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.