- Banks won’t be able to iron out a number of the issues associated with having greater disclosure, before annual statements are sent out next year. Rather, they’d like regulators to give them until 2018 to roll out the changes.
- “We’d encourage people to use internet and mobile banking, if possible, to make payments. For cashless payments customers have the option of debit cards, eftpos cards, credit cards, and possibly also mobile phone payments. Yesterday’s event provides a useful reminder to keep emergency kits up to date. It’s a good idea to keep some cash... Read more »
- “You may also want to think about changing automatic payment dates if you rely on money coming into your account to make those payments. If a payment is due to go out on a particular day, quicker payments processing means it’s worth making sure there is enough money in your account the night before.”
- The major banks have recently updated their systems so that payments are dealt with much more quickly. But there is a chance some people could be caught out by money being taken from their accounts earlier in the day than they are used to.
- “Banks are used to operating in a very competitive environment and have proven themselves adaptable in responding to new entrants in the market and changing customer demands. In a sense there’s nothing new here.”
- Asked if distressed sales could jump once interest rates headed north, Mr Hope said a customer’s ability to repay the loan was the key to any lending decision. He urged anyone facing financial challenges to talk to their bank early.
- New Zealand Bankers Association chief executive Kirk Hope said would-be investors should consider the levels of trust and reputation associated with peer-to-peer lenders.
