Open Banking

You'll have greater control of your data with Australia’s new Consumer Data Right (CDR).

How the Consumer Data Right works

Your consent.

We’ll always request your consent before we provide your data to a third party.

Greater transparency.

Your data is at your hands, which means you can always ensure it’s accurate.

Greater control.

CDR provides you with greater control of who can use your data.

Here’s how you can provide your consent:

Via Internet banking:

  1. Log onto Internet Banking and select ‘Settings’ in the top navigation;
  2. Select ‘Data sharing’ and follow the prompts.

You can also:

Write to us: Locked Bag 29 Wollongong DC NSW 2500
Call us: 1300 132 249
Send us a message online
Visit our branch

You can also withdraw your consent through any of the channels notes above.

Read out FAQs

Learn more about the Consumer Data Right (CDR)

From July 2021, with your permission, we can share your banking data with third parties.

Data Sharing allows you to share selected data from your nominated accounts with an Accredited Data Recipient in order to use the services they offer.

An Accredited Data Recipient will provide a Consent Request service that allows you to securely connect to Illawarra Credit Union to authorise us to share your data with that Data Recipient.

Only data you authorise us to share will be available to your Accredited Data Recipient and will only be shared for the period you consent to.

The Accredited Data Recipient will have policies and procedures in place as to how your data is used and what happens to that data when you stop sharing that data.

You may exit from the consent process at any time prior to approval and you will be returned to your Accredited Data Recipient’s internet site.

You can also stop sharing at any time.

With your permission, we can provide the following types ‘required data’ of data to third parties:

  • Your name, occupation and contact details;
  • Account details including account number, account name, balances and transaction details and information about any authorised third party operators;
  • Information about direct debits, scheduled payments and saved payees on your accounts; and
  • Information about the products you have with us including product features and fees & charges.

We will not accept any requests for disclosure of voluntary data.

We’ll only share data with third parties that we have a written agreement with.

All third parties will only be able to use your data for the primary purpose you agreed to. After which, they’ll delete your information.

It’s important to note that your data will not leave Australia.

You can request access to your CDR Data at any time.  You can request access to your CDR Data directly, or you can authorise an accredited person to do so on your behalf.

If the CDR Data we hold is incorrect, you can ask us to correct it.  You can make a request in person, by telephone, or in writing by using the details listed under ‘Contact Us’ below.

If you are an individual, you may also be able to access and/or correct CDR Data that is your personal information.  See our Privacy Policy here for more information on how you can seek to access and/or correct your personal information.

No, under the Consumer Data Right legislation, you will not be charged a fee to to share your data with an accredited third party.

Once you have authorised Illawarra Credit Union to share your data, we will share the selected data with your Data Recipient on the agreed frequencies.

Your Accredited Data Recipient will use the data to provide the services or products that you have consented to.

Your data may either be deleted or de-identified when it is no longer required.

Your Accredited Data Recipient will have specific policies in place for how they handle your data once it’s no longer required.

If you are have any questions, complaints or concerns about with the way that we have dealt with your CDR Data, you can access our internal dispute resolution scheme at any time without charge.

You can make a CDR complaint in person, by telephone, or in writing by using the details listed under ‘Contact Us’ below.

When you make a complaint, we aim to acknowledge your complaint within 2 business days.  We will investigate your complaint and contact you if we need more information.  Most complaints will be resolved within 21 days but some complaints may take up to 45 days to resolve.

We are a member of the Australian Financial Complaints Authority (AFCA).  AFCA provides fair and independent financial services complaint resolution that is free to consumers.

If you are not satisfied with how we have handled your complaint, or the outcome, you can contact:

  • The primary complaints handler of the CDR regime – the Office of the Australian Information Commissioner (OAIC), or
  • Our external dispute resolution scheme, the Australian Financial Complaints Authority (AFCA).

Both you and the joint account holder will need to provide consent to enable us to share your data with a third party.

Data Groups or Clusters allow you to authorise sharing of data within groups of related data. These data groups are presented under Cluster headings in our Consent Authorisation workflow and within your Consumer Dashboard. Each Cluster can be expanded to provide you with a list of the specific data you are authorising, or have authorised, to share.

Accredited Consumer Data Right Recipients will only be able to access your data if you provide your consent. In consenting to share data you will be able to authorise the data you want to share with your selected Accredited Data Recipient. You can also stop sharing at any time via your Consumer Dashboard with the Accredited Data Recipient, your Illawarra Credit Union dashboard or in writing.

Some Joint Accounts, Business related accounts, closed accounts or blocked accounts may not be eligible for Consumer Data Sharing. Joint Account sharing is limited by the number of Joint Account Holders while Account Holder age limits are also applied when determining if an account is available to share. Please contact us for more information relating to the availability of your accounts.

Illawarra Credit Union provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. This dashboard will be available from within internet banking.

Open Banking Consent Management allows you to change the sharing status of accounts previously selected during consent authorisation.

Changing approval status of eligible accounts can be performed in the Accounts Shared section of an active sharing arrangement on your Consumer Dashboard.

This will allow you to withdraw sharing approval for an existing account, or reinstate sharing of a withdrawn account approval at a later time.

These changes will only be applied to the sharing arrangement being maintained.

Only accounts that are currently eligible for data sharing will allow sharing to be withdrawn or reinstated.

Sharing status of a joint account may be withdrawn by any joint owner of the account, but only the account holder performing the approval withdrawal will have the ability to reinstate sharing.

Sharing of joint accounts can only be reinstated if sharing is still approved by all account holders in the Joint Account Service.

You should consider the impact of withdrawing account sharing approval on the services being provided by your Accredited Data Recipient before updating the status of any account.

The Australian Financial Complaints Authority

Address: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678
Email: [email protected]

Office of the Australian Information Commissioner

Address: GPO Box 5218, Sydney NSW 2001
Phone: 1300 363 992
Email: [email protected]

Australian Competition and Consumer Commission

Address: GPO Box 3131, Canberra ACT 2601
Phone: 1300 302 502

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