FAQs

Under the CDR regulations, banks must share data when an eligible consumer provides consent. The ability to provide consent varies depending on the type of consumer.

First, let's go through who are eligible consumers based under CDR:

1. Only Individuals over 18 are eligible consumers. Accounts owned by minors are not considered eligible, but a secondary user appointed by the account owner may be able to share data on their behalf.

2. The consumer must have at least one open account with the bank to be considered eligible. While closed accounts are typically not required to be shared, some banks may allow customers with closed accounts to consent to data sharing.

3. Eligible consumers must have enrolled or registered for online access through a digital platform, such as a website or mobile app. Consumers who have not registered for online access cannot share their data. All accounts, including closed or "offline" accounts, should be available for sharing, even if not accessible through the bank's online platform.

Here are the different types of users recognised by CDR regulations that can give consent to share bank data:

• Individual: An individual account owner can share their bank data with Accredited Data Recipients (ADRs) like SISS. The ability to share data is typically enabled by default for individual account owners.

• Joint: In the case of joint accounts owned by multiple individuals, any joint account owner can give consent. Banks may have functionality to configure data sharing permissions for joint accounts.

• Nominated Representative: This category applies to non-individual account owners such as companies, trusts, SMSFs, and corporate partnerships. Banks may consider all "business" accounts as nominated representatives. The nominated representative is responsible for sharing data, and banks may require a nomination process to enable consent from authorised users.

• Secondary Users: Some banks allow account owners to grant specific functionality to external parties, such as bookkeepers, accountants, or lawyers. CDR regulations require banks to allow account owners to authorise secondary users to give consent for data sharing with ADRs. Enabling this role for secondary users typically involves following the bank's process, such as accessing the online portal, submitting a form, or visiting a local branch.

It's important for account owners to understand their bank's specific processes and requirements for enabling data sharing consent based on their account type.

There are several reasons why a bank account may not be available for sharing, and understanding these reasons can help address any issues. Here are some potential reasons and their possible solutions:

Multiple profiles with the bank

If you have multiple registrations or client numbers with the bank, it's possible that different accounts are linked to each user or registration. Check if you have different profiles and ensure you're accessing the correct one.

Role requirement for consent

In the case of business accounts, each user may need to have the appropriate role added to give consent for data sharing. The process to add this role varies across banks and may involve online settings, completing a form, or visiting a local branch.

Bank's implementation status

Some banks may be in the process of implementing sharing functionality for certain types of accounts, such as business accounts or sharing with secondary users. Refer to the Bank's FAQ or contact the bank for specific information and timelines.

Disabled sharing for joint accounts

By default, any account owner of a joint account can give consent for sharing. However, the bank may have settings to disable sharing. Check the Joint Account Management settings through the bank's website or mobile app to determine if sharing is enabled.

Unlinked online profile

If your online banking or mobile app login can’t access the bank account you want to share, the account will not be listed. Contact the bank to ensure your online profile is linked to the account.

The account listed as blocked or unavailable

In some cases, banks may have implemented functionality where account owners can block certain accounts from being shared. This is more common for business-like accounts when a nominated representative or secondary user tries to share data. However, it's important to investigate the other reasons mentioned above before considering this possibility.

If you encounter any issues, we recommend contacting your bank for further assistance and clarification based on their specific processes and policies.

The Consumer Data Right mandates that banks share data starting from January 1, 2017. This means that all transactions from that date onwards are generally available to be shared with Accredited Data Recipients (ADRs) like ACSISS.

However, there are a few considerations regarding the availability of transactions:

• Account Opening Date: If you opened your account after January 1, 2017, the availability of transactions for sharing starts from the date you opened the account.

• Exemptions: Some banks have received exemptions from the data sharing requirement. These exemptions may be granted for various reasons, such as mergers or significant system upgrades that have limited or eliminated access to old transactions.

It's important to keep these factors in mind when considering the availability of transactions for sharing under the Consumer Data Right.

Generally, all types of bank accounts can be shared if you meet the eligibility criteria. This may even include closed accounts. However, there are a few reasons why an account may not be available for sharing:

1. Bank Exemptions: Some banks have been granted exemptions by the ACCC, allowing them to delay implementing sharing functionality for certain account types related to business, trusts, and partnerships. These exemptions are temporary, and banks are still required to comply in the future.

2. Limited User Access: Accounts operated by non-individual entities like companies, trusts, SMSFs, or partnerships may require specific data-sharing configurations. Some banks do not enable sharing by default, so you may need to enable this feature through the bank's online portal or contact them directly.

3. Joint Account Settings: By default, joint account owners can give consent to share data. However, it's possible for a joint owner to change the sharing settings to disable it. Check your bank's Joint Account Management settings to review and update these settings if necessary.

4. Offline or Grandfathered Products: Banks that have been in operation for a long time may have older accounts that are not visible in their web-based portals. Nevertheless, these accounts should still be available for sharing.

5. Non-Compliance: If you believe a bank account should be shareable but it's not, you have the right to contact the bank, request an investigation, and file a complaint if necessary.

Remember, while most accounts should be available for sharing, specific circumstances and bank policies can affect availability.