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
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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59.3% Yes, supporting people is important!
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25.4% No, individuals should take responsibility
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15.3% ... It is complicated
A Neighbourly Riddle! Don’t Overthink It… Or Do?😜
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
If you multiply this number by any other number, the answer will always be the same. What number is this?
Night-time chipsealing works on SH2
From 9 to 17 February, stop/go traffic management will be in place on SH2 between McPherson Road and Dimmock Road on multiple nights between 9pm and 5am (Sundays to Thursdays).
During the day, all lanes will be open, but speed restrictions will apply to allow the chipseal to set and to protect vehicles travelling over the newly laid surface.
There may be delays to your journey when travelling through the area. This is weather dependent so check NZTA Journey Planner before you travel.
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