Customer Owned Banking Code of Practice*

Subscribing Building Societies, Credit Unions and Mutual Banks are bound by the Customer Owned Banking Code of Practice. The Code has been developed in close consultation with the community, government, consumer groups and other mutuals.

We are focused on providing real value to our customers through competitive interest rates, personalised service and a fee structure that is based on mutual support, as mutual building societies, credit unions and mutual banks are owned by our customers.

The Mutual Bank is a regulated financial institution which is required to comply with:

  • Responsible financial management requirements (under the Banking Act 1959, regulated by APRA)
  • Corporate and financial services licensing, advice and training and disclosure regulation (under the Corporations Act 2001 regulated by ASIC)
  • Consumer credit laws
  • Privacy, fair trading and other Commonwealth, State and Territory legislation

We also choose to subscribe to the Customer Owned Banking Code of Practice as a public expression of our moral promise to customers to uphold the fundamental principles of mutuality, transparency and fairness.

Our 10 Key Promises to You

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. 

A full copy of the code can be obtained on the Customer Owned Banking Association website.


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Important Information

* The Customer Owned Banking Code of Practice replaced the Mutual Banking Code of Practice from 1 January 2014.