You are entitled to!
Access to a dispute resolution scheme such as the Banking Ombudsman Scheme is a compulsory service that banks are required by law to offer to their customers.
Anyone can use the Banking Ombudsman Scheme, including groups of people such as partnerships, clubs and companies.
You can trust the Banking Ombudsman Scheme to be fair. We listen to both accounts. Coming to our Scheme gives you:
- an opportunity to resolve your dispute with your bank, at no cost to you
- an impartial and fresh look at your complaint
- a more simple and informal alternative to court.
Your complaint also has the potential to:
- prevent other people from making the same mistakes
- improve banking services in New Zealand.
What powers does the Banking Ombudsman Scheme have?
The Banking Ombudsman Scheme has considerable powers to:
- resolve complaints at an early stage when a settlement acceptable to both sides is reached
- award compensation for direct financial loss or damage up to $200,000 and for inconvenience up to $9,000, if the complaint cannot be resolved, and after a full investigation upholds your complaint.
There is also power to make other recommendations as necessary, such as the correction of a mistake, the return or disclosure of documents or the restoration of an account.