The ten banks that now offer a "basic bank account" must continue to do so and amend the terms for these accounts in line with demands from the ACCC.They must also take steps to inform potentially eligible customers of these basic banking products.The ACCC on Friday outlined draft conditions it will impose on the Australian Banking Association's Banking Code of Practice "to ensure the revised code will benefit low-income consumers and drought-affected farmers".The ABA has sought authorisation for its revised Banking Code in line with recommendations of the banking royal commission.These aim to improve basic bank accounts and low or no-fee accounts by prohibiting informal overdrafts unless requested by the customer, and also removing dishonour fees from these accounts. The ABA is also proposing that certain types of basic bank accounts have no minimum deposits, free direct debit facilities, access to a debit card at no extra cost and free unlimited domestic transactions.In addition, the ABA's changes would prevent default interest being charged on agricultural loans in drought-affected areas.The ACCC said that "after considering the ABA's proposal, it believes that additional conditions are required to strengthen these changes", more or less taking their lead from the submissions of consumer advocates.Banks will need to report to the ACCC every year on actions taken "to identify and contact existing customers potentially eligible" for a basic account and report the number of accounts opened.The ABA failed to convince the ACCC to authorise the new code for ten years, requested on grounds of "giving banks confidence their regulatory environment will not change for a substantial period."Instead the banking code will be authorised for five years, in the ACCC's draft ruling anyway.