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21 June 2021

IMB was initially required to enable eligible members to make data requests under the Open Banking regime from 1 July 2021, but the ACCC has extended this date for IMB to 1 November 2021. This date was deferred to allow IMB to complete the merger systems integration work associated with its merger with Hunter United Employees’ Credit Union Ltd and its internet banking upgrade which is underway.

What is Open Banking?

Open Banking was recently introduced by the Australian Government under legislation known as the Consumer Data Right. Open Banking will allow eligible IMB members to share some of their IMB data with accredited organisations if they wish to do so. It is designed to give customers more control over their data, leading to more choice and convenience in managing their money.

Who is eligible to make a data request?

To be eligible to make a data request, a member will need to be over the age of 18, have an open IMB account and be registered for internet banking.

From 1 November 2021 eligible IMB members will be able to request some of their data regarding their various IMB products, including IMB savings and transactional accounts, term deposits, credit cards, residential home loans, investment property loans and personal loans. A full list of accounts will be available on IMB’s website closer to 1 November 2021.

What does this mean for you?

You may have been eligible to make a data request of IMB from 1 July 2021. If you are eligible, you will now be able to do so from 1 November 2021. Further details regarding how you can make such a request will be available on our website closer to 1 November 2021.

In the meantime, you can make an application for access to your personal information that IMB holds at any time, in accordance with IMB’s Privacy Policy which is located on IMB’s website.

Keeping your information secure

The Consumer Data Right mandates the highly secure way in which data requests will be made and fulfilled so you can have confidence in using the system and have control over who you share your data with.

Separate to Open Banking, IMB has been investing in systems and controls to better safeguard your financial and personal information. We urge you to remain alert as the nature and sophistication of scams continues to evolve. Security guidelines and tips can be found here.

If you need us, we’re here

You can call our team on 133 462, Monday to Friday from 8am to 8pm and on Saturdays from 9am to 4pm. You can also send them a secure email through Internet Banking.

Why choose us?

Established in 1880, we have been helping people achieve their financial goals for 140 years and are rated by Forbes as one of the World’s Best Banks. We offer a full range of competitive banking, including home and personal lending, savings and transaction accounts, term deposits, business banking, and can arrange financial planning, insurance and travel products.

We provide simple and secure digital banking solutions online and on mobile, and members enjoy access to free automated phone and internet banking, and a team of professionals at our locally based contact centre. With a growing branch network throughout the Illawarra, Sydney, NSW South Coast, Newcastle/Hunter, the ACT and Melbourne, we have a lending specialist in every branch and a team of mobile lending specialists who will come to you.

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