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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

Breaking a term deposit

Customer failed to give any exchange rate instructions

Rosemary contacted the bank on 17 March 2020 and asked for its best Australia-New Zealand exchange r…

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March 2022

Chargebacks

Bank’s refund policy on eftpos transactions a goodwill gesture, not a legal obligation

Jessica bought airline tickets costing $1,900 from a nationwide travel agent using her Visa debit ca…

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February 2022

Concerns about lending decisions / Lending restrictions

Bank entitled to include residency status in lending criteria

George applied online for a home loan. The bank's website set out some basic application criteria, i…

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February 2022

Lending restrictions

Bank not obliged to agree to vary loan agreement

Chantal had a property in her name and wanted to change it to a trust name. The bank said she would …

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