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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news