NAB welcomes new Banking Code of Practice

The National Australia Bank has today confirmed its support and endorsement of the Australian Banking Association’s (ABA) new Banking Code of Practice.

In a note to employees, NAB Chief Executive Officer, Philip Chronican said NAB has been a long-standing signatory to the Banking Code of Practice and has adopted the 2019 Code.

“The new Code is the strongest one yet. It delivers enhanced rights and protections for our banking customers, small businesses and their guarantors, and will play a vital role in helping banks like NAB rebuild trust with our customers and the communities in which we operate,” Mr Chronican said.

“Together with the ABA and its member banks, NAB has been involved in re-writing the Banking Code of Practice to better meet community expectations. We must all play a role in helping customers understand the new Code, their rights and protections.”

NAB is committed to being a better bank for its customers and is taking action, including –

  • Removing 50 fees.
  • Introduced Apple Pay.
  • Abolishing NAB’s ‘Introducer’ payments program, effective 1 October.
  • Keeping all NAB branches open in regional and rural Australia, until at least January 2021.
  • Opening four customer connect centres in Toowoomba, Tamworth, Bendigo and Bunbury to service regional, agribusiness and small business customers.
  • While the Code applies to small business loans up to $3m, NAB has extended the Code protections to our customers with total borrowings of up to $5m.
  • Taken action, or is in the process of taking action, on 26 of the final royal commission report’s recommendations.
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