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!!!!!
Poll: Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝
There’s growing debate about whether New Zealand’s extended Christmas break (and the slowdown that comes with it) affects productivity.
Tracy Watkins has weighed in ... now it’s your turn. What’s your take? 🤔
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72.9% We work hard, we deserve a break!
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16.1% Hmm, maybe?
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11% Yes!
Celebrate in Style: Craft Your Own Decor with Testpots
Create handcrafted celebrations using Resene testpots. Find out how to create your own with these easy step by step instructions.
Poll: How do you feel about outdoor murals?
🌟 Something big and colourful has arrived on Manchester Street!
A brand-new five-storey mural has just gone up — the first of many outdoor artworks set to appear around Christchurch in the lead-up to February’s climate art festival.
We want to know: How do you feel about outdoor art?
Interested in the new works that will decorate the Garden City? The Press has you covered.
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100% All for it! They make our spaces interesting
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0% Nah - not for me
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