous customer, we'll take reasonable steps to make our banking services accessible to you. This includes telling you about relevant accounts and services, helping you meet identification requirements, and even providing cultural awareness training to our staff.

We'll also go the extra mile to assist customers who reside in remote communities, including remote Indigenous communities. We'll provide cultural awareness training to our staff who work with these customers, so they can better understand their needs.

Here are some ways we'll make our banking services more accessible:

By prioritizing accessibility and inclusivity, we can create a more welcoming and supportive banking environment for everyone.

We will let you know about any changes to our banking services as soon as reasonably possible.

If we change our standard fees and charges or an interest rate, you'll be notified in advance. We'll tell you no later than the date of the change, unless the interest rate is calculated based on an external reference rate.

We'll give you at least 30 days' notice for any other changes that might affect you, unless it's an emergency or a government charge that we're required to pass on.

We may not always be able to give you 30 days' notice, but we'll do our best to keep you informed about any changes to our services.

Here are the ways we'll let you know about changes:

We're committed to keeping you informed and adapting our services to meet your needs.

Closing Services is a straightforward process, and here's what you need to know.

You'll be given readily accessible information on how to close your account if you want to do so.

Closing an account can be done quickly and easily, although some products may have a minimum notice period.

If you close an account that's in credit, the bank may close it under its terms and conditions.

The bank will give you reasonable notice of the closure, pay you the credit balance, and may charge you an amount that's their reasonable estimate of the costs of closing your account.

You can ask the bank to cancel your consumer credit card, and they'll provide the ability to do this online or over the phone.

If you ask them to cancel your credit card, the bank will give you information about recurring payments and your outstanding balance.

The bank will tell you if they cancel your credit card, and give you the general reasons for doing so if appropriate.

If you want to close your account, you can do so by following the bank's instructions, which will be provided to you.

The Banking Code is a set of rules that govern the behavior of banks and other financial institutions.

These rules are designed to protect consumers from unfair practices and ensure they are treated fairly.

The Banking Code is not a law, but a voluntary code of conduct that banks agree to follow.

It's enforced by the Australian Securities and Investments Commission (ASIC), which can take action against banks that don't comply.

Definitions are the foundation of understanding any concept or idea. A definition is a statement that explains the meaning of a word or phrase.

A definition can be formal or informal. In formal definitions, the meaning of a word is explained through a precise and technical description. Informal definitions, on the other hand, are more casual and may include examples or anecdotes to illustrate the concept.

A definition can also be specific or general. Specific definitions focus on a particular aspect or characteristic of a word, while general definitions provide a broader understanding of the concept.

For example, a specific definition of "sustainability" might focus on its environmental aspect, while a general definition might encompass its social and economic implications as well.

Changes are being made to improve customer service and rebuild trust in the banking system. One of these changes is that banks are no longer paying product sales commissions to retail bank staff.

This change is a significant step towards making banking more transparent and customer-focused. It's a move away from prioritizing sales over people's needs.

Banks are also introducing Dedicated Customer Advocates to help resolve issues when things go wrong. These advocates are a direct line of support for customers who need assistance.

For example, if you have a problem with your mortgage, a Dedicated Customer Advocate can help you navigate the issue and find a solution.