Financial institutions in Australia have developed systems that make everyday banking and financing transactions quite easy. Behind this appearance of simplicity there is a complex legal framework that governs how banks operate and their relationships with consumers.

Banking is an essential part of everyday life in Australia. Debit and credit cards are used to pay for most everyday purchases or to secure cash via an ‘automatic teller machine’ (ATM). It is important that as a customer of a bank you are aware of your rights and responsibilities. This will help you to keep your money safe and your finances in good order.

There are a number of public agencies that regulate the activities of banks. These include the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investment Commission. These three agencies work with banks and the community to ensure that the industry is operating according to the law.

This Legal Guide on Banking and Finance Law provides consumers with information about banking transactions and financial issues prevalent in everyday life. Before making important decisions it is advisable to obtain legal advice specific to your situation. LegalEagle’s™ free directory profiles all lawyers in Australia. You can use it to Find a Lawyer near you.

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Warning: Information provided through LegalEagle™ is for general guidance. It is not legal advice. Laws and procedures referred to may change and differ between states, territories and nationally. There may also be important exceptions or qualifications. Only a lawyer providing formal legal advice can assess your particular circumstances to determine how the law will apply.