Bank of us is the only Tasmanian customer owned bank with more than 30,000 customers, eight branches statewide and more than $800 million in assets.
The Customer Owned Banking Code of Practice (COBCOP) is a code of practice for Australia's customer owned banks, credit unions and building societies which outlines how they will deliver on their pledge to always put customers first. It has been developed in close consultation with the community, government and consumer groups.
Customers of customer owned banks like Bank of us can have confidence in knowing they are covered by a plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banks like Bank of us place on improving the financial wellbeing of their customers and their communities.
As we are owned by our customers, we are focused on customer-benefit, community involvement, fairer fees and superior levels of service. We exist to serve our customers, not simply to drive high profits for external shareholders.
The Customer Owned Banking Code of Practice is how we will deliver on our pledge to always put you first. The Code contains 10 promises that outline how they will do this which are listed below.
1. We will be fair and ethical in our dealings with you
2. We will focus on our members
3. We will give you clear information about our products and services
4. We will be responsible lenders
5. We will deliver high customer service and standards
6. We will deal fairly with any complaints
7. We will recognise member rights as owners
8. We will comply with our legal and industry obligations
9. We will recognise our impact on the wider community
10. We will support and promote this Code of Practice.