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September 2024

Concerns about lending decisions /

Wording of banks’ letters unclear and inaccurate

In April 2023, Mira emailed the bank about refixing her home loan, which was due to mature. After lo…

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September 2024

Insurance policies /

Customer in the dark only because she failed to read online statements or tell bank of change of address

In 2007, Pearl took out a life insurance policy with an insurance company. She paid the monthly prem…

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September 2024

Kiwisaver /

Bank’s suggested investment scheme was low-risk, not no-risk

After Emory retired in 2021, he told the bank he wanted to transfer the money in his workplace savin…

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September 2024

Hardship and financial difficulty /

Bank erred by topping up struggling customer’s loan

In August 2021, Asher’s bank approved his application for a $7,500 top-up to his personal loan, whic…

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September 2024

Relationship breakdowns and banking /

Customer not party to loan agreement so had no basis to complain about car’s repossession

In 2017, Elowen’s partner bought a car using a loan from their bank and used the car as security. Th…

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September 2024

Lending restrictions /

Customer left it too long to complain about loan transfer

In 2009, Ajani transferred a $505,000 bank loan from his loss attributing qualifying company to his …

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September 2024

Fraud & scams /

Bank reimbursed quarter of customer’s scam loss

Addison received a call from someone saying he was from her bank's fraud team. The caller’s number m…

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September 2024

Hardship and financial difficulty /

Mortgage registration error had no bearing on couple’s financial difficulties

Kahurangi and Toby owned their own home, a bare piece of land next door and eight rental properties.…

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September 2024

Investing /

Bank properly assessed loan application to 66-year-old investor

In 2018, Florence withdrew funds from an investment company to put towards the purchase of a propert…

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Case notes

Wording of banks’ letters unclear and inaccurate

Customer in the dark only because she failed to read online statements or tell bank of change of address

Bank’s suggested investment scheme was low-risk, not no-risk

Bank erred by topping up struggling customer’s loan

Customer not party to loan agreement so had no basis to complain about car’s repossession

Customer left it too long to complain about loan transfer

Bank reimbursed quarter of customer’s scam loss

Mortgage registration error had no bearing on couple’s financial difficulties

Bank properly assessed loan application to 66-year-old investor