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

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news