Top 10 Savings Questions

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1. Do I have to pass the points test for opening an account when I only want to add a signatory to an existing account? What about building society accounts.

Yes, the same rules apply to signatories and building society accounts. Acceptable identifications include your drivers' licence, passport, birth certificate etc. Ring the Customer Service department first to ensure you are properly prepared.

2. Can I put a future date on a cheque so it is not able to be paid until that date?

Yes, you could do this if, for example, you are going on holidays and you want to pay a bill whilst you are away. However the bank may refuse to make payment if the cheque is presented before that date.

3. I lost a cheque that had no payee written on it should I cancel it?

Yes! Otherwise it will be considered a bearer cheque by the bank and be paid out.

4. I wrote a cheque for $1500 but there was only $1450 in my account. The bank refused the cheque why didn't they just pay the amount I had in the account?

The bank will not pay because the amount written on the cheque, which it cannot change, cannot be met.

5. My wife is out of town, and I need to stop a cheque drawn on our joint account. Can only one joint holder of our account do this?

Yes. Ring the bank immediately.

6. My dual credit & ATM card was stolen from my letterbox and used am I responsible for the amount charged to the card?

The issuing financial institution would have to prove you actually received the card. The best advice is to tell the institution immediately and then you will limit your liability. If there is a dispute The Code requires banks to have an internal dispute resolution procedure that can be followed to its conclusion. This means that a bank official must deal with the dispute and seek a resolution, and then you can approach the Banking Ombudsman.

7. What happens after I complain to the Banking Ombudsman?

If the Ombudsman considers the dispute, they send details of the dispute to your financial services provider. A representative from that organisation may contact you to try to resolve the dispute, and if it remain unresolved, the Ombudsman will investigate.

8. Do I have to accept a suggested resolution of the Banking Ombudsman?

No. If you do not accept the award suggested by the bank you will still have the option to go to court. Speak to a lawyer.

9. Will I get into trouble if I write a cheque knowing I don't have the funds in the account to cover it?

Yes, this might be fraud and it may be a criminal offence.

10. Shouldn't the bank be forced to look at each cheque it accepts, and check each signature?

Banks have thousands of cheques presented for payment every day. Depending on their behaviour, they only have to act reasonably. This is especially so with regard to forgeries, which sometimes cannot easily be detected.