Multiple choice

Code for bank’s commitment to customer is a minimum standard of service to individual customer. It does not cover which of the following areas?

  1. Promote good and fair banking practices by setting minimum standards in our dealings with you

  2. Increase transparency so that you can have a better understanding of what you can reasonably expect from us

  3. Foster confidence in the banking system

  4. None of the above

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Code of Customer Rights sets minimum standards of banking practices that member banks have to follow while they deal with individual customers. It provides protection to customers and explains how banks are expected to deal with customers in their day-to-day operations. 

The Code has been developed to: a. promote good and fair banking practices by setting minimum standards in our dealings with you; b. increase transparency so that you can have a better understanding of what you can reasonably expect from us; c. encourage market forces, through competition, to achieve higher operating standards; d. promote a fair and cordial relationship between you and your bank; e. foster confidence in the banking system.