better banking

Media releases

New Quick Guide: Children’s Bank Accounts

26 Jul 2017

The Banking Ombudsman Scheme has a new quick guide on children’s bank accounts. It covers setting up accounts, who owns the money and what happens if things go wrong.

Customer paying his home loan early found himself owing $11k

07 Jun 2017

The Banking Ombudsman recommends customers investigate the full costs of switching home loans.

In one recent case, a customer was offered $3000 as an incentive to accept a home loan on the condition that he stayed with the bank for two years. Five weeks later he decided to change bank and was surprised that he would have to repay the $3000 incentive and a $100 admin fee. Mr J complained to us but we could not find that the bank had done anything wrong.

New Quick Guide: Automatic Exchange of Information

02 Jun 2017

New Zealand has signed up to an international agreement to share information with other tax authorities.  This is a government initiative, designed to make sure everyone pays the right amount of tax when they have interests in multiple countries.  This new quick guide covers what this means for you, and what will happen to the information you provide.

Privacy Week - an opportunity to think about how you share your banking information

09 May 2017

This privacy week take some time to consider how you can control your personal information to avoid financial scams - says the Banking Ombudsman Nicola Sladden.

Credit card balance transfer goes wrong with mistaken payment

10 Jan 2017

A slip of the digits led to complaint about a mistaken payment when a bank customer transferred her credit card balance. Was her complaint upheld?

Complaint about bank letting customer go 20% over card limit

03 Jan 2017

We had concerns about the bank lending to a customer who was unable to pay back his credit card overdraft.

Ding dong over car crash insurance

27 Dec 2016

Was bank to blame for a customer with driving convictions thinking he was covered for car insurance when he had a crash…only to find out that he wasn’t?

Pregnant woman unable to review insurance cover

21 Dec 2016

A bank staffer’s misinformation about a bank’s duty of care led to complaint that was unlikely to succeed.

Don’t bank on spending that Christmas cheque from overseas in a hurry

20 Dec 2016

Be aware that if you bank a foreign cheque you get for Christmas it may take longer to process, says Banking Ombudsman Nicola Sladden.

A New Zealand passport didn’t cut it for KiwiSaver application requiring IRD number

15 Dec 2016

A customer complained he wasn’t told a KiwiSaver account he set up for his daughter wasn't actually opened because ID documentation didn’t meet the bank’s requirements.

Don’t expect to be reimbursed for unsound investments, warns Banking Ombudsman

14 Dec 2016

Banking Ombudsman Nicola Sladden said the Banking Ombudsman Scheme had received a spate of complaints from individuals seeking to recoup credit card payments made to binary options trading sites.  

Hard luck for new café owners

07 Dec 2016

A couple’s business experienced problems from the get-go but was their bank at fault?

Early Xmas present for bank customer careless with phone banking PIN

07 Dec 2016

A bank customer who was careless with her phone banking PIN was lucky to get back $5,000 stolen from her account, says Banking Ombudsman Nicola Sladden. 

Spat over access to financial information

01 Dec 2016

A dispute between a trust and a committee led to a complaint about the bank’s response to freeze the committee’s accounts.

Claim for eye surgery costs declined

24 Nov 2016

Man who disclosed eye disorder when taking out insurance later complained when his bank wouldn't compensate for related eye surgery.  Did we think his complaint had merit?

Lunch-time card fail led to complaint about bank’s poor service

17 Nov 2016

Humiliation over not being able to pay for lunch using a debit card at a café led to a complaint about a bank’s poor service.

Open and ready for business

16 Nov 2016

The Banking Ombudsman Scheme is open again for business.  

Banking Ombudsman Scheme office closed today

15 Nov 2016

Our office is closed again today. We will update again when we have confirmation of when we are able to return. Take care everybody.

14 November earthquakes

14 Nov 2016

Please note that the Banking Ombudsman Scheme office will be closed today while our building is checked out. 

Our thoughts are with all those who have been affected by the earthquakes.

 

New guide on payments takes mystery out of process

08 Nov 2016

Have you ever thought a money transfer should have gone through and then find out it hasn’t but can’t understand why?