Bank Won’t Refund You? How to Get Your Money Back From a Bank or Lender (Australia 2026)

Last updated 27 October 2026 · Reviewed by the Claim Done team · Not legal advice

Can you get your money back from a bank?

Often, yes, but how depends on what happened. Banking is a financial service, so the main rules come from financial services law and industry codes rather than only the general consumer law:

• The ASIC Act bans misleading or deceptive conduct in relation to financial services (s 12DA) and implies a warranty that financial services are supplied with due care and skill (s 12ED). Unfair terms in standard form consumer contracts are covered by s 12BF.
• The ePayments Code, administered by ASIC, sets the rules for who pays for unauthorised electronic transactions and for recovering mistaken internet payments. It is voluntary, but most banks, credit unions and building societies subscribe.
• The Banking Code of Practice (the 2025 version, approved by ASIC and in effect from 28 February 2025) sets commitments on complaints, card disputes, direct debits and financial difficulty for banks that subscribe.
• The National Credit Code gives borrowers the right to ask for a hardship change to a loan, orally or in writing.
• AFCA decides complaints against its members by what is fair in all the circumstances, taking account of the law, industry codes and good industry practice.

What you can get: a refund of money taken from your account without your authority, a reversed or recalculated fee, a debt reduced or forgiven, a loan varied for hardship, a credit listing corrected, or compensation for loss the bank caused.

What a bank cannot do:

• Ignore your complaint. It must give you a written final answer (an “IDR response”) within 30 calendar days in most cases, with its reasons if it says no and AFCA’s contact details.
• Refuse to treat it as a complaint because you raised it by phone or because it thinks you are wrong. ASIC’s guidance says these are still complaints.
• Charge you to complain. The Banking Code says lodging a complaint with the bank or AFCA is free of charge.
• Chase the disputed debt while AFCA has your complaint. During an AFCA complaint the bank must not begin legal proceedings about it, recover the disputed debt or list a default, unless AFCA consents. Interest can keep running.

The most common problems with banks and lenders

1. Unauthorised transactions

Money taken from your account or card that you did not authorise. Report it straight away and ask the bank to stop further transactions. Moneysmart says you are more likely to get it back if a forged, expired, blocked or cancelled card was used, if a staff member or seller acted fraudulently, if it happened after you reported the card lost or your PIN compromised, or if “it’s clear that you haven’t contributed to the loss”. Claim a full refund.

2. A card transaction you dispute (chargeback)

Goods never arrived, a merchant charged twice, or a subscription kept charging after you cancelled. Under the Banking Code, if you dispute a card transaction within the card scheme time limits, the bank will claim the amount back if it was incorrectly charged and you did not contribute to the loss, and may accept a merchant’s refusal only as the scheme rules allow. Act quickly: the scheme deadlines apply.

3. Mistaken payment to the wrong account

You typed the wrong BSB or account number. Report it to your bank as soon as possible. Under the ePayments Code different recovery rules apply depending on whether you report within 10 business days, after 10 business days, or after seven months, and recovery is more likely if the recipient still has the money.

4. Fees charged in error

A fee that should not have applied, was calculated wrongly or was charged twice. Claim it refunded. Note that AFCA will not consider a complaint that is only about the level of a fee, but it will if the fee was incorrectly calculated or applied.

5. Lost money to a scam and the bank will not help

Report it to your bank immediately and ask it to try to stop or recover the payment. If you think your bank, or the bank that received the money, contributed to your loss, for example because you believe it missed warning signs or was slow to act once told, you can complain to it and then to AFCA. AFCA reports a big increase in banking complaints about scams. See the section on scams below for what the new law does and does not do yet.

6. Hardship request refused or ignored

You asked for lower repayments or a pause because of illness, job loss or another setback, and the lender refused or did not answer. A hardship request can be oral or written. A credit provider that refuses must give written reasons and AFCA’s details, and a complaint about a hardship notice must be answered within 21 calendar days. AFCA can vary a credit contract in cases of financial hardship.

7. Wrong default listing on your credit report

A default listed while you were disputing the debt or on a hardship arrangement, or one that is simply wrong. AFCA considers errors in credit listings. Claim the listing corrected or removed.

8. Direct debit the bank would not stop

You can ask your bank to investigate an unauthorised direct debit and, under the Banking Code, it will act promptly to help. Claim a refund of debits taken without authority.

9. Misleading advice or information

Told a product had no fees, or that a transfer was safe, when it was not. Misleading conduct in relation to financial services breaches the ASIC Act. Claim the loss you suffered by relying on it.

10. Delays and poor service that cost you money

A transfer held without explanation, a discharge of mortgage delayed, or an account frozen without good reason. Claim the extra costs you can prove, such as late fees or interest charged elsewhere.

Bank complaint rules: the 30-day deadline, the Banking Code and AFCA

The bank’s own complaint process

ASIC’s Regulatory Guide 271 sets the rules every licensed bank and lender must follow:

The final answer must tell you the outcome, give clear reasons if your complaint is rejected, and tell you that you can go to AFCA, with its contact details. Under the Banking Code, if your complaint is not resolved in 30 days (21 for hardship, default and postponement complaints), the bank will tell you why, when to expect an answer, update you monthly and tell you about AFCA.

The Australian Financial Complaints Authority (AFCA)

• Free: AFCA describes its service as “fair, free and independent”.
• Bank first: the first step is usually to raise the problem with the bank. Even after you lodge, AFCA first passes the complaint to the bank so it can try to resolve it with you directly.
• Binding on the bank if you accept: if AFCA makes a determination in your favour and you accept it, the bank must comply, generally within 30 days. If you do not accept it, you can still pursue the bank through the courts.
• Limits: a claim limit of $1,263,000 generally, and compensation up to $631,500 for most claims of direct financial loss, with lower caps for indirect loss ($6,300) and non-financial loss ($6,300) per claim. Interest and limited costs can be added.
• Time limits: within six years of when you became aware of the loss, or within two years of the bank’s final answer, whichever comes first. AFCA may extend in special circumstances.
• Not covered: a business that is not an AFCA member, a matter a court has already decided, and complaints only about the level of a fee.

Scams: what the new Scams Prevention Framework does, and when

The Scams Prevention Framework Act 2025 will require banks, telcos and large digital platforms to prevent, detect, report, disrupt and respond to scams. Banking is a designated sector with ASIC as its regulator, and businesses regulated under the framework had to be AFCA members from 1 September 2026. But the main obligations do not apply to banks until 31 March 2027, and AFCA, which the Government has said will be the external dispute resolution body under the framework, will only be able to consider complaints under the framework about matters that happen on or after 31 March 2027.

That does not leave you without options for a scam today. You can still complain to your bank, and to the bank that received the money, if you think either contributed to your loss, and then take it to AFCA under its ordinary rules. Moneysmart’s checklist: stop sending money, tell your bank immediately and ask it to stop transactions, report to Scamwatch, and if your identity details were taken, call IDCARE on 1800 595 160 for a free plan. Be wary of anyone offering to recover your money for a fee: Moneysmart warns about people who claim they can recover your losses for a percentage or a fee.

What you can claim from a bank

• Refund of unauthorised transactions where you did not contribute to the loss.
• Chargeback amounts for card transactions incorrectly charged.
• Fees refunded that were wrongly applied or calculated, and interest charged because of the bank’s error.
• Debt varied or forgiven, or a loan varied for hardship.
• Credit listing corrected where it was wrong.
• Compensation for direct financial loss the bank caused, and in limited amounts for indirect or non-financial loss.

To work out the amount, list every transaction, fee and interest charge in dispute from your statements, with dates. Add costs you incurred because of the bank’s failure, with receipts. For a scam, note the time you reported it to the bank and what the bank did after that: that timeline is often the heart of the complaint.

Worked example (round numbers, for illustration only): your card was used for $1,800 of online purchases two days after you reported it stolen. The bank refunded nothing and charged $60 in overdrawn fees and $40 interest because your account went into the red. Your claim: $1,800 for the unauthorised transactions, plus $100 in fees and interest caused by them, total $1,900.

Evidence to gather

1. Bank statements showing each disputed transaction, fee and interest charge.
2. The date and time you reported the problem, how (app, phone, branch) and the reference number.
3. Screenshots of the bank’s messages, app notifications and any security alerts.
4. For a card dispute: the merchant’s details, your cancellation or refund request, and proof goods did not arrive.
5. For a mistaken payment: the payment receipt and the details you entered.
6. For a scam: all messages from the scammer, payment receipts, your Scamwatch and police report numbers.
7. For hardship: your hardship request (or notes of the call), the lender’s reply and your budget.
8. For a credit listing: a copy of your credit report showing the listing.
9. The bank’s final answer (IDR response) or a note that it has not answered within the deadline.

How to get your money back: 5 steps

Step 1. Complain to the bank

For unauthorised transactions or a scam, call the bank immediately and lock your card. Then make a complaint, by phone, app, branch or in writing, saying what happened, the amount and what you want. Ask for a reference number. If you complain by phone, confirm it in writing the same day. The bank has 30 calendar days to give its final answer (21 for hardship and default notice complaints).

Step 2. No answer, a refusal or a runaround: send a formal complaint

If the bank says no, offers too little or lets the deadline pass, put a formal complaint in writing. Ours sets out the facts, the ePayments Code, the Banking Code and the ASIC Act points that apply, the amount, and the deadline. It is your formal complaint through the bank’s internal dispute resolution process, the step AFCA expects to see before it acts, and it is ready to lodge with AFCA if the bank does not fix it.

Prepare your bank complaint – $97

More about it: AFCA financial complaint. If you lost money to a scam, our scam recovery letter is built for that: start a scam recovery claim – $97.

Step 3. Take it to AFCA

If the bank’s final answer does not fix it, or it misses the deadline, lodge with AFCA online or call 1800 931 678 (8am to 6pm AEST/AEDT weekdays). It is free. Attach your formal complaint, the bank’s answer and your statements. AFCA first gives the bank a chance to resolve it with you, then may negotiate, hold a phone conciliation, give a preliminary assessment, and finally make a determination. If you accept a determination in your favour, the bank must comply. While AFCA has your complaint, the bank must not take legal action, chase the disputed debt or list a default without AFCA’s consent.

Step 4. Still unpaid: send the final demand

Use this if the bank agreed to refund you and has not, if AFCA cannot take your complaint (for example the business is not an AFCA member or it is out of time), or before you start court proceedings. Quote your complaint, the bank’s answer and your AFCA reference number.

Send the final demand – $49

Step 5. Court, only if AFCA cannot help or you reject its decision

For banking disputes AFCA is the main route: it is free, it applies the codes and good industry practice as well as the law, and its decision binds the bank if you accept it. If you reject a determination, or AFCA cannot consider your complaint, you can take the claim to a court. Whether a state tribunal can hear a particular claim against a bank depends on the state and the claim, and we have not confirmed it state by state, so check with the registry before you file.

Prepare your tribunal application – $97

In WA, SA and Tasmania the forum is the Magistrates Court, and the same service prepares your court claim. To put statements, messages and the bank’s letters in order, use the Hearing Bundle ($97).

Where your claim goes in each state

First stop everywhere: AFCA, afca.org.au/make-a-complaint, 1800 931 678. AFCA is national, so your state does not matter. For SPF scam complaints about matters on or after 31 March 2027, AFCA is expected to be the external dispute resolution body under the framework.

If you end up in a tribunal or court, it is the one in the state or territory where the business is, and only if that forum can hear your type of claim. For the NSW and Victorian tribunals (NCAT and VCAT), if the business is an individual or sole trader living in another state, the tribunal cannot decide the claim and it must go to a court (Burns v Corbett [2018] HCA 15). QCAT in Queensland is a court of a State (Owen v Menzies [2012] QCA 170) and is not affected. Banks are companies, so that rule rarely matters here.

AFCA cannot consider a complaint a court has already decided, and it may not handle one that is subject to legal proceedings. Choose your route before you file anywhere.

After you win: getting paid

If you accept an AFCA determination, the bank must provide the remedy, generally within 30 days, and AFCA must report a firm that does not comply to ASIC. If you went to a court or tribunal instead and the business does not pay by the date in the order, the order can be enforced. In most states it is registered or filed with the court and enforced like a judgment: a garnishee order on the business’s bank account or money owed to it, seizure and sale of property, or an examination where the business must answer questions about its finances.

Tribunals do not collect the money for you. In NSW, Victoria, Queensland, the ACT and the NT, an unpaid tribunal money order is first registered, recorded or filed with a court. In WA, SA and Tasmania the Magistrates Court decides the claim, so you already have a court judgment. Then you apply for the court’s enforcement tools.

Enforce your order – $97

Enforce your order – $97

Questions people ask

How long does a bank have to respond to a complaint?

Thirty calendar days for most complaints, under ASIC’s Regulatory Guide 271. Complaints about a hardship notice, a default notice or a request to postpone enforcement have 21 calendar days. Card disputes covered by card scheme rules follow the scheme’s timeframes. The final answer must give reasons if the bank says no and tell you about AFCA.

Will my bank refund an unauthorised transaction?

Usually, if you did not contribute to the loss. Moneysmart says a refund is more likely where a stolen or cancelled card was used, a staff member or merchant acted fraudulently, or the transaction happened after you reported the card lost or your PIN compromised. It is less likely if you shared your PIN or delayed reporting. Report it immediately.

Is AFCA free, and can it make my bank pay?

Yes to both. AFCA’s service is free for consumers. If it makes a determination in your favour and you accept it, the bank must comply, generally within 30 days, and AFCA reports non-compliance to ASIC. If you reject the determination, it does not bind you and you can still go to court.

Will my bank refund money I lost to a scam?

There is no automatic refund. You can complain to your bank, and to the bank that received the money, if you think they contributed to your loss, then take it to AFCA. The new Scams Prevention Framework only covers matters from 31 March 2027. Our scam recovery letter sets out your complaint to the bank.

I sent money to the wrong account. Can I get it back?

Often, if you act fast. Report the mistaken payment to your bank as soon as possible. Under the ePayments Code different recovery rules apply if you report within 10 business days, after 10 business days, or after seven months. Recovery is more likely while the recipient still has enough money in their account.

Can I complain about bank fees?

Yes, if the fee was charged in error. AFCA will consider a fee that was incorrectly calculated or applied, and it can order a fee repaid or waived. It will not consider a complaint that is only about how high a fee is. Check your account terms to see whether the fee should have applied.

My bank refused my hardship request. What can I do?

Complain to the bank, then go to AFCA. A hardship request can be made orally or in writing, and a lender that refuses must give written reasons and AFCA’s details. The bank must answer a hardship complaint within 21 calendar days. AFCA can vary a credit contract for hardship, and while it handles your complaint the bank must not list a default.

How long do I have to take my bank to AFCA?

Six years from when you became aware of the loss, or two years from the bank’s final answer to your complaint, whichever comes first. AFCA can extend the time in special circumstances. Do not wait: records and transaction data are easier to get while the complaint is fresh.

Can the bank chase me for the debt while AFCA looks at my complaint?

No. While AFCA is handling the complaint, the bank must not begin legal proceedings about it, recover the disputed debt or list a default on your credit file, unless AFCA consents. It can keep charging interest, so keep paying what you can and do not ignore the account.

What should my complaint to the bank include?

Your account details, each disputed transaction or fee with dates and amounts, when you reported it, what the bank did, the codes or rules you rely on, the outcome you want and a deadline. Our AFCA financial complaint ($97) sets all of this out and is ready to lodge with AFCA if the bank does not fix it.

Does the Banking Code of Practice apply to my bank?

It applies to banks that have signed up to it, so check your bank’s terms and conditions or ask the bank. The 2025 version, approved by ASIC, took effect on 28 February 2025. It covers complaints, card disputes, direct debits and financial difficulty. AFCA takes relevant codes into account when it decides a complaint.

Do I need a lawyer to complain about my bank?

Usually not. AFCA is designed for consumers and small businesses without lawyers, and it is free. A clear written complaint with your statements and a timeline is what matters most. For large losses, a business claim or a dispute about a guarantee over your home, consider legal advice or a free financial counsellor.

Sources

• AFCA: How we resolve complaints and our Rules (claim limit, compensation caps from 1 January 2024, remedies, legal proceedings)
• AFCA: The process we follow (time limits, determinations); Make a complaint; Banking deposits and payments complaints
• AFCA: Scams Prevention Framework
• ASIC Regulatory Guide 271: Internal dispute resolution, RG 271.31, 271.53-271.62 and Table 2
• ASIC: ePayments Code
• Moneysmart: Bank transaction problems; What to do if you’ve been scammed
• Banking Code of Practice (28 February 2025), paras 153, 157-159, 167-172, 195-199; ASIC approval instrument 2024/523
• ASIC Act 2001, ss 12BAA, 12BF, 12DA, 12ED
• Scams Prevention Framework Act 2025; Regulated Sectors Designation 2026, ss 11-12, 101; External Dispute Resolution Authorisation 2026, s 50
• National Consumer Credit Protection Act 2009, Schedule 1 (National Credit Code), s 72
• Tribunal and court pages listed in the table above

More guides for other businesses: how to get your money back.

Checked 19 October 2026 by the Claim Done legal content team.

Claim Done is not a law firm and does not give legal advice. This page is general information. For a complex or high-value matter, speak to a lawyer or a free community legal centre.