The issue is banks require home loans to be secured against an asset. From a responsible lending and risk perspective, banks will not lend without security, or lend an amount greater than the value of the security.
Where bankers may once have shunned technology, the opposite is true today. This century
we’ve seen a massive leap in access to personal digital technology. That’s clearly reflected
in how we’re now banking. These technological advances mean we’re managing our money
in ways that many did not foresee. What’s behind these changes, and what does the future
hold?
The New Zealand Bankers’ Association announced today that the Industrial and Commercial Bank of China (New Zealand) Ltd has joined the association, bringing the total number of member banks to 16.
New Zealand Bankers’ Association chief executive Karen Scott-Howman says: “We are delighted to welcome ICBC to the Bankers’ Association. China is one of New Zealand’s top trading partners. Having Chinese banks here helps take that important relationship to another level.
“ICBC’s participation in the New Zealand banking industry further enhances competition and diversity in the sector”, adds Scott-Howman.
Industrial and Commercial Bank of China (New Zealand) chief executive Qian Hou says: “ICBC’s aim is to strengthen trade opportunities between China and New Zealand, and also to contribute to the New Zealand economy by investing in infrastructure projects.”
ICBC was the first Chinese bank to gain a licence to operate in New Zealand. The bank offers its clients comprehensive corporate and retail services with a focus on boosting the bilateral economic and trade relationship between New Zealand and China.
As the voice of the banking industry, the New Zealand Bankers’ Association supports a strong and stable banking system that benefits New Zealand. Member banks work together on a range of non-competitive industry issues.
Other New Zealand Bankers’ Association members are ANZ New Zealand, ASB Bank, Bank of China, Bank of New Zealand, Bank of Tokyo-Mitsubishi UFJ, Citibank, The Co-operative Bank, Heartland Bank, Hong Kong and Shanghai Banking Corporation, JPMorgan Chase Bank, Kiwibank, Rabobank New Zealand, SBS Bank, TSB Bank, and Westpac New Zealand.
New Zealand banks have come out strongly against their regulator’s plans to enforce its proposed dashboard quarterly disclosure regime on them.
Karen Scott-Howman has a black belt in karate, was once a documentary producer and helped launch New Zealand’s first national spelling bee. It’s not quite the background you would expect from a Wellington lawyer whose job is to be the voice of the banking industry.
Ministry of Justice/Law Commission
Financial Markets Authority
Reserve Bank of New Zealand
The New Zealand Bankers’ Association today supported the Banking Ombudsman’s warning that you shouldn’t expect to be reimbursed for authorised credit card payments to risky binary options trading websites.
“Once you’ve authorised an online payment with your credit card to a binary options trading website, you can’t expect to get a chargeback if the trade doesn’t go your way. The same applies to any credit card payments you make online that you have authorised,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
Binary options are a high-risk form of investment where you can make or lose money by predicting whether the value of a share, commodity or currency will go up or down within a certain time.
Binary options trading websites use credit cards to take payments to set up a trading account. Credit card payment reimbursements, or chargebacks, may be available in the case of disputed payments. Chargebacks may occur in cases where the payment was not authorised by the card holder, or the goods were either not received or defective, or if the payment was incorrect or duplicated.
“It’s important to be very clear what you’re signing up to when providing your card details to these websites. Once you’ve authorised the payment, and you get the service you’ve paid for, you can’t get your money back,” says Scott-Howman.
More information about credit and debit card chargebacks is available on the Banking Ombudsman’s website.
Scott-Howman says banks are continuing to provide home loans in quake-affected areas. “There may be issues around insurance. In line with previous practice, banks will continue to require insurance for the properties they lend on,” she says.