Month: November 2020

More than two-thirds of mortgage and personal loans that had principal and interest repayments deferred due to the impact of Covid-19 were now “back to normal”, says the New Zealand Bankers’ Association.

Banking Association chief executive Roger Beaumont said staff at the hubs will be trained to recognise potential financial elder abuse, and there will be systems in place to report concerns.

Robertson hoped the trials would be successful because he admitted online banking had meant many smaller branches were closing. “It’s not economic for the banks to keep branches open absolutely everywhere, so rather than have nothing, we’ve got the possibility of a hub like this.”

“There are some banks in small communities that I’ve heard of that don’t even have 10 customers a day. That’s unsustainable.”

A new banking hub launched today in Martinborough is being described as the possible future of banking in small New Zealand towns.

“Since March banks have been working proactively with customers who were financially impacted by Covid-19. Banks will continue to work with affected customers, including the relatively few who still have fully deferred loans.”

New Zealand Bankers’ Association chief executive Roger Beaumont said interest rates were at historic lows. “That’s good news for households and businesses looking to borrow. The flip side is that investors, including people who rely on interest income, get a lower rate of return on bank deposits.”

FIRST Union supports the trial of banking hubs in four New Zealand regions as the country seeks to maintain face-to-face services amid the COVID-19 pandemic, retain jobs in banking, and ensure that rural areas don’t lose vital infrastructure.

ANZ, ASB, BNZ, Kiwibank, TSB, and Westpac are all taking part in the year-long trial being coordinated by industry body the Bankers’ Association.