6 July 2000 Media Statement

Bankline Phones Ringing Hot

The free-phone Bankline for banking consumers has logged more than 500 calls in its first day of operation, Consumer Affairs Minister Phillida Bunkle said today.

"This is an incredible response in the first 24 hours and just goes to prove that Bankline is a much needed service.

"People are calling with a vast range of questions and many issues, as we expected. I am thrilled that already we have been helping to provide people with information they had no idea how to access," Ms Bunkle said.

Bankline is helping banking consumers by providing them with advice about managing bank fees, resolving problems with banks and where to go if they have a problem with their bank.

While Bankline will only run for a month, it will also provide useful information about the types of banking issues that are worrying consumers the most.

The Bankline number is: 0800 43 44 43. It operates between 9am and 5pm on weekdays.

The Ministry of Consumer Affairs has engaged the Consumers' Institute to help make information about banking available to consumers. Their website address is: www.consumer.org.nz

This site allows consumers to compare fees, interest rates for mortgages, bank accounts and credit cards. It also provides a mortgage calculator, tips for managing credit cards, switching banks, saving on mortgages and the best ways to borrow money.

ENDS

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