Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)
Q19 – Should cl 7 be revised to specifically require subscribing institutions to identify and correct discrepancies between amounts recorded on the user’s electronic equipment or access method as transferred, and amounts recorded by the institution as received? What are your views on the suggested redrafting?
The use of the word ‘deposit’ in this Clause does appear to limit the effectiveness of the Clause. The revision of Clause 7 proposed in the consultation paper appears suitable.
The more substantial issue is whether financial institutions should also be obliged to identify the source of the error and to correct it. Most consumers probably already believe that institutions are obliged to carry out this basic task and the EFT Code should reflect this.