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The Banking Code of Practice (the Code) sets out standards of practice and service in the Australian banking industry for individual and small business customers, and their guarantors.
The Banking Code of Practice (the Code) sets out standards of practice and service in the Australian banking industry for individual and small business customers, and their guarantors.
If a co-approval option applies to the joint account and a secondary user authorises the sharing of data on the joint account, a data holder must seek the approval of all joint account holders before data.
The 2025 Banking Code of Practice (the Code) came into effect . The 2025 Code was developed by the Australian Banking Association (ABA) and approved by ASIC in June 2024..
Understanding the Context
It provides safeguards and protections that are not set out in law for individuals, small business customers and guarantors. The provisions in the Banking Code are also legally enforceable..
If you have a joint account, from which either you or another account holder can make withdrawals, you can ask us to change the account authority so that you all have to approve any.
In an Australian first, this new Banking Code of Practice has been considered and approved by the Australian Securities and Investments Commission under their industry code approval powers.
The Banking Code of Practice is a set of promises outlining how a bank should conduct itself in its dealings with customers, as well as specific requirements for banking services.
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Key Insights
With this new Banking Code of Practice, banks take on a stronger responsibility to deliver on that expectation. In addition to a community and industry wide expectation, the high standards of.
Each joint account holder must be aged 18 years or older and hold an account (either the joint account or another account) with the data holder that is open and accessible online.
View or download the current version (including the latest update) of the Banking Code of Practice on the ABA website. It's also available at our branches and outlets (except Australia Post).
