Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


MP Damien O’Connor Puts Bankers On Notice

Press Release
Bank Customer Action Collective

The Farm Debt mediation Bill was shot down in Parliament last week. Irrespective of this, 'congratulations' must go to Damien O'Connor MP for putting bankers "On Notice" to honor their own code of practice or be regulated.

Unfortunately mediation is not adequately provided for within the bankers code, nor are basic customer rights as would be reasonably expected elsewhere in industry.

The say: 'if you don't like it change banks', but when you have loans or mortgages this can be very costly with, establishment fees, valuations, renewal of mortgage insurances to the new bank and in most cases you even have to pay a penalty fee to your old bank for early repayment of your existing loan arrangements.

The problem is the bankers voluntary code of practice guarantees the customer little or no protection when a bank makes errors of accounting within your account and or overcharges you or wrongly charges you. A study of the top British banks found that the bankers there have been overcharging their customers $16.3 billion ( NZ) per year.

Warnings have been given to our Government that a simular trend exists here too and that the bankers frequently refuse to 'put it right' when caught, in fact they often take the hard line against you for noticing it and/or requesting a correction and/or requesting a refund.

Government protects consumers of other products and services by acts of parliament but the existing systems are failing bank customers badly.

The Banking Ombudsman works within extremely narrow (banker friendly) terms of reference that excludes most customers that have been unfairly treated by the actions of their bank particularly breaches to agreements, overcbarging of fees and interest on loans.

Bankers do "Reap unresonables profits from the good hard-working people of this country" therefore the Government must honor it's comitment and lay down fairer rules and enforce compliance of them of effectively protect us. Individual banker's are abusing the power they have over us, leaving us the customer nowhere to go for help.

When your banker takes action against you, even when the bank is wrong, the courts are of little comfort and certainly don't provide justice to the hardworking and honest people of New Zealand.

Further information and/or interview available by contacting Gray Eatwell 025/329-491.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Mosque Shooting Response: Ban On Military Style Semi-Automatics And Assault Rifles

Military style semi-automatics and assault rifles will be banned in New Zealand under stronger new gun laws announced today, Prime Minister Jacinda Ardern says... Related parts used to convert these guns into MSSAs are also being banned, along with all high-capacity magazines.

“An amnesty will be put in place for weapons to be handed in, and Cabinet has directed officials to develop a buyback scheme...All semi-automatic weapons used during the terrorist attack on Friday 15 March will be banned." More>>

RNZ Report: No Mention Of Right-Wing Threat In 10 Years Of GCSB/SIS Docs
There is not one specific mention of the threat posed by white supremacists or right-wing nationalism in 10 years of public documents from the Security Intelligence Service or the GCSB. More>>

Two Minute Silence Friday: Auckland Mosques Opening Their Doors To All
Mosques in the four corners of Auckland will open their doors on Friday night for people of all faiths to gather in remembrance of the 50 lives lost in the Christchurch shootings. More>>

For the Latest: Scoop Search - Christchurch

Gordon Campbell: On The School Climate Strike

Locally, the school strike has won a ton of support for bringing climate change to the fore. Yet the strikers don't want mere expressions of support. They want action. More>>


"Grabbed And Struck In The Face": Greens Co-Leader Attacked While Walking To Work

Green Party co-leader James Shaw was the victim of an unprovoked attack when he was walking to work in Wellington. More>>


████████ ████ ███: Latest OIA Statistics Released

The latest statistics cover 110 agencies that collectively completed 18,106 official information requests between July and December 2018, a 16.4% increase on the 15,551 requests for the previous six months. More>>


'Hit And Run' Inquiry: New Legal Action Over Secrecy

The lawyer representing the Afghan villagers in the inquiry into Operation Burnham has launched legal proceedings calling for a judicial review in the investigation. More>>


From Hydro Plan To...: Mokihinui River Land To Join Kahurangi National Park

A total of 64,400 hectares of conservation land in the Mokihinui River catchment on the West Coast north of Westport, including 15 km of riverbed, is being added to Kahurangi National Park. “Adding this area, roughly half the size of Auckland City, to Kahurangi is the largest addition of land to an existing national park in New Zealand’s history,” Eugenie Sage said. More>>





InfoPages News Channels