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

 


Banks records: can you always get what you want?

Banks records: can you always get what you want?

24 June 2014

Retention of records quick guide

Customers are entitled to access records of their dealings with their bank but may be frustrated if the bank can’t produce either historical records or original documents, says Banking Ombudsman Deborah Battell.

The scheme has just published a guide explaining how long banks are required to keep different types of information, what form that information can be held in and what rights customers have to access information their bank holds on them.

“People do not expect their request for personal information to be turned down and sometimes complain to the Banking Ombudsman. The guide sets out how we may be able to help, but also lets people know that sometimes records are simply not available.

“Common complaints are that a bank does not have records which go back as far as a customer wants or that original hard-copy documents are not available.

“Banks are only required to keep transaction documents for seven years, and these days records are held in electronic form rather than hard copy. The fact that a bank cannot produce an original hard copy loan document, for example, does not mean the loan is invalid.

“We also hear from people who think the bank should have records of all discussions between them. Banks are not legally required to take or keep these records and they make their own decisions about these matters.

“Nevertheless, our office certainly encourages banks to keep good records of discussions, customer instructions and the bank’s responses as they are often crucial in resolving complaints,” Ms Battell said.

The guide also explains the required timeframes a bank has to meet when providing a customer’s personal information, and its obligations to explain why if it declines a request.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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