04 Nov 2014
Why banks can take money from customer bank accounts to pay their council rates arrears is explained in a new Banking Ombudsman Scheme quick guide.
03 Nov 2014
Banks typically cover any loss if you take reasonable care of your card and PIN and report any loss to them promptly. But if you haven’t, you are unlikely to recover the loss, as this person found out when he went to the pool for a swim and left his card in an unsecured cubby hole.
28 Oct 2014
Loan agreements and mortgages can allow a bank to decide how money received from the sale of a property is allocated and it might not be what the customer expects if they have more than one property used as security for one or more loans.
20 Oct 2014
Everybody has the right to complain but it is harder for some than others. One of our latest cases involved a woman with English as a second language who, with the help of our investigators and Language Line, was able to sort out her problem with a claim to her bank about her life insurance policy.
We also have help information on our website for the deaf, hearing-impaired, and deaf-blind. Scheme information is also accessible on video in New Zealand Sign Language.
16 Oct 2014
Customers with a problem about their bank are increasingly using electronic means to complain.
14 Oct 2014
Digital banking can help your financial fitness if used with care. Take time this Money Week to check out Banking Ombudsman Deborah Battell's top tips for getting financially fit in the digital banking age.
13 Oct 2014
Take the opportunity this Money Week to do the Financial Fitness Check-up to see how fighting fit you are with your money. Do the check-up and go in the draw to win a financial training session.
The Banking Ombudsman Scheme supports Money Week because the more people understand their finances, the better-prepared they can be for future challenges.
06 Oct 2014
Find out what happened when one credit card customer said she wasn’t liable for debt on a credit card she had had for more than 20 years because the bank could not produce the original application form.
29 Sep 2014
We receive a number of complaints about banks' lending decisions. What might be surprising is that we receive complaints about banks both refusing to lend and allowing customers to borrow when the customers say they could never have afforded the repayments.
Here’s a case of a bank customer who knew she couldn’t meet her debt repayments and complained to us when her bank kept increasing her credit card limit.
23 Sep 2014
Customers sometimes complain because they think banks have a duty to monitor their affairs and inform them when they can get a better deal. Many banks do, in fact, contact customers or take the opportunity when customers visit branches to review accounts. However, we cannot require banks to do this.
18 Sep 2014
A common KiwiSaver complaint we get is that people cannot get out of the scheme once they sign up. Opting out is only an option for employees new to a job who aren’t already in a scheme. They are automatically signed up to KiwiSaver by their new employer and have a limited timeframe to opt out.
15 Sep 2014
Information about the Banking Ombudsman Scheme is now available in New Zealand Sign Language (NZSL) via a web-based video.
10 Sep 2014
Non-English speakers requiring an interpreter to help with a complaint with their bank can call the Banking Ombudsman Scheme for help on 0800 805 950. They just need to say "Language Line", the language they speak, and a contact number (if possible) in case the call is disconnected. Scheme staff can then have an interpreter on the phone within minutes.
01 Sep 2014
There’s been a flurry of news stories over the past few months about electronic and online scamming. But here’s a recent case which shows people still have complaints about cold hard cash.
27 Aug 2014
Customers wanting to sell one of their properties to release capital should first be clear how much money their bank will let them pocket.
11 Aug 2014
Problems can arise when a relationship between joint account holders breaks down. A bank has to freeze account funds if it receives word from either account holder that there is a dispute about the joint funds.
05 Aug 2014
Customers are entitled to access records of their dealings with their bank. The Banking Ombudsman Scheme has just published a guide explaining what rights customers have to access information their bank holds on them, how long banks are required to keep different types of information, and in what form that information can be held.
01 Jul 2014
The Banking Ombudsman Scheme has published a guide on investing based on its insights from the global financial crisis and designed to help consumers avoid making similar mistakes.
01 Jul 2014
An independent scheme review is required every five years, against the principles of accessibility, independence, fairness, accountability, efficiency and effectiveness.
If you wish to participate in the 2014 review, submissions are welcome from now until 31 July.
12 May 2014
Bank customers will continue to be ripped off by scammers as long as they keep revealing their card PINs, says Banking Ombudsman Deborah Battell.