The new Banking Code of
Practice, came into operation on 1 July 2019.
On the 22nd May, the ABA applied
for authorisation from the ACCC to further amend the Code by adopting the
recommendations from the Royal Commission. These recommendations relate to
default fees on farm properties during natural disasters, prevention of
informal overdrafts on basic accounts and overdrawn fees.
We welcome the ACCC’s proposed
authorisation for these changes. We note the ACCC has raised three further
conditions which the ABA will consider in more detail following discussions
with members.
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