Banking Regulations and Large Corporates - Beware
Found out some pretty shocking information.... I cancelled my insurance policy with AMI and they owed me a refund.
Instead of paying the refund, they set up a direct debit on my bank account with BNZ without my authority and withdrew the amount they were supposed to refund me.
Called the bank to find out how that could have happened and they told me that "a number of large organisations were allowed to set up direct debits without any authorisation from the customer".
I called the Banking Ombudsman and they confirmed that was correct. They said it was done to "reduce the amount of paperwork for the organisations and they depended on the fact it would reflect badly on these organisations if they abused the plan" to prevent any issues.
So anytime they want, telcos, insurance companies electricity companies, etc can set up a direct debit on your accounts and deduct money. If you want to dispute it, you have to go through a disputes resolution process, so there goes hours, days or months of your time to get your money back.
Unbelievable!!!!!
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Poll: Are you starting to feel a lift in business confidence across the Canterbury region?
The Press reports that Canterbury is right in the middle of a construction boom, with activity forecast to peak around 2027 and major investment flowing into transport, water and energy infrastructure.
We want to know: Are you starting to feel a lift in business confidence across the Canterbury region?
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40% Yes
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60% No
Poll: Is it ok to regift something that you have been given?
🎁 Holiday Gift Chat!
Do you ever regift?
What’s your take on asking for a receipt if a gift doesn’t fit?
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79.7% Yes! It's better to regift what I don't need
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20.3% No. It's the thought and effort that matters
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