Members are advised of updates to our terms and conditions, effective 2 June 2023, reflecting recent regulatory changes.

This includes updates to:


Customer Owned Banking Code of Practice

These changes support the introduction of the 2022 Customer Owned Banking Code of Practice, which replaces the 2018 version. The Customer Owned Banking Code of Practice was updated in October 2022 with a one year transition period for subscribers to comply.


We commit to complying with the Customer Owned Banking Code of Practice, the code of practice for customer owned financial institutions. It is an important public expression of the value we place on improving the financial wellbeing of our individual members and their communities.


We strive to do the very best by you and your communities. Under the obligations of the Customer Owned Banking Code of Practice, we make the following key promises to members as our customers and owners:

  1. We will deliver banking services in the best 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.


ePayments Code

These changes reflect updates made to the ePayments Code by the Australian Securities and Investments Commission, replacing the 2011 version. The ePayments Code was updated on 2 June 2022 with a one year transition period for subscribers to comply.


The updated ePayments Code provides enhancements to and clarity on a number of existing protections for customers, in addition to extending the Code to cover payments made using the New Payments Platform.


These amendments include:

  • adding and using new defined terms and amending some existing definitions
  • new and amended notes
  • clarifying that, in relation to your passcode security requirements, our using for our own purposes, or not actively preventing you from using, a service which requires you to disclose, record or store a passcode does not amount to us promoting, endorsing or authorising use of that service by you
  • changes to the mistaken internet payment provisions and notes, including:
    • a description of new processes that apply under the ePayments Code where there are insufficient funds available in the unintended recipient’s account
    • a new maximum period of 5 business day for us to request the return of mistaken internet payments from the receiving financial institution
    • clarifying our right to transfer funds from your account, and your obligation to co-operate to facilitate repayment, if you receive a mistaken internet payment.


What you need to know

Many of these requirements were already in place and reflected in our processes, and we have now included these more formally as part of our terms and conditions.


Please take the time to read through the updated terms and conditions, to understand how the changes may impact you.


By using your account and access facilities with G&C Mutual Bank after the date the changes take effect, you agree to the updated terms and conditions applying.


We’re ready to help you

If you have any questions or concerns, please contact us.