Banking code exposed

A CHOICE shadow shop found that adherence to the revised Banking Code is spotty at best.
 
Learn more
 
 
 
 
 

03.CHOICE shadow shop

report-card
 

Sign up to our free
e-Newsletter

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.

 
Mixed responses
Bank Response
Bank of Melbourne One caller was told to go to the retailer first and only come back to the bank if they have problems. The other call passed.
Bendigo Bank One caller was told that if the retailer used a different payment number they can get around the cancellation request. The Financial Services Ombudsman told banks back in 2001 they had to deal with this issue. The other call passed.
NAB One caller was told NAB would send a request to the retailer to cancel the direct debit, but if the retailer had a reason that NAB deemed valid it wouldn't be cancelled. The other call passed.
St George One caller was told there was no guarantee the direct debit would be cancelled and processing it would take 15 business days. The other caller was told to go to the retailer first and only come back to the bank if they had problems.
Westpac Both callers were told the direct debit would be blocked for three years but if the retailer attempted to take the direct debit after that it would no longer be blocked. One caller was also told that if the retailer uses a different payment number, they could get around it.
 
 
Your say - Choice voice

Make a Comment

Members – Sign in on the top right to contribute to comments