Recovering Money from an Australian Bank via AFCA — Australia
Sourced from Commonwealth Acts of Parliament, federal regulations, and official government guidance. State-level information reflects each state's own Acts and court decisions. Written in plain language for general understanding — this is educational content, not legal advice. Our editorial standards
What is this right?
Australia's money-recovery framework is two-step. Step 1: Internal Dispute Resolution (IDR). The bank must investigate and respond within 30 days for most complaints under ASIC RG 271. Under the ePayments Code, customer liability for unauthorised transactions is capped at AUD 150 unless contributory negligence. Step 2: AFCA External Dispute Resolution (EDR). Free for consumers. AFCA decisions are binding on the firm if accepted by the complainant. Compensation cap AUD 1,236,000 from 1 November 2024. Two-year clock from the bank's final IDR response.
When does it apply?
- Unauthorised debit / credit card or online-banking transaction.
- Mistaken internet payment to the wrong account.
- The bank's IDR response is inadequate or you remain dissatisfied.
- You are within 2 years of the bank's final IDR response.
Recovering Money via AFCA
- File the bank IDR complaint. Cite the ePayments Code and ASIC RG 271 30-day standard.
- Wait for the bank's final IDR response.
- If unresolved, file with AFCA within 2 years of the final response. Online via afca.org.au. Free. Decisions binding on firm if accepted.
- For high-value matters above the AFCA cap, civil litigation in the relevant court.
What should you NOT do?
- Don't accept 'contributory negligence' finding without the bank's documented reasoning.
- Don't file with AFCA before exhausting IDR.
- Don't miss the 2-year AFCA clock.
About Scams, Fraud & Money Recovery in Australia
Australia's scam-recovery system runs across three institutions. ReportCyber at cyber.gov.au is the single national reporting channel run jointly by the Australian Federal Police (AFP) and the Australian Cyber Security Centre (ACSC). Scamwatch at scamwatch.gov.au, run by the National Anti-Scam Centre (NASC) at the ACCC, is the scam-intelligence and consumer-warning hub. For bank refunds, the ePayments Code — voluntary but adopted by all major Australian banks — sets unauthorised-transaction rules. If the bank refuses, the Australian Financial Complaints Authority (AFCA) resolves disputes for free; AFCA decisions up to AUD 1,236,000 (since 1 November 2024) are binding on the firm if you accept.
Emergency: 000.
Common Questions
What is RG 271?
ASIC Regulatory Guide 271 sets the Internal Dispute Resolution (IDR) standards Australian financial firms must follow. Most complaints must receive a final response within 30 days (45 days for specific categories like superannuation). Failure to meet RG 271 standards is itself a regulatory breach.
Are AFCA decisions binding?
AFCA decisions are binding on the firm if accepted by the complainant. The consumer is not bound by the AFCA decision and retains the right to litigate civilly if they reject the determination.
What's the AFCA cap?
From 1 November 2024, AFCA's compensation caps are: AUD 1,236,000 for most complaints; AUD 5,800,000 for primary-production small business / farming-sector complaints; higher caps for specific categories like investment / advice complaints involving regulated financial products. Confirm current cap on afca.org.au.
Does the ePayments Code cover authorised push payment fraud?
The ePayments Code primarily covers unauthorised transactions. For authorised-but-induced transfers (you were tricked into authorising), the Code's customer-liability framework does not directly apply, but AFCA has upheld a number of APP-fraud complaints where the bank's anti-scam controls were inadequate. Australia is also implementing the Scams Prevention Framework (Part IVF of the Competition and Consumer Act 2010), passed in 2025, which strengthens platform / telco / bank obligations on scam prevention.
What is the recovering money from an australian bank via afca right in Australia?
Australia's money-recovery framework is two-step. Step 1: Internal Dispute Resolution (IDR). The bank must investigate and respond within 30 days for most complaints under ASIC RG 271. Under the ePayments Code, customer liability for unauthorised transactions is capped at AUD 150 unless contributory negligence. Step 2: AFCA External Dispute Resolution (EDR). Free for consumers. AFCA decisions are binding on the firm if accepted by the complainant. Compensation cap AUD 1,236,000 from 1 November 2024. Two-year clock from the bank's final IDR response.
When does recovering money from an australian bank via afca apply?
Unauthorised debit / credit card or online-banking transaction.Mistaken internet payment to the wrong account.The bank's IDR response is inadequate or you remain dissatisfied.You are within 2 years of the bank's final IDR response.
How do I get an Australian bank to refund a scam transaction?
File the bank IDR complaint. Cite the ePayments Code and ASIC RG 271 30-day standard.Wait for the bank's final IDR response.If unresolved, file with AFCA within 2 years of the final response. Online via afca.org.au. Free. Decisions binding on firm if accepted.For high-value matters above the AFCA cap, civil litigation in the relevant court.
What mistakes should I avoid with recovering money from an australian bank via afca?
Don't accept 'contributory negligence' finding without the bank's documented reasoning.Don't file with AFCA before exhausting IDR.Don't miss the 2-year AFCA clock.