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Did you know that some banks offer concessions on bank charges if you have your New Zealand superannuation paid directly into your bank account?
It’s worth checking to see that you receive this entitlement. Not every bank offers it automatically.
Banks have various other offers to senior citizens: some wipe annual account fees on some kinds of credit cards while others have insurance premiums with discounts for senior citizens.
Sometimes concessions exist but you have to know to ask for them – or apply to receive them.
Banking is far more competitive today and services do vary. Fee and interest structures are also different from bank to bank so it can be worthwhile shopping around.
Even if you have been with your bank for many years, it’s not too late to change to a better deal.
At least ask your bank to review your accounts to see if they can minimise charges and maximise your returns.
All banks must comply with the Code of Banking Practice, which means they must have their own internal complaints procedure. If you have problems, approach your bank’s complaints officer. If still not satisfied, contact the Office of the Banking Ombudsman: Freephone 0800 805 950.