Heritage Bank signs on to new ePayments Code

 

Heritage Bank will sign on to Australia’s new ePayments Code next week, committing us to providing best-practice consumer protection for electronic payments.

The ePayments Code comes into effect from Wednesday next week (20 March 2013), replacing the Electronic Funds Transfer Code of Conduct (EFT Code) that has been in place since 1986. .

The new code regulates consumer electronic payment transactions, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY.

The ePayments code was developed following a comprehensive review of the EFT Code, to keep up with the latest advances in technology and online banking.

A number of departments within Heritage have worked together to ensure that we will be compliant with the new code when we change over from the EFT Code next Wednesday.

Among other things, the ePayments Code:

· requires subscribers like Heritage to give consumers clear and unambiguous terms and conditions;

· stipulates how we can make changes to terms and conditions (such as fee increases), receipts and statements

· sets out the rules for determining who pays for unauthorised transactions, and

· establishes a regime for recovering mistaken internet payments

It also complements other regulatory requirements, including financial services and consumer credit licensing, advice, training and disclosure obligations under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009. The ePayments Code is monitored by ASIC.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.