ASIC has released its monitoring report on the Electronic Funds Transfer (EFT) Code for 2003-2004


The EFT Code (the code) is a voluntary code however all banks, building societies and credit unions that provide retail EFTPOS and ATM services or telephone or internet banking subscribe to it. The code provides protections for consumers by requiring that key disclosures are made and privacy protections are in place. Importantly, the code sets down the rules for resolving disputes about unauthorised transactions.

Mr Greg Tanzer, ASIC’s Executive Director of Consumer Protection said that institutions reported a high level of compliance with the code.

Between 2003 and 2004, 138,775 EFT complaints and 2.5 billion EFT transactions were reported.

‘The most common source of complaints was again in relation to ATM cash dispensing problems. Overall, 71 per cent of complaints were resolved in favour of the customer’, Mr Tanzer said.