RG 40 Good transaction fee disclosure for bank, building society and credit union deposit and payments products (transaction accounts)
Issued 26 June 2002
This guide is designed to promote improved disclosure of transaction fees for retail payments and deposit products (transaction accounts) offered by banks, credit unions and building societies.
ASIC's aim is to provide an easy reference for institutions and consumers to current transaction fee disclosure requirements contained in legislation and self-regulatory instruments as well as ASIC's views on what constitutes good transaction fee disclosure practice.
We hope it will encourage ever improving fee disclosure practices so that consumers are in an informed position about how best to manage the cost of their banking.
In writing the guide we have sought to create a reasonable balance between the needs of consumers to have clear and timely fee information and the costs of delivering such information.
This guide is based on requirements of the Corporations Act 2001 at June 2002.