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April 2022

Suspending debt recovery action /

Couple suffered no direct loss over house sale debt

In 2012, William and Kath agreed to pay the bank $150 a fortnight to repay a $65,000 shortfall from …

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April 2022

Fraud & scams /

Bank had no reason to suspect payments were fraudulent

Ralph made three payments totalling $70,000 to a company’s Hong Kong bank account. The company turne…

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April 2022

Insurance policies /

Bank wrong to reject insurance claim over visit to hip specialist

Harry made a claim on his insurance policy for a disability caused by an infection in his left hip j…

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April 2022

Account mandates /

Bank entitled to take company document at face value

Jack was removed as managing director of two companies and his account operating authority for the c…

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April 2022

Lending restrictions /

Special “staff” interest rate not backed up in loan contract

Daphne was an employee of a bank and had taken out a personal loan. When she left the job in 2021, t…

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March 2022

Deceased customers' accounts / Cards and PINs /

Bank liable for only those transactions made after being told of customer’s death

Kitty lived in a resthome and had not used her eftpos card since early 2018. In early 2020, her eft…

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March 2022

Cards and PINs /

Customer liable for transaction losses while in prison

David was sent to prison for two years in October 2018, and during that time unauthorised transactio…

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March 2022

Concerns about lending decisions /

Bank obliged to assess loan affordability, not viability of business

Liam applied for a loan of $56,000 to buy a franchise business in 2019. His intention was to stay in…

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March 2022

Account information /

Trustee no worse off over misdirected tax cheque

Roger was a trustee of his family trust. In 2015, the Inland Revenue Department issued a cheque to t…

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Case notes

Couple suffered no direct loss over house sale debt

Bank had no reason to suspect payments were fraudulent

Bank wrong to reject insurance claim over visit to hip specialist

Bank entitled to take company document at face value

Special “staff” interest rate not backed up in loan contract

Bank liable for only those transactions made after being told of customer’s death

Customer liable for transaction losses while in prison

Bank obliged to assess loan affordability, not viability of business

Trustee no worse off over misdirected tax cheque