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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news