Text alternative - activity

In assisting Rosie and Malcolm, you have addressed the CBP principles of conduct most relevant to the products you will advise on or deal in. These are basic deposit products, such as transaction and savings accounts, and non-cash payment facilities like direct debits. There are a number of other principles relevant to lending products and other services like foreign currency exchanges (excluding exchanges by credit or debit card or travellers' cheques).

Read each item in the left column. Then access more information in the next cell.

Activity Table
Item	Feedback
Item 1 Foreign exchange services Access the next cell in the row for a description.	Description 1 Under the CBP, the Bank must provide details of the: Exchange rate and commission charges in accordance with the CBP Timeframes within which money sent overseas would normally arrive at its intended destination. If your area deals with foreign currency loans, you are also obliged to provide a written warning of the risks associated with a foreign currency loan before the customer enters into a contract.
Item 2 Provision of credit Access the next cell in the row for a description.	Description 2 The Bank must exercise care and diligence when assessing whether or not to offer credit or increase an existing credit facility, in accordance with the CBP. Following customer agreement, the Bank must also try to help customers who are experiencing financial difficulties.
Item 3 Chargebacks Access the next cell in the row for a description.	Description 3 There are a number of provisions on chargebacks. A chargeback is a credit back to a credit card account, which occurs when the cardholder informs the Bank that a particular charge was not authorised or that goods or services were not delivered or provided. Under the CBP, the Bank will claim a chargeback where one exists and where the customer has disputed the transaction with us within the required timeframe.
Item 4 Joint debtors Access the next cell in the row for a description.	Description 4 The CBP provisions on joint debtors put the responsibility on the Bank to only accept a co-debtor if it is clear that the person will receive some direct benefit under the facility. We must also take reasonable steps to ensure the co-debtor understands the amount they are liable for and how they can go about terminating their liability.
Item 5 Guarantee Access the next cell in the row for a description.	Description 5 A guarantee is sometimes obtained to secure a loan provided by the Bank. For example, parents may act as guarantors for their child's car loan. The CBP contains a number of provisions regarding guarantees. Many of the provisions relate to information we must provide to the guarantor. For example, we need to advise guarantors to seek independent legal and financial advice.
Item 6 Debt collection Access the next cell in the row for a description.	Description 6 The CBP reinforces the importance of the Bank and all collection agents complying with pre-defined rules and guidelines when collecting amounts from customers. The rules are specified in the Trade Practices Act and Debt Collection guidelines produced by the Australian Competition and Consumer Commission.
Item 7 Electronic communication Access the next cell in the row for a description.	Description 7 The CBP makes allowances for providing information to customers by electronic communication to a nominated electronic address, such as an email address. Should this occur the CBP has a number of requirements around how the arrangement can be set up and changed.
Item 8 Other provisions Access the next cell in the row for a description.	Description 8 The other provisions relate to advertising and branch closure protocol. The CBP makes a commitment that advertising will not be deceptive or misleading. Any advertising or promotional material that includes a reference to interest rates must also indicate whether other fees or charges will apply. Under the CBP, Banks must comply the Australian Bankers' Association (ABA) protocols on branch closures.

Close this activity to continue the training.