Heritage Members Protected By New Industry Code Of Practice

Heritage Members Protected by New Industry Code of Practice

Since February 1 2010, members banking with Australia's largest building society are amongst the first Australians to be protected under a new Code of Practice for credit unions and building societies.

The new Mutual Banking Code of Practice, created by industry body Abacus in cooperation with the Mutual Banking sector, ensures that credit unions and building societies continue to be fair and ethical in the services that they offer to their members.

Heritage CEO Mr John Minz said that the Code, which draws on existing lending practices in the industry, guarantees that members will continue to receive the high quality services for which the Mutual Banking industry is renowned.

"The new Mutual Banking Code of Practice has been broken down into 10 key promises to which all accredited credit unions and mutual building societies must adhere," he said.

"These include ensuring that all payment and exception fees are fair and not sending unsolicited offers for credit that members may not have the capacity to repay."

In practice, credit unions and mutual building societies continue to take the lead where responsible lending is concerned.

Recent survey findings by consumer group Choice have sparked a call for customers to be aware of the finer details when applying for a credit card.
Subsequent media commentary surrounding credit card companies unfairly charging their customers questioned the services of the larger players in the banking sector.

Heritage, along with other mutuals, was named as one of the fairer credit card providers.

"Heritage has always ensured that it is fair and ethical to members and prudent in its approach to lending," Mr Minz said.

"The new Mutual Banking Code of Practice simply puts in writing what we already practice - how we deal with our members and what they can except when banking with us."

Members can access the new Mutual Banking Code of Practice via the Heritage website, their local Heritage Branch or by calling 13 14 22.


About Heritage

Headquartered in Toowoomba, the heart of the Darling Downs, Heritage is Australia's largest building society with more than $7 billion in total consolidated assets.

With a 135-year history, Heritage provides a full suite of retail and business banking products,
insurance and financial planning products and services to members via Heritage products and through alliances with specialist providers.

Heritage members have access to a network of 130 retail outlets throughout south east Queensland, and has broker services in Queensland, New South Wales, Victoria and South Australia.


For more information please contact:
Klara Vida
Public Relations Officer
0428920266

For further Heritage information go to www.heritageonline.com.au


SOURCE: Heritage Building Society