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The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.

Members of credit unions, mutual banks and mutual building societies can have confidence in knowing they are covered by a market leading, plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banking institutions place on improving the financial wellbeing of their members and their communities.

Customer owned banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. Credit unions, mutual banks and mutual building societies exist to serve their members, not simply to drive high profits for external shareholders.

The Customer Owned Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promises to our customers.

The Customer Owned Banking Code of Practice commenced on 1 January 2014, following the completion of an independent review of the Code’s predecessor, the Mutual Banking Code of Practice. All of the recommendations made by the independent reviewer have been incorporated into the Customer Owned Banking Code of Practice.

The 2022 Code is underpinned by seven key promises. These promises are the principles that form the basis of the Code, informing all other provisions and obligations.

Our 7 key promises to you:

  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 fit for general purpose.
  6. We will deliver services with reasonable care and skill.
  7. We will contribute to our community.

Customer Owned Banking Code of Practice

Code of Operation

The Customer Owned Banking Code of Practice outlines that – We will comply with any applicable requirements of the Code of Operation: Recovery of Debts from Department of Human Services Income Support Payments or Department of Veterans’ Affairs Payments (both when enforcing indebtedness owed to us and, to the extent the law permits, when facilitating enforcement by a third party judgement creditor).

The Code of Operation is an agreement between Services Australia, the Department of Veterans’ Affairs and many banks, building societies and credit unions. It protects members’ payments if their bank account is overdrawn – If they receive an income support payment from Services Australia or from the Department of Veterans’ Affairs.

Code of Operation

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