The Australian Banker’s Association (ABA)?

A 24 member group of banks in Australia that provides analysis, advice, and advocacy for the banking industry and contributes to the development of public policy on banking and other financial services.

What’s changing?

The ABA has submitted a new banking code to the ASIC (Australian Securities and Investments Commission) for changes in the banking code that are more favourable to the consumer.

Below are summaries from ABA. 

- Customers will be informed when a bank reports any payment default on a loan to a credit reporting body, making it easier for customers to manage their finances.

- On request, customers will be provided with a list of direct debits and recurring payments made on accounts. This can go back as far as 13 months and can assist customers with managing their accounts, avoiding dishonor fees and switching.

- Improved transparency around fee disclosure by telling customers, where practical, about transaction service fees, immediately before they incur the fee, helping customers better manage their costs.

- Waiving or refunding statement fees for customers who do not have access to electronic statements.

Only time will tell if the ASIC approves these changes. But definitely, these changes are a step in the right direction to for helping credit card users.

 

Feel free to leave your comments in the below section.