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August 2024

Direct debits /

Bank’s poor communication largely responsible for customer missing last loan repayment

In November 2023, Ashton’s bank announced it would stop offering retail banking services in New Zeal…

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August 2024

Early repayment charges /

Bank’s formula for calculating loss stemming from early repayment reasonable

In November 2023, Noah and Charlotte fixed the interest rate on their home loan. Three months later,…

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August 2024

Processing payments / Fraud & scams /

Timing of contested transfers pointed to customer as person who made payments

One night in 2023, four payments were made from Hudson’s bank credit card to an international money …

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August 2024

Concerns about lending decisions /

Bank approved builder before granting loan, but did not guarantee the builder’s suitability

Hugo, a property developer, approached his bank in 2020 for a loan for a development. The bank appro…

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August 2024

Fraud & scams /

Bank under no further obligation after giving first scam warning

In October 2023, a woman convinced Lachlan to send $7,000 to an Australian bank account. Lachlan mad…

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August 2024

Concerns about lending decisions /

Bank failed to make clear the impact of switching to a fixed rate loan

Rosamaria had a $100,000 floating interest rate home loan. It was an “offset” loan, meaning any fund…

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August 2024

Fraud & scams /

Bank entitled to cancel card without notifying holder

In February 2023, Salvador's bank noticed that someone had made three attempts to fraudulently use S…

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August 2024

Closing accounts /

Inadequate response to bank’s information requests justified closure of customer’s accounts

In mid-2023, Landon's bank emailed him seeking information about his accounts, his companies and his…

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August 2024

Processing payments / Telegraphic transfers /

Bank acted correctly over international transfer that went missing

Bert made an international money transfer of $75,000 from his New Zealand bank account to an account…

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Case notes

Bank’s poor communication largely responsible for customer missing last loan repayment

Bank’s formula for calculating loss stemming from early repayment reasonable

Timing of contested transfers pointed to customer as person who made payments

Bank approved builder before granting loan, but did not guarantee the builder’s suitability

Bank under no further obligation after giving first scam warning

Bank failed to make clear the impact of switching to a fixed rate loan

Bank entitled to cancel card without notifying holder

Inadequate response to bank’s information requests justified closure of customer’s accounts

Bank acted correctly over international transfer that went missing