Holiday money tips from the Banking Ombudsman

The Banking Ombudsman is reminding Kiwis to take a few simple steps to protect their finances and get help if they need it over the holidays.

Watch out for scams

Scammers know people are busy and distracted at this time of year. Be wary of calls, emails or messages that result in requests for PINs, passwords or authorisation codes. Stop and check by contacting the organisation on the number from its website or via its secure site - not the one in the message. In one case, a customer received a call from someone claiming to be from her bank. She shared security codes with who she thought was her bank, leading to a $30,000 loss before the fraud was detected.

Banking Ombudsman Nicola Sladden said: "Scammers love the festive rush - don't let them ruin your holiday. Stop and check before you click, share or pay."

Know your rights with chargebacks

If something you buy online with your credit or debit card doesn't arrive or isn't as described, you may be able to request a chargeback through your bank. This reverses a transaction when products or services aren't provided as agreed. Act quickly - time limits apply - and keep records of your purchase and attempts to resolve the issue.

In one case, a customer booked a hotel room with free cancellation, but after confirming the booking, the details changed to two rooms priced in US dollars. The customer was charged NZ$481.85 and got no response from the merchant. The bank declined to initiate a chargeback, but we found it had overlooked a valid ground to claim a chargeback. As a result of our investigation, the bank reimbursed the full amount, plus $100 for inconvenience.

Ms Sladden said: "If your holiday booking goes wrong, you don't receive goods bought online or they aren't as described, a chargeback could save the day - but act fast and keep good records."

Banks are here to help - even during the holidays

If you spot an unauthorised transaction, have trouble making a payment, or are struggling with loan repayments, contact your bank straightaway. Most banks have support over the festive period, so don't wait until the New Year to get help.

Ms Sladden said: "Banks are open and ready to help, even during the holidays. If something's not right, reach out straightaway."

For more tips and real-life case examples, visit bankomb.org.nz/guides-and-cases.