ACCC varies Australian Banking Association authorisation

Here is a summary of the document in the provided template:

Summary:

On 1 February 2024, the Australian Competition and Consumer Commission (ACCC) issued a determination granting a minor variation to the Australian Banking Association's (ABA) authorisation to make changes to the minimum requirements of basic bank accounts offered to low-income customers under the Banking Code. The change allows basic bank accounts to offer a customer's choice of debit payment method, rather than just a debit card. This decision is a minor variation to the original authorisation granted by the ACCC on 21 November 2019 for 5 years.