Safer Online Banking in NZ: What You Need to Know
Safer Online Banking in New Zealand: What You Need to Know 💰
Great news for online banking users in New Zealand! Banks are now required to use the Confirmation of Payee (CoP) system. This new feature significantly enhances security by making it easier to verify payment details, helping you avoid accidentally paying the wrong person or falling victim to a scam.
What if You Accidentally Pay the Wrong Account?
Even with enhanced security, mistakes can happen. If you accidentally transfer money to the wrong account, here's what you should do:
👉 Act Immediately: Contact your bank as soon as you realise the error.
👉 Bank's Role: Banks' ability to reverse payments varies. In most cases, they'll need permission from the recipient to retrieve your money. If consent is given, your funds will be returned.
👉 No Consent? Next Steps: If the bank can't get consent to reverse the transaction, you might need to escalate. For claims up to $30,000, the Disputes Tribunal is your next step. For amounts over $30,000, you'll need to make a claim at the District Court.
👉 Invalid Account Numbers: If you type in an invalid account number, your bank should be able to reverse the transaction, and you typically get your money back within a few business days.
👉 Fees Apply: Be aware that your bank will likely charge a fee for their payment retrieval or credit recovery service, even if they're unable to get your money back.
This new CoP system is a welcome step towards greater financial security for everyone in New Zealand. Stay vigilant and know your rights!
Info credit: Citizens Advice Bureau NZ
Time to Tickle Your Thinker 🧠
If a zookeeper had 100 pairs of animals in her zoo, and two pairs of babies are born for each one of the original animals, then (sadly) 23 animals don’t survive, how many animals do you have left in total?
Do you think you know the answer? Simply 'Like' this post and we'll post the answer in the comments below at 2pm on the day!
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Here's what you need to know before making an offer on a house
🏠 What is the neighbourhood like?
Familiarise yourself with the neighbourhood, to check accessibility to public transport, schools and shops. Visit the street at different times of day, to find out how quiet or noisy it gets. Check with the local council whether they know of any future developments in the area that could increase noise or traffic.
🏠 How much are the rates and insurance?
Do a property search on the local council’s website to see what the rates are.
You can also get quotes from insurers to find out what it might cost to insure it.
Check whether the homeowner is paying off the cost of installing insulation or heating units through their rates, because you will inherit that debt if you buy the house.
🏠 For a unit title, check the pre-contract disclosure
If the property is on a unit title development (for example, an apartment), ask to see the pre-contract disclosure. This is basic information about the unit and the unit title development.
🏠 Get a LIM (Land Information Memorandum) report
A LIM report tells you everything the local council knows about the land and the buildings, for example, what building consents and code compliance certificates they have issued for work done on the property.
🏠 Pre-purchase building inspection
Get an independent building inspector to examine the house thoroughly and look for potential problems with weather-tightness, wiring, plumbing or the foundations (piles).
Ask them to check for features that might make maintenance more difficult. For example, some types of wall claddings need specialist knowledge to maintain, access to the gutters might not be straightforward, and retaining walls can be expensive to repair.
🏠 Check the property title
Ask a lawyer or conveyancer to check the property title for things like easements. For example, an easement might allow a neighbour to access part of the property. The property title should also confirm the property boundary.
More information is on the Settled website:
www.settled.govt.nz...
Image credit: Ray White New Zealand
Info credit: Citizens Advice Bureau: cab.org.nz
Poll: As a customer, what do you think about automation?
The Press investigates the growing reliance on your unpaid labour.
Automation (or the “unpaid shift”) is often described as efficient ... but it tends to benefit employers more than consumers.
We want to know: What do you think about automation?
Are you for, or against?
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9.6% For. Self-service is less frustrating and convenient.
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43.2% I want to be able to choose.
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47.1% Against. I want to deal with people.
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