Bankers Association of Bermuda Code of Conduct

The Bankers Association of Bermuda (BBA) has established a set of terms and conditions for banks operating in Bermuda. This code of conduct outlines the expectations for customer service, advertising, and banking practices.

Key Expectations

Banking Errors

• If a bank makes an error resulting in money being taken from your account, they will refund the amount, including charges and interest, within the applicable statute of limitations.
• Banks are responsible for rectifying errors promptly and fairly.

Customer Responsibility

• Customers are responsible for their actions, especially if they act fraudulently or without reasonable care, which may result in losses on their account.
• Customers must take reasonable care to protect their accounts from unauthorized transactions.

Transparency

• Banks must provide clear and transparent terms and conditions for products and services, including fees and charges.
• This information will be available to customers through various channels, such as:
  • Website
  • Branches
  • Staff

Advertising

• Banks must ensure that their advertising and promotional literature is clear, fair, reasonable, and not misleading.
• Advertisements should accurately represent the features and benefits of products and services.

Changes to Terms and Conditions

• Banks may change their terms and conditions from time to time, but they will make the new terms available to customers in a timely manner.
• Customers will be notified of any changes that may affect them.

Customer Communication

• Customers can contact banks through various channels (e.g., phone, website, or staff) for information about:
  • Fees
  • Charges
  • Interest rates
  • Other banking matters

Code of Conduct Purpose

This code of conduct aims to promote transparency, fairness, and accountability in the banking industry, protecting customers’ interests and promoting a positive customer experience.