Safer Online Banking in NZ: What You Need to Know
Safer Online Banking in New Zealand: What You Need to Know π°
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:
π Act Immediately: Contact your bank as soon as you realise the error.
π 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.
π 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.
π 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.
π 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
Auckland, why are we so excited about a new store? ππ
I think weβve all seen the traffic notices and headlines about the new IKEA by now!
So hereβs the question: why do we get so excited when a new store opens? Convenience? Curiosity? A reason for a weekend outing? Weβd love to hear your thoughts!
Keen for an update? The Post has you covered
Poll: Should we be giving the green light to new mining projects? π°π²
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 itβs 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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53.4% Yes
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46.6% No
A riddle to start the festive season π²ππ
I'm a fruit. If you take away my first letter, I'm a crime. If you take away my first two letters, I'm an animal. If you take away my first and last letter, I'm a form of music. What am I?
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!
Want to stop seeing these in your newsfeed?
Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
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