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Questions about banks, building societies and credit unions (ADIs)

How do I make a complaint about my bank / building society / credit union?

Individual complaints about entity products and services, unless they are of a prudential concern, should be directed to the institution in writing.

If you are unsatisfied with the response, you may lodge a complaint with the Financial Ombudsman Service (FOS). This is a free and independent dispute resolution service. The FOS can be contacted by phone on 1800 367 287 or online at www.fos.org.au

For information about being a whistleblower or making a public interest disclosure go to the whistleblower page.

How do I find out if my deposit is covered by the Government’s guarantee?

The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society or credit union fails. It only covers banking institutions that are incorporated in Australia, and has been known as the Australian Government deposit guarantee.

You can go to the FCS website — www.fcs.gov.au — to find out if your deposits are covered under the Financial Claims Scheme.

How do I apply to use the word ‘bank’ in my business name?

Under section 66 of the Banking Act 1959, consent is required from APRA for use of restricted words and expressions such as ‘bank’.

Anyone who wishes to use a restricted word or expression in a company name, business name, trade mark or service mark must apply to APRA for consent.

Details about APRA’s administration of section 66 of the Banking Act are available on the APRA website at: www.apra.gov.au/adi/Documents/Section%2066%20Guidelines.pdf

In support of an application to use the word ‘bank’ and other restricted words, please provide the following to APRA:

  • the nature of the business, the types of transactions and your target customers;
  • when you intend to start the business;
  • the street address of the business; and
  • state whether you are required to have an Australian Financial Services Licence (AFSL). If not, have you obtained confirmation from the Australian Securities & Investments Commission (ASIC) that an AFSL is not required?

Please send this information to info@apra.gov.au.