Credit Union
From 2003, you have more options about where you can lodge a complaint about a Credit Union. An additional complaints handling scheme (the Financial Co-operative Dispute Resolution Scheme) was approved by the Australian Securities and Investments Commission as at 30 January 2003.
(1) Financial Co-operative Dispute Resolution Scheme (FCDRS)
FCDRS will deal with your issue if your Credit Union is one of its members. Ring FCDRS or your Credit Union to check on membership, or check the FCDRS web sitemember listing.
FCDRS will take issues about a wide range of activities, including disputed ATM transactions and unauthorised transactions via EFTPOS or credit cards.
Contact information:
Phone: 1300 139 220 (Australia-wide for cost of a local call)
PO Box 372 Clayfield Qld 4011
Fax: 07 3862 3722
Email link to FCDRS
Go to the FCDRS web site
(2) Credit Union Dispute Resolution Centre (CUDRC)
CUDRC is a free and independent dispute resolution body set up by the Credit Union Services Corporation (Australia) Ltd (CUSCAL).
For you to be able to lodge your complaint, the credit union must have adopted the Code of Practice and be a member of CUSCAL
(CUSCAL says some 88% of credit unions in Australia are members).
Click to go to the Credit Union Code of Practice on the Australian Credit Union Network web site
If you are not sure whether your Credit Union is a member of CUSCAL, you can ring the Credit Union Dispute Resolution Centre to check.
If it is not a CUSCAL member, the staff will be able to point you in the right direction to make your complaint. There are four other smaller dispute resolution bodies. Three of these are state-based.
The Credit Union Dispute Resolution Centre is overseen by a Council made up of 2 consumer reps, 2 credit union reps and an independent chair.
Level 6, 50 Park St Sydney 2000
Phone: 1300 780 808 (Aust-wide for cost of local call)
(02) 9267 1008 (Sydney metro)
Fax : (02) 9267 3125
Email link CUDRC
CUDRC web site link
How to complain
You can phone, fax, mail or email (see link just above). You will need to provide the following information -
- your name, address and telephone number
- your credit union name and your account number/s
- a brief description of your complaint
- a brief statement about how you want your complaint resolved
Relevant Codes of Practice
(1) The Credit Union Code of Practice will help you understand your rights and obligations and those of your credit union. It is under review at present - click above to go to info on that review.
(2) The Consumer Credit Code must be followed by all credit providers in Australia. Click here to go to the National Consumer Credit Code web site for more information.
(3) The Electronic Funds Transfer (EFT) Code of Practice has been developed by the Australian Securities and Investment Commission (ASIC). It applies to transactions made using ATMs and EFTPOS. It does not yet cover telephone, internet or computer banking, but ASIC hopes that will be the case by mid-2000. Go to the EFT Code on the ASIC site.
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