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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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