Press Release - Banks' Customer Action Collective

Media information 31 January 2000

Meetings with Government will be held at Parliament Tuesday and later
this week

In a letter to this organisation the Prime Minister has referred the Bank
Customer Action Collective to the Minister of Finance in one instance, and
to the Minister of Commerce in one other.

The Minister of Finance has requested further information but will not be
able to meet at this time, whereas the Minister of Commerce Hon Paul Swain
is unable to meet due to ill health.

The Minister of Consumer Affairs, Hon Phillada Bunkle is meeting the
organization's delegation of members on Tuesday afternoon.

The Bank Customer Action Collective has corresponded with the Minister
following reported statements Ms Bunkle made relating to the banking
industry.

Key issues to be discussed

a.. The manner in which the Bank Customer protection (Banking
Ombudsman's office) is being misused by some bankers.

b.. Evidence will be presented to prove bank officers will
deliberately misrepresent the Banking Ombudsman and ignore her opinions to
cover up their own agenda.

c.. The imbalance in the powers of recovery available to banks under
law, while in many instances customer protection systems are inadequate
(laws for the rich only)

d.. Unwarranted and unfair charges made on bank customers and the
failure to make appropriate corrections.

Rt. Hon Jenny Shipley as Prime Minister wrote "Banks in New Zealand are
treated in the same way as other commercial entities", so where are the
consumer guarantees? i.e. product and service performance standards.

(For further information please contact 025 329491)

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