The system will not fully protect them from scams and criminals will continue to look for ways to trick customers into making payments, Beaumont said.
Author: Philip vanDyk
Banks start trimming, or thinking about cutting, their mortgage serviceability rates, opening the door to higher borrowing capacity
The latest Retail Banking Insights publication from the New Zealand Banking Association – the banking lobby group – found 39.7% of mortgage holders in NZ were ahead of minimum mortgage repayments.
Banks to start rolling out Confirmation of Payee in November
New Zealand’s retail banks will start rolling out the new Confirmation of Payee service by the end of November this year, says the New Zealand Banking Association. It will be a phased delivery to customers to ensure proper testing and customer satisfaction. Confirmation of Payee will provide bank customers with an extra level of reassurance… Read more »
Discussion Paper: Open banking regulations and standards under the Customer and Product Data Bill
Ministry of Business, Innovation and Employment
NZ bank customers stay resilient
Despite tough economic conditions, New Zealand bank customers are handling their financial responsibilities well, according to the New Zealand Banking Association’s latest retail banking insights for January to June 2024.
NZ Banking Association says despite tough economic conditions, ‘the vast majority of New Zealanders’ are managing their financial situation well
The NZBA figures show that there are 9.86 million unique banking customers. Of those, 9,267 customers applied for hardship status, up 1% from the period between July 2023 and December 2023. 5,968 customers were granted hardship status, up 6.9%.
Bank customers resilient in the face of economic headwinds
Bank customers are managing their money relatively well in the current economic conditions according to retail banking insights released today by the New Zealand Banking Association. The insights from January to June this year showed customers continued to use credit cards prudently and were maintaining home loan repayments. Of the 2.23 million customers who had… Read more »
Work underway to support homeowners facing debt under flood buyout scheme
The New Zealand Banking Association said banks have “dedicated hardship teams who can talk through available options”.
Banking Ombudsman refuses compensation for $250k scam victim, despite ASB manager helping transfer money to thieves
Banking Association chief executive Roger Beaumont said banks had responded to the minister in line with his February letter and were “discussing next steps”.
Auckland floods: Some damaged properties now worth less than owner’s mortgage
Hobbs said council had been working with the New Zealand Banking Association to see how they might be able to support people in negative equity, but it was case by case and homeowners should contact their bank to discuss options.
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