Safer Online Banking in NZ: What You Need to Know
Safer Online Banking in New Zealand: What You Need to Know ๐ฐ
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:
๐ Act Immediately: Contact your bank as soon as you realise the error.
๐ 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.
๐ 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.
๐ 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.
๐ 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 we be giving the green light to new mining projects? ๐ฐ๐ฒ
The Environmental Protection Authority announced this week that a proposed mine in Central Otago (near Cromwell) is about to enter its fast-track assessment process. A final decision could come within six months, and if itโs approved, construction might start as early as mid-2026.
We want to know: Should mining projects like this move ahead?
Keen to dig deeper? Mike White has the scoop.
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53.2% Yes
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46.8% No
Auckland, why are we so excited about a new store? ๐๐
I think weโve all seen the traffic notices and headlines about the new IKEA by now!
So hereโs the question: why do we get so excited when a new store opens? Convenience? Curiosity? A reason for a weekend outing? Weโd love to hear your thoughts!
Keen for an update? The Post has you covered
Keep the kids reading with fun this summer
Highland Park Library is ready to give away prizes...
Raumati Reads is a free, fun summer reading challenge for primary school aged children that will help them maintain their reading levels over the summer break. Itโs a must-do for the school holidays offering free events and activities at local libraries across Tฤmaki Makaurau, with great prizes to be won from Auckland Live, Auckland Zoo, Auckland Pools and Leisure, Auckland FC and the Maritime Museum.
Tamariki and their whฤnau can register from Saturday 6 December at their local Auckland Libraries branch to begin the challenge, which runs until Sunday 1 February.
Visit the Raumati Reads school holidays page for all you need to know: new.aucklandlibraries.govt.nz...
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