A plain summary of what the Banking Code of Practice requires banks to tell you about fees, what a basic or low fee account must include, and how to dispute a charge you think is wrong.
This page is a reference, not advice. It does not compare banks, recommend products or sell anything. Every statement below comes from the Code itself or from the regulator responsible, and each source is linked so you can read the original.
The Banking Code of Practice is a set of commitments that subscribing banks make to their customers. The current version is the 2025 Banking Code of Practice, which replaced the version dated 5 October 2021 and was approved by ASIC on 27 June 2024.
Compliance is monitored by the independent Banking Code Compliance Committee (BCCC). The BCCC is not a complaints body — it monitors the Code rather than resolving individual disputes. Individual complaints go to your bank first and then to AFCA.
| The commitment | Clause |
|---|---|
| Terms and conditions must set out fee amounts, where they can be worked out, and how often each fee is debited. | ¶14–15a |
| Where practical and reasonable, you should be told about a transaction service fee immediately before you incur it. Dishonour fees and some online and third-party transactions are excepted. | ¶31–32 |
| You must be told about changes to terms and conditions, including standard fees and charges, as soon as reasonably possible. | ¶34 |
| An unfavourable change generally requires at least 30 days' prior notice. Exceptions apply for a material and immediate risk, and for government fees. | ¶36–37 |
| On closing an account that is in credit, a bank may charge a reasonable estimate of the costs of closing it. | ¶41c |
| For a deceased customer, fees for services no longer being provided must stop, and must be refunded where they have already been charged. | ¶136 |
These are the Code's least-known commitments, and the ones most worth knowing about.
Where a bank offers a basic account, it must as a minimum have no account-keeping fees, free periodic statements, no minimum deposit requirement, free direct debits, a debit payment method at no extra cost, and free unlimited Australian domestic transactions. Some ancillary services may still be charged. (¶58–59)
The entitlement in ¶62 and ¶65 is the practical one: a concession card holder can ask for the fees that generate most disputes — informal overdraft, dishonour and overdrawn fees — to be removed from the account altogether.
Complain to the bank first. Under ASIC Regulatory Guide 271, which took effect on 5 October 2021, a financial firm must give you a written response within set maximum timeframes:
| Type of complaint | Maximum response time |
|---|---|
| Standard complaints | 30 calendar days |
| Complaints involving a default notice under the National Credit Code | 21 calendar days |
| Superannuation trustee complaints (excluding death benefit distributions) | 45 calendar days |
| Traditional trustee company services | 45 calendar days |
That response must state the final outcome, tell you about your right to take the matter to AFCA, give AFCA's contact details, and — if the complaint is rejected in whole or part — give clear reasons that address the issues you raised and the bank's findings on the material facts.
The Australian Financial Complaints Authority resolves financial complaints and is free for consumers. Its decisions, called determinations, are binding on the firm; you may accept or reject one, and if you reject it your remaining remedy is the courts. If a firm does not comply with a determination, AFCA must report that to ASIC.
Time limits. Contact AFCA within whichever comes first: six years after you first became aware (or reasonably should have become aware) of the loss, or two years after receiving your bank's internal dispute resolution response. AFCA may extend these in special circumstances.
How a complaint progresses. AFCA generally tries informal resolution first — negotiation or a telephone conciliation conference. If that does not resolve it, AFCA may give a preliminary assessment, after which parties have 7 days (fast track) or 30 days (other complaints) to settle on that basis or go to a determination.
Remedies AFCA can award include payment of a sum of money, forgiveness or variation of a debt, release of a security, repayment, waiver or variation of a fee, setting aside or rectifying a contract, privacy orders, and an apology. Indirect financial loss is capped at $5,400 per claim, and non-financial loss at $5,400.
| Body | Role |
|---|---|
| AFCA | Resolves individual financial complaints after your bank's internal process. Free to consumers; determinations bind the firm. |
| ASIC | The corporate, markets and financial services regulator. Sets the complaints-handling rules in RG 271 and approved the Banking Code. |
| Moneysmart | ASIC's consumer guidance service. |
| Banking Code Compliance Committee | Monitors bank compliance with the Code. Not a complaints body. |
| Australian Banking Association | Publishes the Banking Code of Practice. |
| ACCC | Competition and consumer regulator, including misleading conduct under the Australian Consumer Law. |
| Financial Counselling Australia | Free, independent financial counselling. Its National Debt Helpline is 1800 007 007. |