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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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