| If you are a customer of a participating credit union, FOS can help you with: |
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independent and impartial consideration of your dispute (if it is within FOS's jurisdiction) at no cost and without prejudice*; |
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general information about how to make a complaint to your credit union; and |
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general information about the Credit Union Code of Practice
and the Electronic Funds Transfer Code of Conduct. |
| * Without prejudice means: |
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You do not lose any of your legal rights; |
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You can withdraw from the process at any time; and |
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You are able to pursue your complaint in a different jurisdiction
if you do not accept our decision. |
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| Is your dispute within the jurisdiction of the FOS? |
The Financial Ombudsman Service Mutuals division should be able to help you if your dispute concerns an act or omission by your credit union in relation to a credit union product or service you have used or purchased from the credit union. FOS should also be able to help you if your complaint concerns an act or omission by your credit union relating to confidentiality and/or personal privacy. This could include such matters as:
- withdrawal or deposit errors (eg. a deposit made to your account is not indicated in your account balance);
- unauthorised transactions (eg. money is taken out of your account without your authorisation);
- ATM or EFTPOS malfunctions (eg. while using an ATM the machine shuts down and you do not receive any money but your account balance indicates the money was withdrawn);
- incorrect application of fees and charges (eg. you are incorrectly charged a service fee twice in one fortnight for the same service);
- delays and other contractual issues (eg. you provide your credit union instructions to allow a direct debit from your account but the payment is not made); or
- any other breach of the Credit Union Code of Practice or the Electronic Funds Transfer Code of Conduct. (This includes complaints with respect to disclosure, breaches of privacy, the closure of accounts, the dispute resolution process, etc.)
The Financial Ombudsman Service Mutuals division cannot investigate your complaint if it relates to actions which took place more than 6 years ago, or if the amount of your claim exceeds $280,000*.
Nor can they investigate your complaint if it concerns the exercise of commercial judgement by your credit union on decisions about lending or security.
In some cases the Mutuals Dispute Manager may also refer you to a different jurisdiction (for example, the Department of Fair Trading, the Australian Competition and Consumer Commission, etc) because of the nature of your complaint.
*The monetary limit before 1 July 2007 was $100,000. |
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| What will happen? |
If you have made a complaint to your credit union and you are not satisfied with their response or 45 days has passed since you brought your complaint to your credit union's attention, then you can lodge your dispute formally with the Financial Ombudsman Service Mutuals division.
FOS will then investigate your dispute (if it is within jurisdiction) and facilitate a negotiated settlement between you and your credit union, if possible. If a negotiated settlement is not reached between you and your credit union, the Financial Ombudsman Service will make a decision according to the Mutuals division's Terms of Reference.
You are under no obligation to accept a decision made by the FOS. However, if you accept a decision issued by the FOS, that decision will become binding on your credit union.
There is no cost to you for the services provided by FOS and you can withdraw from the dispute resolution process at any time. |
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| Important Points |
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When you contact FOS, you have a chance to discuss your dispute with someone independent; |
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Lodging a dispute with FOS is free; |
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By bringing your dispute to the FOS, you lose none of
your legal rights; |
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You will not be bound by any decision that we
make if you do not agree with the outcome; |
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Your participation in the dispute resolution process is completely
voluntary and you are free to withdraw at any time. |
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| How to lodge a dispute |
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You must first try to resolve your dispute with your credit union. The FOS cannot investigate a dispute if you have not first attempted to resolve it directly with your credit union. We recommend that you contact the Internal Dispute Resolution Officer of your credit union to discuss your dispute.
You should put your complaint in writing so that your credit union can understand the nature of your complaint and how you would like it resolved. (If you are unsure about how to make a complaint to your credit union, contact us on 1300 78 08 08 and a FOS officer will assist you.)
If you do not receive a response from your credit union within 45 days of it receiving your complaint, or you are not satisfied with your credit union's response, then you may lodge a dispute with the FOS Mutuals division.
You can contact the Financial Ombudsman Service by telephone, fax, mail or email. You can also lodge your dispute online. The information we require is:
- your name, address and telephone number;
- your credit union name and your account number(s);
- a brief description of your dispute; and
- a brief statement as to how you would like your dispute resolved.
If the Financial Ombudsman Service cannot assist you with your dispute, we will try to identify another organisation or service that may be able to assist you. |
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| How to contact FOS |
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Contact details are:
Telephone: 1300 780 808
Email: info@fos.org.au
Website: fos.org.au
Mail:
The Financial Ombudsman Service Limited
GPO Box 3
MELBOURNE VIC 3001
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