The Customer Owned Banking Code of Practice is the code of practice for Australia’s customer-owned banking institutions which has been developed in close consultation with a wide range of stakeholders, including government and consumer groups.
At Defence Bank, our members can have the confidence in knowing they are covered by a bank committed to fair, secure and responsible banking.
In alignment with the Customer Owned Banking Code of Practice our 10 key promises to you are:
1. We will be fair and ethical in our dealings with you.
We will always act honestly and with integrity, and will treat you fairly and reasonably in all our dealings with you.
2. We will focus on our customers.
We will place a high priority on service, competitiveness and customer focus. We will provide friendly and reliable service to our customers. Our customer service standards will be appropriately tailored where we are aware that you have special needs (for example, because of your age or a disability, because you are an indigenous person, because English is not your first language, or because you are unfamiliar with financial products and services).
3. We will give you clear information about our products and services.
We will provide clear and accessible information about our products and services, so you can make an informed decision about the product you want. We will disclose interest rates, fees and charges in an accessible and clear format and provide you with regular account statements. We will give you information on how to minimise fees and charges. Our advertising and promotional material will not be misleading.
4. We will be responsible lenders.
We will lend responsibly, and will try to assist you if you find yourself in financial difficulties.
5. We will deliver high customer service and standards.
We will issue and distribute products and provide services that are useful, reliable and of value to our customers. We will make sure our staff and agents or representatives are well trained. We will promote secure and reliable banking and financial services, and keep you up to date on any changes to the products and services we provide to you. We will treat your personal information as private and confidential.
6. We will deal fairly with any complaints.
We will handle complaints promptly and fairly and provide you with information on avenues for resolving disputes if we are not able to reach agreement with you.
7. We will recognise our customers’ rights as owners.
As customer owned banking institutions our customers are our owners. We will ensure that you receive information that is balanced and adequate on the benefits, costs and impacts of any reasonable proposal to change our ownership structure. As far as possible, we will ensure that any information on proposals to change our ownership structure provided to you by other parties is fair and not misleading.
8. We will comply with our legal and industry obligations.
We will be responsible, prudent managers of our institution, and will comply with all our obligations under the law and relevant codes of practice. We will act fairly and consistently with good banking and financial service industry practice.
9. We will recognise our impact on the wider community.
The customer owned banking sector has a strong community focus. We will take account of the impact of our operations on staff, the communities we serve and our customers. We will promote community engagement and will contribute to community activities and projects.
10. We will support and promote the Customer Owned Banking Code of Practice.
We will promote the Customer Owned Banking Code of Practice, ensure that our staff is trained to put it into practice, and support its monitoring and effectiveness.