Access to basic bank accounts essential for vulnerable banking customers
In our joint submission with Financial Rights Legal Centre (Financial Rights) and Financial Counselling Australia (FCA), we offered strong support for the conditions proposed by the ACCC in its Draft Determination on the ABA Application for authorisation of changes to the 2019 Banking Code of Practice.
Having read further correspondence from the ABA and ACCC in response to the Draft Determination, we remain supportive of the revised ACCC proposed conditions, which would marry the Code revisions more closely with the spirit of the Banking Royal Commission recommendations on basic bank accounts.
This submission focuses on:
- interest on basic bank account informal overdrafts; and
- proactive identification of eligible customers.
You can read the full submission here [PDF].