KEEPING YOU SAFE: Safeguarding your financial security is our utmost priority. We employ state-of-the art encryption and advanced security measures to protect your sensitive information. Learn more about how we keep you safe here.

Alex Bank logo - White

Consumer Data Right (CDR) Policy

Last updated 12 December, 2024

1. Overview of Consumer Data Right (CDR)

The Consumer Data Right (CDR) empowers you to securely share your banking data with accredited third parties, known as Accredited Data Recipients (ADRs).

This policy applies to Alex Bank Pty Ltd (ABN 13 627 244 848) (Alex Bank) as a Data Holder under the CDR framework. With your consent, Alex Bank will share your data only with Accredited Data Recipients accredited by the Australian Competition and Consumer Commission (ACCC).

You can find out more about the CDR framework at www.cdr.gov.au or on the ACCC’s website www.accc.gov.au.

2. Data You Can Share

You can authorise us to share specific CDR data we hold about you with an Accredited Data Recipient. You retain control over which data you share, the duration, and with whom it is shared. This specific CDR data is called your “required consumer data” under the CDR Laws, and it includes:

Customer Data:

• Personal details such as name and contact information

• Account balances and transaction details

• Direct debits, scheduled payments, and saved payees

• Product data for products you use such as product name, interest rates, fees and product features

Product Data (publicly available via API):

• Product names and eligibility criteria

• Terms and conditions

• Interest rates and applicable fees

Voluntary data:

We will only share data that we are required to share under the CDR Laws. This means we will not share any “voluntary data”. In the future, we may accept requests for some types of voluntary data. We may charge a small fee to cover our costs if we provide access to voluntary data but will notify you of the fee first.

3. How to Access Your Data

You can instruct us to share your CDR data with an Accredited Data Recipient. To request us to share your data:

  • You must be at least 18 years old, hold an Alex Bank account, and have a linked mobile number.
  • Use the Accredited Data Recipients website or app to select the type of data you nominate to share and specify sharing duration (one-time or a period up to 12 months).
  • You must be registered for Alex Bank's Internet Banking.

The Accredited Data Recipient will then redirect you to our portal where you will be asked to authenticate your details via Alex Bank’s secure process, including login and One-Time Password verification.

Once you have been authenticated, we will ask you to select the account(s) you wish to nominate for sharing. We will also obtain your consent to proceed with the data sharing arrangement.

4. Managing Your Data Sharing

You can view, manage, or revoke your consent for data-sharing agreements through:

5. Correcting Your Data

If your data is incorrect, out of date or incomplete, you can update your details through internet banking or contact us at hello@alex.bank.

Corrections are processed within 10 business days at no charge. Instructions for correction requests are available online or by contacting us directly .

6. Resolving Data Issues and Complaints

Internal Complaints Process:

If you aren’t satisfied with your experience, you can let us know by contacting us by email or phone:

  • Contact us at hello@alex.bank or
  • Phone us on 13ALEX between 9am-5pm AEST Monday-Friday.

Tell us about you and why you are unsatisfied:

  • Your name
  • Your contact details
  • Why you are unsatisfied with our service
  • What you would like us to do about it

We will acknowledge complaints within 1 business day and aim to resolve complaints within 5 business days. If it’s going to take longer, or we require further information, we’ll let you know.

External Review:

If you still feel your issue hasn’t been resolved to your satisfaction, then you can escalate your concern with the Australian Financial Complaints Authority (AFCA) or with the Office of the Australian Information Commissioner. Their contact details are given below.

Office of the Australian Information Commissioner (OAIC)

Australian Financial Complaints Authority (AFCA)

  • Website: www.afca.org.au
  • Email: info@afca.org.au
  • Phone: 1800 931 678
  • In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001
7. Open Banking Security

Your privacy and security are priorities. Alex Bank ensures that:

  • Data is shared only with accredited third parties.
  • Consumers retain control over data sharing.
  • Sharing agreements automatically expire after 12 months unless renewed.

All CDR data is managed under strict security protocols.

8. Review and Updates to This Policy

This policy is reviewed annually and updated to reflect changes in legislation, the CDR framework, or Alex Bank’s practices. The latest version is always available on our website.