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May 2022

Account information /

Bank supplied all the details required in investor statements

Aaron complained to us about how the bank reported information about his joint portfolio investment …

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May 2022

Common scams targeting bank customers /

Bank not obliged to actively monitor transactions for scams

In 2021, Marcia received an email purportedly from the Inland Revenue Department asking her to click…

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May 2022

Common scams targeting bank customers /

Bank under no obligation to check company’s legitimacy before processing transaction

In 2021, Hemi authorised payments totalling $149,000 to a company presenting itself as a cryptocurre…

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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

Common scams targeting bank customers /

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

Health insurance /

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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Case notes

Bank supplied all the details required in investor statements

Bank not obliged to actively monitor transactions for scams

Bank under no obligation to check company’s legitimacy before processing transaction

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