Remediation

Making things right for our members

We aim to be everything you want in a bank. Sometimes we get things wrong. When that happens, we’re committed to fixing it and putting things right.

What is remediation?

Remediation is how we identify and fix errors that may have affected our members.

Our Remediation team identifies instances where current or former members may have been affected, investigates what happened, calculates any refund owed, and makes sure steps are taken so it doesn’t happen again.

What happens if you’ve been affected?

If we discover that an error has affected you, we’ll get in touch by mail, email or phone to explain what happened and what we’re doing to fix it. We’re sorry for any inconvenience this may have caused, and our priority is to make things right as quickly and easily for you as possible.

How are payments made?

Current members

If you have an eligible account with us, we’ll deposit your refund directly into that account. If the affected account is closed, we’ll deposit into another eligible account with us where possible.

Former members or members without an eligible account

You’ll receive a communication from us asking for your payment instructions so we can arrange your refund. Please contact our Remediation Care team and let us know where to send your payment.

Small refunds

For refunds under $5, we may deposit the amount directly into your account without sending a separate communication. It will appear on your account statement, as Remediation followed by four numbers.

We’re here to help

If you can’t find the answer you’re looking for, call our Remediation Care team on 02 9735 9555, weekdays, 9am – 5pm Sydney time, or email us at [email protected].

Frequently Asked Questions

How can I be sure this isn’t a scam?
If you’re unsure about a communication you receive, please call our Remediation Care team or get in touch with our Contact Centre directly. We’ll confirm whether it’s genuine.
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How is my payment calculated?
The communication you receive includes details on how your payment was calculated. If you’d like further explanation, our Remediation Care team can walk you through it.
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What is an eligible account?

An eligible account is any active bank account where we can deposit your remediation payment – either with us or with another financial institution.

Eligible account types include:

  • everyday (transaction) accounts
  • savings accounts
  • loan accounts
  • business accounts.

Unfortunately, we can’t make payments into term deposit or credit card accounts.

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What if the affected account is a joint account?
Refunds for joint accounts are shared equally between all account holders. If you’d like the payment distributed differently, please call or email our Remediation Care team.
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Will this payment affect my tax obligations?

Refunds may have tax implications. It’s a good idea to check with your accountant or a tax adviser as to how this may affect you.

You can also find general information on compensation payments from financial institutions on the Australian Taxation Office website.

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I no longer have an account with you – why are you contacting me?
We value making things right for all members affected - including former members. Even if you no longer bank with us, we’ll reach out to request your payment instructions so we can transfer your payment.
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Can I donate my payment to charity?
Yes. Remediation payments of $500 or less are pooled and donated to charities registered with the Australian Charities and not-for-profits Commission (ACNC). We support a panel of organisations that promote financial literacy in the community, and any remediation payments not paid directly to members are shared among them. If we don’t hear from you, your remediation payment will automatically be included in this donation — you don’t need to do anything.
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What happens if I don’t contact you?

If we reach out about a remediation payment but don’t hear back, your refund may be donated to charity or transferred to unclaimed monies, depending on the amount.

Don’t worry — you can still claim your refund later by contacting our Remediation Care team for guidance.

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Can I visit a branch if I have questions?
Of course. Please bring the letter or email we sent you, and our branch team will be happy to help you. Find your closest branch.
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Get in touch

If you can’t find the answer you are looking for you can contact the Remediation Care team directly.

Call us

Contact our Remediation Care team directly on 02 9735 9555 weekdays, 9am – 5pm, Sydney time.

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Enquire online

Email our Remediation Care team directly at [email protected]

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Visit us in branch

Visit us in branch. We’re open weekdays, 9am – 5pm. Find your closest branch.

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Further help

If you’re unhappy with how we have managed a remediation, our complaints resolution information explains next steps and how we’ll continue working with you until you are satisfied.

If you feel this matter hasn’t been resolved, you can contact the Australian Financial Complaints Authority (AFCA). AFCA is an independent body that provides free and fair dispute resolution services for members. Please quote Teachers Mutual Bank Limited AFCA Member Number 14398 if you contact them.