Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bank Customers Need to Remember Basics – Banking Ombudsman

MEDIA RELEASE  - 23 May 2013

Bank Customers Need to Remember the Basics – Banking Ombudsman

Have you heard the story about the kids who used their mum’s credit card details to buy up large online?  Or the one about the person who saved all their PINs disguised as phone numbers on their mobile which was then stolen by a thief who saw through the disguise and went on a spending spree?

Both were left out of pocket because they breached terms and conditions of their cards not to share or store PIN details.  The mum had to pay off her children’s spending on her credit card debt and the person whose phone was stolen lost all their money. 

“If you have a credit or debit card, you sign up to terms and conditions for their use and the rule for all is not to divulge PIN information.  If you do and payments you don’t authorise are made to your card, you won’t have a leg to stand on,” says Banking Ombudsman Deborah Battell.

“We have great sympathy for people caught out but ultimately, terms and conditions around PINs exist to protect the banking public from these exact situations. 

“As a first step, I’d urge everybody to read the terms and conditions of any banking product or service before they sign up to it.  If that’s daunting, you can ask your bank to explain the terms and conditions to you and point out the key things to look out for,” says Ms Battell.

These stories are included in a new batch of case notes on the Banking Ombudsman Scheme website, which has been re-launched for easy use on PC, mobile and tablet.

Case notes are a resource for people who may have a banking problem to see how complaints similar to theirs are handled by the scheme.  Case notes are also useful for people wanting to learn more about banking and how to avoid mistakes.  They cover a wide range of banking issues including around lending, investment, and payment systems.

The website also has a suite of Quick Guides about various aspects of banking which provide advice to people about how to successfully go about their banking.  Guides are added to cover new developments in banking or when the need to provide information is identified.

“The first Quick Guide we published nearly two years ago is about looking after your credit and debit cards and PINs and it’s something people need constant reminding about.  Though the banking sector is continually evolving, people still need to remember the basics to protect their financial interests,” says Ms Battell.

Other Quick Guide topics include telegraphic transfers, stopping and freezing accounts, mobile banking, contactless cards, joint accounts and relationship breakdowns and early repayment costs on fixed rate loans.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news