Australian banks will be held to a higher standard as a fresh code of practice for their industry kicks in on Monday.
Australians have been promised better service from their banks under a new code of practice that the industry argues has "real teeth".
"This is a new rule book for Australian banks," Australian Banking Association chief executive Anna Bligh told reporters in Sydney on Sunday.
"It's a set of rules about how they treat customers, and it provides customers with rights and protections that are new."
Every major bank with customers has agreed to be bound by the code, which comes into effect on Monday at the start of the new financial year.
The fresh guidelines mean banks will be required to offer low-fee or no fee accounts to customers on lower incomes.
People with credit cards will need to be told when their introductory offers are about to run out and there will be a new three-day cooling off period for those who agree to be guarantors for other people's loans.
Small business will also be offered smaller and simpler contracts for their loans, doing away with much of their usual confusing legal jargon.
Ms Bligh said the damning financial services royal commission showed banks need to rebuild Australians' trust.
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