Inland Revenue Department
“You may also want to think about changing automatic payment dates if you rely on money coming into your account to make those payments. If a payment is due to go out on a particular day, quicker payments processing means it’s worth making sure there is enough money in your account the night before.”
The major banks have recently updated their systems so that payments are dealt with much more quickly. But there is a chance some people could be caught out by money being taken from their accounts earlier in the day than they are used to.
Financial Markets Authority
Also read: Our suggested amendments – PDF
Financial Markets Authority
Commerce Commission
“Banks are used to operating in a very competitive environment and have proven themselves adaptable in responding to new entrants in the market and changing customer demands. In a sense there’s nothing new here.”
Asked if distressed sales could jump once interest rates headed north, Mr Hope said a customer’s ability to repay the loan was the key to any lending decision. He urged anyone facing financial challenges to talk to their bank early.
Commerce Select Committee
Ministry of Business, Innovation and Employment