Mutual Banking Code of Practice
The new Code expresses our commitment to member benefit, community involvement, fairer fees and customer service. It sets out 10 key promises and specific ways we will deliver on those promises. We undertake to comply with this Code in all our dealings with you.
Our 10 Key Promises to You and How We Meet These Promises
- We will be fair and ethical in our dealings with you
We will communicate with words that carry ordinary meanings having regard to general community standards. We will treat our Members in a fair and flexible manner. - We will focus on our members
Our “Mutuality” means our Members’ needs are our core business focus. - We will give you clear information about our products and services
We will provide relevant quality information that is easily accessed. - We will be responsible lenders
We will ensure that credit products offered to our Members meet the suitability of their needs, and are prudent to their financial position. - We will deliver high customer service and standards
We pride ourselves on our service standards, and strive to provide fair and reasonable response times. - We will deal fairly with any complaints
We are committed to responding to complaints fairly, effectively and in a transparent manner. - We will recognise member rights as owners
Our “Mutuality” drives our decisions, and we respect our Member’s rights in context of any mergers and takeovers. - We will comply with our legal and industry obligations
This is inclusive of all the legislative requirements that govern our industry. - We will recognise our impact on the wider community
We will continue to provide financial support to a number of charity organisations. We will continue also to sponsor various events in the community aimed at assisting areas where help is most needed. We will continue to engage in sustainable practices through various green initiates which lowers the Credit Union’s environmental impact. - We will support and promote this Code of Practice
We have adopted the Code and are committed to ensuring our compliance to the code.
For more details
You can get a full copy of the Code at any of our Branches or clicking here. The Code includes detailed provisions on how we will handle fees and rates, credit limit increases, guarantees, account statements, chargebacks, members in financial difficulty, debt recovery, reverse mortgages, finance broking and complaints.
Changes to terms and conditions
The terms and conditions of your accounts will not change. However, the way we tell you about changes to your account will change a little, for the better. From now on:
We will give you at least 20 days advance notice before we:
- Introduce a new fee or charge
- Increase a fee or charge
- Reduce the number of fee-free transactions permitted on the account
- Vary the minimum balance to which an account keeping fee applies
- Vary the method by which interest on your account is calculated, or
- Vary the circumstances when interest is credited or debited to your account.
We will notify you of an increase in the interest we charge on your loan or credit facility no later than the day on which the change takes effect. We will also advise you of any new minimum repayment amount. We will notify you of other changes to your account when we next communicate with you.
Telling you about changes to terms and conditions
We may notify you of changes in these ways: on or with your account statement; notification by letter or other direct communication; announcement via our newsletter or website; or advertisement in the local media or national media. In deciding the method of notification, we will consider the nature and extent of the change, as well as the cost and effectiveness of different methods of notification.
Code Compliance Committee
The Code created an independent code monitoring body, the Code Compliance Committee (CCC). The Committee’s role is to ensure that Mutuals meet the standards of good practice we agreed to adopt.
If you believe that we have breached the code, you can contact Code Compliance Committee (CCC):
- telephone CCC General Enquiries on 1300 780 808 between 9am and 5pm ( Melbourne time)
- write to the Code Compliance Committee, PO Box 14240, Melbourne VIC 8001; or
- lodge a complaint online at Code Compliance Committee Mutuals
