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BNZ: Resolution for Access Brokerage customers

Bank of New Zealand keen to see resolution for Access Brokerage customers

Bank of New Zealand is still awaiting direction from the liquidators of Access Brokerage Limited (Access) on what to do with the funds in the Access Brokerage Trust Account, which is under the control of the liquidators.

“We would like to see Access’s customers have their funds made available as soon as possible, and we hope to receive instructions from the liquidator soon,” says Bank of New Zealand, Public Relations Manager, Zaman Toleafoa. “In the meantime, we recommend people review any standing orders in favour of Access on their personal accounts, including Direct Debits, Automatic Payments and Bill Payments.”

“We recognise this is an uncertain time for people with funds in the Access Trust Account and we remain in regular contact with the liquidator,” he says.

In the meantime, people should have their account details available if contacting Bank of New Zealand. “That will help our staff to correctly identify whether the person has a personal call account with Bank of New Zealand, or has funds in an Access Trust Account.”

Over 85 percent of people who have contacted Bank of New Zealand in the past few days wanting information on Access, are customers of Access with funds in an Access Trust Account, says Mr Toleafoa.

Mr Toleafoa says the bank is publishing the account details of the Access Trust Account in an effort to help people identify whether their funds are under the control of the liquidators of Access.

The account details are: Access Brokerage Limited Trust Account: A/c 0500 0067340 84

“Customers with funds in Access’s Trust account are customers of Access, not Bank of New Zealand. By law Bank of New Zealand cannot process transactions or provide any further information about funds in Access Trust Accounts, as instructions or information must come from the liquidator as the Trustee of the account,” says Mr Toleafoa.

“We have no authority to provide information such as records of balances to customers of Access, cannot make any comment on the security of their funds, process transactions or withdrawals or transfer transactions.”

Mr Toleafoa confirms that Bank of New Zealand had provided some people who wished to use Access’s online share trading service personal call accounts to make online share trades, and that these accounts were unaffected by the appointment of the liquidators of Access. “It is only accounts that are in the name of Access Brokerage Ltd that are affected; personal Call accounts that customers may have used for the purpose of personal on-line share-trading are not impacted and customers can access funds in those accounts in the normal way. “

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