Cowra residents who have experienced financial hardship have been asked to share their stories and improve experiences within the banking system, as part of an independent inquiry into banking code compliance.
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The banking code lays out safeguards and protections for banking customers that can be legally enforced. Members of the Australian Banking Association, including Westpac, Commonwealth Bank, and NAB, must uphold the code.
As the cost-of-living crisis continues, the Banking Code Compliance Committee (BCCC) is looking into the way banks deal with vulnerable customers and wants to hear from people who have dealt with a bank while doing it tough.
The independent monitoring body aims to improve standards across the banking industry, including the ways banks assist customers experiencing financial difficulties, health challenges, instances of abuse and language barriers.
Chair of the BCCC, Ian Govey, said the nationwide survey was an opportunity to deliver "better outcomes" and to create meaningful change in communities.
"Customers experiencing vulnerability have important needs, and we want to make sure that banks are adequately addressing them," Mr Govey said.
Salvation Army Cowra's Auxiliary Lieutenant, Jodie McInnes, said the survey is an opportunity to demystify the process of reaching out to banks for assistance.
"If people speak and make the system easier for someone else, their experience hasn't been lost," she said. "Hopefully we can make an experience better for someone else, and make access to the banks easier."
Ms McInnes said she has sat next to banking customers as they make a call to request hardship support, helping navigate the system without being overwhelmed.
"Higher costs, family breakdowns and through no fault of their own people are having to navigate this system. It's okay to feel overwhelmed," she said. "In these smaller towns there are a limited number of banks you can go into to have a face-to-face conversation."
McInnes said breaking the stigma around seeking support was crucial, with support services across Cowra ready to lend a helping hand.
"We will all do what we can because the last thing we want is for people going cold or going hungry," she said. "All the agencies that are here to support the community, the Neighbourhood Centre, the Food Hall, and certainly for us as well, we don't want to see anyone go without."
"They say it takes a village to raise a family, but it takes a village to look after the village."
The banking code survey can be completed at bit.ly/bankingcodesurvey
