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

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>


Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>


No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>


Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>


Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>


Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>





InfoPages News Channels