Customer Owned Banking Code of Practice

Members put first under Customer Owned Banking Code of Practice

The Customer Owned Banking Code of Practice

The Customer Owned Banking Code of Practice (COBCOP) is a code of practice for Australia's customer owned banks, credit unions and building societies which outlines how they will deliver on their pledge to always put customers first. It has been developed in close consultation with the community, government and consumer groups.

What does this mean for CMCU Customers?

Customers of customer owned banks like BankWAW can have confidence in knowing they are covered by a plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banks like WAW place on improving the financial wellbeing of their customers and their communities.

What does it mean to be part of a mutual like CMCU

As we are owned by our customers, we are focused on customer-benefit, community involvement, fairer fees and superior levels of service. We exist to serve our customers, not simply to drive high profits for external shareholders.

Our key promises to you

The Customer Owned Banking Code of Practice is how we will deliver on our pledge to always put you first. The Code contains 7 promises that outline how we will do this, which are listed below.

  1. We will deliver banking services in the interests of our customers
  2. We will obey the law
  3. We will not mislead or deceive
  4. We will act honestly and fairly
  5. We will offer products and services that are not fit for general purpose
  6. We will deliver services with reasonable care and skill
  7. We will contribute to our community

How to find out more or get a copy

If you'd like to find out more about the Customer Owned Banking Code of Practice and how we deliver on these promises, you can view the full Customer Owned Code of Practice document here.

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