MyState Bank has introduced a new account with advantages for concession card holders as part of signing up to a revised code of practice.
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MyState said it was the only bank headquartered in Tasmania to become a signatory to the Australian Banking Association Code of Practice, which was "set to simplify and streamline the way the bank interacts with customers".
Managing director and chief executive Melos Sulicich said the revised code was "part of a broader industry movement to improve banking services for customers and the community".
The code took effect on Monday.
It was revamped following the banking royal commission, which uncovered scandalous behaviour in the industry.
"Through the revised code, fairness, efficiency and honesty are the guiding principles of how customers should be treated, and regulators will be holding the industry to account in adhering to these principles," Mr Sulicich said.
"MyState Bank has always put customers at the heart of our business, so becoming a signatory to the code was an easy choice.
"We will continue to look for ways to raise the bar and to go above and beyond to make things simpler and better for our customers."
Customer improvements MyState Bank had implemented in line with the code included:
- Introducing a basic transaction account, which would incur no dishonour, account or overdrawn fees for customers with eligible concession cards;
- giving front line staff "tools" to help identify customers who might be in financially vulnerable positions, such as elder abuse; and
- introducing a new customer charter.