Savings Smart Guide

5. Safeguard your savings

What you'll learn in this step: keeping hold of your money isn't just about financial discipline.

The Australian Securities and Investments Commission (www.asic.gov.au) regulates deposit-taking institutions by setting standards about what they tell their customers, monitoring compliance with codes of practice and taking action against misconduct.

You can also take complaints about banks and other financial institutions to the Banking and Financial Services Ombudsman (www.abio.org.au), but try to resolve issues directly with the institution first, either at a branch or department level or through its customer relations department.

Beware of internet scams that try to con you out of your hard-saved money. Con artists go phishing for information by sending hoax emails purporting to be from your bank asking you to confirm, update or disclose your confidential banking information.

But banks never send emails (or make phone calls) asking for such information.

ASIC also manages a database of unclaimed money in forgotten bank accounts in 2006 there was a record $204 million in almost 161,000 accounts waiting to be returned to its rightful owners. If you think you've lost track of some money, you can make a free, instant search at www.fido.gov.au.

Read more about:

Overcharging customers costs bank $174m, Michelle Innis, June 14, 2006 The Sydney Morning Herald: National Australia Bank has said repaying customers who had been overcharged would cost close to $174 million.

Be alert, phishers are now pharming, Frank Walker, May 28, 2006 The Sun Herald: If the phishers don't get you the pharmers will, police have warned.