Submission - Joint response to the Review of the Electronic Funds Transfer Code of Conduct (2008)

Proposal C4

C4Q1 Should the EFT Code be modified to so that subscribers need not give statements for accounts with a zero balance where there are no transactions during the statement period?

We recognise the costs of complying with the obligation to give statements. We are interested in your feedback on whether to modify the EFT Code so that subscribers need not give statements in certain circumstances.

C4Q1 Should the EFT Code be modified to so that subscribers need not give statements for accounts with a zero balance where there are no transactions during the statement period?

Consumer stakeholders support further alignment of the EFT Code, the Banking Code of Practice, and the Mutual Code of Practice regarding the provision of statements. Where the balance is zero and there have been no transactions, the absence of a statement does not present any significant risks to consumers.





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