kiwisaver

Bank and KiwiSaver providers’ lockdown document positions

Posted on April 19, 2020April 30, 2020 by Matt Taylor 32 Comments

A compilation of New Zealand banks and KiwiSaver providers’ positions on accepting electronically signed documents and/or video conference witnessed statutory declarations during the COVID-19 lockdown.

Note: Before relying on this information you should check directly with the relevant organisation.

Banks – loan documentation

ASB and BNZ were approached for their position but had not provided a response as at the last time this post was updated.

ANZ

ANZ’s final guidance for solicitors document can be found here: ANZ – We’re here to help – managing ANZ lending and security transactions during Covid-19 Alert Level 3 (pdf) (updated email on 30 April 2020).

The Co-operative Bank

The Co-operative Bank will accept documents completed, signed, and witnessed virtually, along with the usual solicitor certificate undertakings. However, if signing is completed electronically they require proper signed copies of the loan contract within 14 days following a return to COVID-19 level 2 (email on 21 April 2020, updated on 30 April 2020).

Kiwibank

Kiwibank say: “We’re taking a case-by-case approach to this, and we recommend that customers or their solicitors contact us directly to work through this.

During lockdown we may accept digital signatures on the basis that they comply with the requirements set out:

on the LINZ website; and
in Part 4, Subpart 3 of the Contract and Commercial Law Act 2017.

We may also accept video conference witnessing, where we’ll work directly with you or your solicitor on what’s required.”

(updated email on 23 April 2020)

SBS

SBS will accept electronic signatures during the lockdown as long as the solicitor has advised that they are aware these are electronic, can verify them, and advises that the signatures are electronic due to the lockdown (email on 14 April 2020).

TSB

TSB will accept documents that are completed, signed and witnessed virtually along with the usual undertakings contained in the solicitor’s certificate.

If signing is completed electronically TSB needs to receive proper signed copies of the loan contract within 14 days following a return to COVID-19 level 2 response (email on 14 April 2020).

Westpac

Westpac are accepting electronic signatures for existing customers topping up loans, but are not accepting electronic signatures for new lending at this stage (email on 15 April 2020).

KiwiSaver providers – First home withdrawals

AMP

AMP will accept digital signatures or no signature if a customer is unable to do a digital one. They will call and email to complete identification checks. Identification can be verified by a photo being sent through of the customer holding their identification. They will accept non-certified supporting documents. Solicitors can email documents to [email protected]. A representative from AMP will be in contact with customers regarding the statutory declaration once their application has been submitted (email on 15 April 2020).

ANZ KiwiSaver

While restrictions remain in place ANZ will accept electronic documents (such as an online bill) or scanned/photographed images of paper documents as long as: the document is able to be read clearly, and all images within the document are sharp and in focus. However they say that documents have to be verified by a solicitor or a JP. Some ANZ branches are open on Wednesdays from 9am to noon and branch staff can verify documents as well (email on 14 April 2020).

See also the guidance on their website (email on 23 April 2020).

Aon

Aon will accept statutory declarations completed remotely via video conference in line with the NZLS guidelines (email on 15 April 2020).

ASB KiwiSaver

ASB will accept statutory declarations completed remotely via video conference in line with the NZLS guidelines. They will accept a first home withdrawal application and certified copies of identification by email. They are aware that this will pose challenges for some members and ASB along with other KiwiSaver providers are raising their concerns with the government (email on 15 April 2020).

BNZ KiwiSaver

BNZ will accept email applications sent from solicitors including emailed copies of certified IDs and statutory declarations. BNZ will accept a remotely witnessed statutory declaration in line with the NZLS memo (email on 14 April 2020).

Booster

Booster will accept statutory declarations completed via video conference. They can attempt to verify customer ID remotely through an online verification service (email on 14 April 2020).

Craigs Investment Partners

Craigs Investment Partners will accept scanned and emailed copies of withdrawal forms (with the originals posted at COVID-19 level 2 or lower). They will also accept statutory declarations completed remotely via video conference in line with the NZLS guidelines (email on 20 April 2020).

Fisher Funds

Fisher Funds say: “Due to the current COVID-19 lockdown period there may be some delay in Fisher Funds receiving the withdrawal forms via mail. If your client’s statutory declaration has been correctly witnessed, we can potentially grant a temporary exemption to this as the forms have been received via email. This would be granted on the understanding the application is fully completed and originals are sent once the lockdown has been lifted” (email on 14 April 2020).

Kiwi Wealth

Kiwi Wealth will accept statutory declarations completed remotely via video conference. They have an electronic verification process that can be used if the certified ID/proof of address documents received are not satisfactory. They will accept documents emailed to [email protected] from a solicitor or the member’s registered email address (email on 15 April 2020).

Lifestages

Lifestages will accept electronic documentation from solicitors. Will accept identity verification and statutory declarations done over video conference by solicitors (email on 14 April 2020).

MAS

MAS will accept a statutory declaration that a solicitor has taken by video conference along with a statement per the guidelines. ID and address verification of many customers can be completed remotely with photographs of the identification if the customer agrees to MAS using a third-party service to do so (email on 14 April 2020).

Mercer

Mercer will accept first home withdrawal documents electronically. Current New Zealand driver licences and passports may be able to be used to verify identity electronically. They will accept statutory declarations completed remotely via video conference in line with the NZLS guidelines (email on 15 April 2020).

Simplicity

Simplicity are accepting first home withdrawal applications with documents witnessed via video conferencing technology in accordance with the NZLS guidelines (email on 14 April 2020).

SuperLife

SuperLife continues to accept scanned and emailed versions of the first home withdrawal documents. They are able to perform identity and address verification of customers remotely. They will accept statutory declarations completed remotely via video conference in line with the NZLS guidelines (email on 14 April 2020).

Westpac KiwiSaver

Westpac will accept complete documentation via email. Solicitors should scan and email documents to [email protected] (email on 14 April 2020).

Photo credit: Sharon McCutcheon

Posted in Law, New Zealand, Technology

Lockdown survival tips for New Zealand lawyers

Posted on April 13, 2020April 30, 2020 by Matt Taylor 34 Comments

Survival tips for New Zealand lawyers working through the COVID-19 lockdown

Fence in a field by Omar Lopez - omarlopez1 — Photo by Omar Lopez on Unsplash

This post is not legal advice, but a collection of points that lawyers may find useful to consider while working during the COVID-19 lockdown. If you require legal advice you should instruct a lawyer.

Other posts in this series:

Witnessing affidavits/declarations remotely

On 16 April 2020 the Epidemic Preparedness (Oaths and Declarations Act 1957) Immediate Modification Order 2020 came into force which modifies the Oaths and Declarations Act. This came into force after the NZ Law Society opinion mentioned below was written.
- See the Ministry of Justice guidance on the change.
- If the client does not have access to video chat/a printer/a scanner can they extend their bubble to include someone who does?
If the client and independent lawyer both have a printer and scanner, see Paul Collins’ opinion on remote witnessing for the NZ Law Society here, and draft certificate here (docx), if not, see the below section Signing documents/unsworn affidavits.
If a deponent does not have access to a physical bible, can they affirm their affidavit instead of swearing, or bring up an online bible/bible app on their phone?

Signing documents electronically

See tools mentioned in this post.
See the Contract and Commercial Law Act 2017, especially:

Wills/Enduring Powers of Attorney

Can you:
- Mail the will out with instructions for executing it correctly, if the person has enough eligible people in their bubble (e.g. non-beneficiaries)?
- Organise signing and witnessing by video conference?
  - For wills see the Epidemic Preparedness (Wills Act 2007—Signing and Witnessing of Wills) Immediate Modification Order 2020 and the Ministry of Justice guidance on the change.
  - For EPAs see the Epidemic Preparedness (Protection of Personal and Property Rights Act 1988—Enduring Powers of Attorney) Immediate Modification Order 2020.
  - If the client does not have access to video chat/a printer/a scanner can they extend their bubble to include someone who does?
- Email or post the will out to the person and record in a file note (or have the client send to you in writing) that the will has been drafted in accordance with their instructions and no changes are required; and post-lockdown have it executed correctly? (see section 14 of the Wills Act 2007)

See also information from the Property Law Section from 16 April 2020 with guidance on drafting wills and enduring powers of attorney during the lockdown and executing them via AVL (pdf) however note this was drafted prior to the Wills Act immediate modification order which includes a modified attestation section.

[No longer relevant, see the immediate modification order] Consider whether the suggested clause iv. may place doubt over the document if the client does not have it witnessed in the traditional way when physically able to.
See the linked attachments including Paul Collins’ opinion, Theresa Donnelly of Perpetual Guardian’s document on validation applications, and checklists for drafting EPAs/wills during this time.

Family law

Resources for children/parents

Links collated by the Family Law Section (pdf):

Shared care

Ministry of Health press release (4 April 2020)
Ministry of Justice guidance (being updated regularly)
Family Law Section member Prue McGuire’s paper (pdf) (24 March 2020).
Principal Family Court Judge of New Zealand’s statement on children in shared care and COVID-19 (pdf) (24 March 2020).

Witnessing relationship property agreements by video conference

See Ingrid Squire’s 2014 article in the New Zealand Law Society Family Law Section’s Family Advocate, To Skype or not to Skype: that is the question (pdf) on things to consider when witnessing a relationship property agreement by video conference.

Example of an audio-visual clause for inclusion in a relationship property agreement (republished with permission from Lady Deborah Chambers QC):

“Both [party one] and [party two] acknowledge and agree that both parties will execute this agreement before their lawyer using a Skype, FaceTime or WhatsApp connection and on that basis their lawyers will witness their signatures and give an explanation as to the effects and implications of this agreement.
The parties agree to this document being executed using that technology and agree that they will not attempt to set aside the agreement on the basis that execution and witness of signature occurred using internet connection. They also agree that it will be necessary for each party to send a scanned copy of their signed agreement to their lawyers in New Zealand for them to then complete the document. The fact that it is a scanned copy will also not invalidate the document.
The parties may sign separate copies of this agreement but once all parties have signed separate copies they will form a final binding agreement.”

Care and Protection

See Oranga Tamariki’s internal guidance on Family Group Conferences (PDF) and access (PDF).

Conveyancing

See statement from chair of New Zealand Law Society Te Kāhui Ture o Aotearoa’s that property settlements requiring physical movement are not an essential service (26 March 2020).
See the information on Ministry of Justice website, consider options including:
- Deferring settlement
- Lowering interest rate for late settlement
- Purchaser renting the property back to the seller after settlement
See bank and KiwiSaver provider positions on documents during the lockdown.

Deferring settlement

See the Property Law Section of the New Zealand Law Society Te Kāhui Ture o Aotearoa‘s suggested wording to defer settlement:

“The parties agree that settlement is hereby deferred to the 10th working day after the Government reduces the COVID-19 Level to Level 2 or below, or to such other date as may be mutually agreed. For the sake of clarity neither party shall have any claim against the other in relation to this deferral.”

But consider:

If the property, both lawyers, and the seller and purchaser are not in the same area, what if there are regional differences in the COVID-19 level?
Workload if all settlements are deferred to the 10th working day.

Accessing Landonline

Can you remote onto the computer your digital certificate is stored on?
Can you transfer your certificate to another computer? See the information on the LINZ website here or contact LINZ.
Is there another user (e.g. a colleague, your attorney) that would be able to access your workspace?

Authority & Instruction forms (A&Is)

See Land Information New Zealand’s Authority and Identity Requirements and Electronic Signing of Documents Interim Guideline 2020 and information on signing documents remotely.
If the client does not have access to video chat/a printer/a scanner can they extend their bubble to include someone who does?
For additional assurance, have you checked the historical view of the title?

KiwiSaver

If your clients’ are relying on KiwiSaver funds for a future settlement, are their funds at risk from market fluctuation, or are they in a cash fund?

Courts

Priority proceedings

See the list on the Ministry of Justice website.
If needing to travel for priority proceedings, print or save/screenshot to your phone the email from the Law Society sent to all lawyers on 8 April 2020, subject ‘Confirmation of being a practising lawyer’.

Filing documents electronically

See the Ministry of Justice website for Court email addresses.
See also the Family Court without notice email addresses.

Service

Court bailiffs may not be serving documents at all (check with the Court), so unless service will be undertaken by Police, address service in application/interlocutory application.
One option if electronic (email/social media) service is not available (from Wellington Family Law Section):
- Ask the Court to direct the respondent to attend the registry to collect the documents as arranged by the registry. The case officer is to contact the respondent by telephone to advise the documents are ready to be collected. The notice period begins from the time the registry advise the respondent and they are to be advised that if they do not make arrangements with the registry to collect or otherwise obtain a copy of the documents, they will be deemed to have had notice of the proceedings and the court will continue to progress the application as directed.

Signing documents/unsworn affidavits

If the deponent has a printer, can they print and sign the document and scan it to you or take a photo of it (or at least the jurat page) using a scanning app like Microsoft Office Lens?
If the client does not have access to video chat/a printer/a scanner can they extend their bubble to include someone who does?
Can they sign the document electronically? See options in this post.
Can you amend the lawyer’s certificate to explain why the document is unsigned/signed in a different way, or file a memorandum of counsel?
- See the Principal Family Court Judge Jackie Moran’s Guidelines for Family Law Practitioners during period of epidemic notice (pdf)
  - An adaption of the without notice certificate statement in those guidelines: “The affidavit filed in support of this application was prepared in accordance with the deponent’s specific instructions. [It was read/An electronic version was provided] to them. The deponent confirmed that they fully understood the affidavit and that the contents of it were true and correct to the best of their knowledge and belief.”
  - Note the difficulties of providing an undertaking as worded in the guidelines that you will file an affidavit when 1) that is not solely under your control and 2) circumstances may have changed which makes filing an affidavit containing the same information misleading.

Information in without notice Family Court affidavits

From the Principal Family Court Judge Jackie Moran, reported in Family Law Section Bulletin 420 – 25 March 2020 (pdf):

“Judges on the e-duty platform have encountered a lack of specificity in some affidavits filed in support of without notice applications seeking orders for day-to-day care and/or the enforcement of day-to-day care orders due to [COVID-19].
It is imperative that affidavits contain all relevant information including, but not exclusive to, the following:
• the terms of the parenting order;
• the occupants of the property/properties;
• whether any occupants are engaged in an essential service;
• steps taken to ensure compliance with the lock down;
• comprehensive details of any health issues;
• the mode of travel between the respective homes and who will undertake that travel; and
• the distance between the homes.”

Appearing via AVL

Tips from the NZLS heads of bench webinar:

Robes are not necessary. Dress in formal business attire.
You do not need to stand up when speaking.
Raise your hand toward the screen to signal an interruption (instead of standing up in a courtroom to signal you would like to speak) but these should be rare.
Set up your workspace appropriately and consider your background.
Read the information that the Court has provided you.
Follow the other usual rules that apply during hearings.

Also, consider if participating remotely will be particularly difficult for your client for example: for linguistic reasons, developmental reasons or that there is no private space away from children.

See the protocols on the Courts of New Zealand website.

Criminal

Emailing documents to prisons

See this letter from the CEO of Department of Corrections (pdf) regarding emailing documents for prison staff to print.

List of prison email addresses (pdf) last updated 8 April 2020.

Consider a cover letter and/or stamp over the documents regarding legal privilege.

Note that family and friends can also email prisoners, see here, however prisoners cannot reply by email. Prisoners will be given a $5 phone card every week until visits recommence, see here.

Contacting clients in prison

See the information from the Department of Corrections to request phone or AVL meetings with clients (PDF, from around 15 April 2020) and the update from 20 April 2020 (PDF).

Bail

See the 7 April 2020 letter from Crown Law to Crown solicitors and public prosecutors (pdf); the 15 April 2020 letter from Crown Law for distribution to lawyers (pdf); and the 15 April 2020 letter from Crown Law to Crown solicitors and public prosecutors (pdf) regarding the approach to bail.

See the 16 April 2020 letter from barrister Douglas A . Ewen in reply (pdf).

Legal aid

Application forms do not need to be signed, see update here (emailed out on 25 March 2020 and updated online 7 April 2020).

Family Legal Advice Service (FLAS)

Family Legal Advice Service (FLAS) funding forms do not need to be signed by the client, see update here (9 April 2020).

Leases

See ADLS’s statement on the no access in emergency clause (7 April 2020, PDF).
See the Property Law Section update on what is a fair proportion (20 April 2020, PDF).
See the Property Council on rent payments during the lockdown (30 March 2020).

Health Act orders

Health Act (COVID-19 Alert Level 3) Order 2020
Section 70(1)(m) order – 25 March 2020 (pdf)
Section 70(1)(f) order – 3 April 2020 (pdf)
- Includes reference to shared care/shared bubbles
Section 70(1)(e), (ea) and (f) – 9 April 2020 (pdf)

Other resources

New Zealand Law Society Te Kāhui Ture o Aotearoa – see pages here and here
Auckland District Law society (ADLS) COVID-19 page
LexisNexis’s COVID-19 information centre
Ministry of Justice – COVID-19 information
Family Law Section homepage
Courts of New Zealand protocols
Real Estate Authority – Conducting real estate business during COVID-19 alert level 3
Dairy NZ – Moving day

Updated 19 April 2020: Added information on contacting clients in prison; updated wills section and added information on enduring powers of attorney; added information on appearing by AVL.

Updated 20 April 2020: Explained where the Family Advocate article is from; added information about the Wills Act and Oaths and Declarations Act immediate modification orders; added information about bail.

Updated 30 April 2020: Updated conveyancing, A&I, affidavits/declarations, wills/EPAs, shared care, leases, appearing via AVL, contacting clients in prison, Health Act orders, signing documents, and other resources sections. Added care and protection section.

Posted in Law, New Zealand, Technology

Financial Advice

Posted on January 6, 2012January 2, 2013 by Matt Taylor Leave a comment

Money

Here is a New Zealand Herald article that contains some shitty and some good advice about money.

Thumbs down

Buying over renting

Buy property young, preferably in your 20s. Move heaven and earth to get the deposit. Rent is wasted money.

Buying a house is not for everyone. Sometimes it doesn’t make financial sense for a particular person. Insurance, rates, money spent on repairs (~$5k~ a year) etc. sometimes make renting a better choice. Run the numbers.

Avoid fines

It’s moronic to incur fines. Like the maniac driver in a big red American-style pickup truck who overtook me on State Highway 2 on December 17, just to be pulled over and fined.

Yes, you shouldn’t speed etc. etc., but this doesn’t contain any useful advice if you do get a fine. Actual advice would be to set up an automatic payment account to a ‘Stupid mistakes’ savings account so you have money to pay inevitable fines.

NEVER SPEND MONEY EVAAAA

Every dollar is precious. Think before you spend it.
I regret frittering money on coffees and unnecessary eating out. It would be better to direct that money towards savings.
Needs and wants are often confused. This is perhaps the biggest financial mistake that people make.

If you enjoy a coffee a day, buy a coffee a day. If you enjoy eating out, eat out. There’s no point earning money if you don’t spend it on stuff you love. Cut back on the stuff you don’t care about, optimize existing spending (subscriptions and phone/internet/TV/power etc. plans) and/or earn more money.

Have a budget!!@@111

Track your spending. You can’t budget if you don’t know what you’re spending.

Perhaps the most popular piece of financial advice ever given out. How many people who write this actually do in it in practice, I’m not sure. Tracking your spending by typing into a spreadsheet or basically anything with mainly manual entry is doomed to fail. Xero with BNZ and ASB by itself both offer spending tracking services within online banking. Or, Xero allows the import of other bank’s transactions. Do mainly electronic transactions (because they can automatically coded into categories) and use these.

Credit cards

Credit cards make you look rich. Anyone can live well for a few years, but the debt catches up.

Credit cards with benefits that are automatically paid off each month are excellent.

Thumbs up

Judging people

People are too quick to judge others’ financial decisions, me included.

1) No one wants unsolicited advice. 2) You have your own problems to worry about.

Pay bills

Pay your taxes on time. The IRD has a big stick.

Pay all bills on time. Automate them. The IRD and other companies are always up for negotiation around deadlines.

Experiences

Spending money on experiences is good spending. I am eternally grateful that I sold all but one of my shares at age 22 (by coincidence in August 1987) and went backpacking through Latin America. It’s good spending if the experience enriches life.

Yes. Also, give experiences as presents instead of physical things.

Save for things. Automatically.

Save before you buy. A bit of a radical concept in 2011, but it can change people’s financial future.

Enter into interest-free deals cautiously

Interest-free hire purchase deals are for suckers. You still pay ad establishment fee and the majority of people fail to clear the debt on time and pay interest anyway.

These places invariably have great clauses such as charging you if you pay anything over the set monthly amount. Once you’ve finished paying the item off you get mailed offers from the company for ever and ever.

Avoid interest

Interest payments on personal loans, credit cards and HP are “idiot tax”. Why throw money away unnecessarily?

Work out how much something will really cost when interest is added before jumping into these. There’s calculators online that will help.

KiwiSaver

KiwiSaver is good.

Get in it.

Advice

Take your advice from people who have been through several cycles. Johnny-come-latelies going through their first financial cycle underestimate the risks.

Ask older people what they would have liked to have known at your age. What would they save for if they could turn back the clock?

Read a book

You can learn more about money. The easiest and cheapest way to improve your knowledge is to get a book out of the library.

^{Image credit: 401k/401kcalculator.org}

Posted in New Zealand, Technology, Worldwide

My Email Account Is More Secure Than My Bank Account

Posted on December 10, 2011February 26, 2017 by Matt Taylor 18 Comments

Update 28 September 2012: This post was written before I started working for a bank (who I love dearly), and at least some views expressed in this post have changed since then (eg. case-insensitive passwords (and ASB isn’t the only bank that does this) are irrelevant when users are locked out after three incorrect login attempts–Facebook does something similar to this, accepting the actual password, the password with the first letter capitalized (to account for automatic capitalization on mobile devices), and the password with the case of letters reversed (to account for the caps lock key being on), and that a charge for a bank cheque is not so unreasonable in the context of a lot of bank cheques being for a large amount). Also some bank policies have changed since this post was published (eg. ASB no longer charges $2 for automatic payments added/amended online–progress!) There is, however, no way of getting around ASB’s $0.20 fee for a Netcode over-$500-transfer-authorization if you don’t have a token–it is charged even if you call the 0800 number and ask them to release the payment. Except for a note regarding the previous sentence, this post hasn’t been edited from the original form.

And useful (see: next day bank transfers).

National Bank It's Your Money — What it said.

I’m with ASB and they are great, however no one is perfect. Here’s some things that I hate about banks in New Zealand. Many of these problems are shared by the entire industry.

Tertiary accounts

Update: Here’s some clarity around ASB’s tertiary accounts.

Or the fact that ASB keeps trying to convert me to one even though I’m not allowed one.

Here’s mailer number one, received the week of my 17th birthday:

And mailer two, from today:

Irrelevant: check. Impersonal: check. You know how to make a guy feel special ASB. (Case in point: I’m not 18 so they couldn’t give me my own credit card even if they really really wanted to).

This is upsetting because I have a feeling tertiary accounts have less fees than youth accounts. ~~At least, it isn’t emphasized that service fees apply to tertiary accounts like it is for youth accounts on ASB’s fee exemption page.~~ Service fees apply for everyone, see comment from ASB below.

Stupid bank fees

ASB isn’t the only bank that charges stupid fees, but here are some examples of theirs:

$2 to set up or amend an automatic payment or add a person you might want to transfer money to again (like the power company, or mum). Online. On the internet. Changing an entry in a database. By yourself.
20 cents for each time you use Netcode, ASB’s text verification service, which you can choose to happen on login. Google, who isn’t even in New Zealand doesn’t charge for this (see below). Probably get charged 20 cents again by your mobile service provider for receiving the text. Some sort of verification is required for some transactions that take you over a $500 daily transfer limit, or if you’re sending money overseas. ~~Alternatively, you can ring their call center to get transactions verified for free11@!! I wonder if the time of the person you speak to on the phone is worth less than 20 cents?~~ See update at top of post–20 cents is charged even if you call the 0800 number.
Alternatively you can pay $12 a year for a physical Netcode token, which you’d need if you are regularly out of cellphone reception and probably if you travel overseas. RaboDirect provides these for free. BNZ provides the NetGuard card for free.
5 cents for each email alert. For the virtual stamp. Or the person who licks it. Or something.
20 cents for text alerts and text banking. I think they charge you when they receive a text banking message from you. Plus you probably get charged to send texts to them by your service provider. In contrast, Westpac provides a certain number of text alerts free per month as long as you log in to online banking that month.
$5 for bank cheques. Plus because you probably have an “electronic” account, and if you’re not a youth/student, a fee of $3 because that’s a manual transaction.

Password policies

“Please note, your password must be eight characters long, and contain at least two letters (a-z) and at least two numbers (0-9). For example, redbus73 and 8cube224 are valid passwords.”

This is ASB’s. I assume other banks are as ridiculous. Would you like a nine character password? YOU CAN’T. MUST BE EIGHT.

Microsoft’s (now defunct) password checker says both of their examples are weak. ASB lets you use both of their examples as real passwords, because security.

@MothershipNZ and @FromAQuasar point out that ASB passwords aren’t case sensitive and also that some symbols aren’t allowed.

Stupid marketing policies

Here’s an entry form I picked up from BNZ’s tent at The Show:

Note the classy clause at the bottom: “By providing your details, you consent to use contacting you about our products, services and promotions, from time to time (including via text message without an unsubscribe facility).”

Once you’re in, they have you.

I guess if you rang them they’d remove you from their text messaging scheme, but really, why not let people unsubscribe via text using common keywords like stop, or unsubscribe?

Visa Debit cards

And their annual fees. $10 a year for having the card. National Bank got half of the memo and isn’t charging the annual fee if you have their Freedom account. But you have to be earning $30k+ a year and pumping it into that account. Anyway, I like the image they’re using in their ads for it (see top image).

Sure, debit cards are great if you are under 18 or don’t trust yourself with a credit card. But really, if you can, you should just get a credit card.

Banks (looking at you Westpac and BNZ) seem to love converting people to these debit cards, even if the person already has a credit card with the bank. I don’t understand. Family members have received Visa Debit cards in the mail from Westpac, even though they have a credit card with Westpac. If you already have a Visa or credit card, why would you want a Visa Debit?

It’s a bit of a have, because people naturally think this is their replacement EFTPOS card and start using it, probably not realizing that once they start using it they’re going to be charged an annual fee. If they’re lucky, maybe the fee will be waived for a year or two!

When you go into BNZ to request an EFTPOS card, the tellers like to order you in a Visa Debit card instead*, because, you know, they know best.

^{*May have happened just once.}

Lack of security

That’s Google’s 2-step verification programme.

There’s a number of ways to use it. I have the Google Authenticator application on a couple of devices (it works without needing an internet connection), I can get a code sent to me by text (for free!!@@) if the application isn’t working, I can use the backup codes if I have to, and I can tell Google that it doesn’t need to ask me for a verification code on the computer I’m using for another 30 days if I trust it.

It works, it’s good, it’s free. And it’s not even protecting my money.

Side note: security has to actually be built-in by design and be compulsory for it to be useful. Kerry Thompson points out that security conscious people probably have limited use for 2-factor authentication systems, because they already take precautions. The people who aren’t security conscious are also the people who don’t think they need 2-factor authentication, they think they’ll be covered by the bank, or won’t use it because of the cost (hi ASB’s 20 cent per text charge).

See also: Google doesn’t have an eight character password policy and Google gives a detailed account of recent account activity (ASB shows the last time I logged in, but I rarely look at it, and out of context it’s kind of useless).

Gimmicky campaigns for savings

Read: ASB’s Save the Change and Westpac’s Impulse Saver iPhone application.

How about encouraging people to set up an automatic payment to a savings account every pay period and sign up for Kiwisaver?

Also, you would think an application that consists of one button would be easy to set up, but Westpac’s Impulse Saver requires you to apply to use it, and makes you wait for a callback from a customer service person.

Phone banking on mobiles

Westpac and BNZ seem to be the only two banks who try to ban calls from mobile phones to their phone banking numbers. It’s trivial to get around this with Westpac, just call their main 0800 number and press one to get to phone banking. On BNZ it seems like that works too, at least after their call center hours.

Visa and MasterCard undermining credit card PINs

Visa and MasterCard aren’t banks, but whatever.

McDonald’s, in association with Visa and MasterCard has the policy of not requiring a PIN or signature for credit card transactions under $35.

How they can guarantee security, I’m not sure, because they just took away the only security of a PIN or signature. I’m not sure why Visa and MasterCard don’t make this opt-in or opt-out.

Zero liability can’t apply if you don’t realize there’s a fraudulent charge on your statement, so good luck everyone.

Next day bank transfers

Or please stop relying on a cron job for transfers.

10 years after one-off payments were introduced, they still take up to the next business day to go through to accounts at other banks. I realize this might require some consultation with the People In Charge Of The Money, but can we please get rid of this? Thanks. Also, could we please do transfers on non-business days to accounts at other banks and get rid of the 10pm cut off for not-my-bank transfers?

Excellent.

Posted in Life, New Zealand, Technology

The 2011 Budget and KiwiSaver

Posted on June 21, 2011November 5, 2011 by Matt Taylor 6 Comments

Piggy bank savings KiwiSaver will be affected by National 2011’s budget, but it will still be a worthwhile scheme for nearly everyone under 65 to be in.

The member tax credit from the Government (which doesn’t apply to under 18s) accruing from July 2011, is going to be cut in half from $1 per $1 matching to 50 cents to $1 matching. So to get the full match you’ll have to save about $20 a week ($1040/year) and will get a $10 match ($520/year) from the Government.
To balance this out, minimum contributions will be raised for employees and their employers to 3% from April 2013 (the other employee options will stay as 4% and 8%).
However the employer contribution will be taxed from April 2012 (the 2% minimum will end up being about 1.34-1.79% depending on your tax rate, the new 3% about 2.01-2.685%).

This will affect the un/self-employed because their tax credit will be reduced with no balancing employer contribution. Increased employer contributions will benefit people planning to buy a first home using their KiwiSaver savings as they’re unable to withdraw member tax credits anyway. A likely reduction in pay rises because of the increased employer contributions will affect KiwiSaver and non-KiwiSaver employees.

Standard and Poor’s says that the changes “could push New Zealand further into debt and would need to be part of an overall package to boost national savings.”

The $1000 Government kick-start, the up to $5000 first home deposit subsidy and the requirement of being in the scheme for at least a year before you’re able to go on a contributions holiday are staying.

The kick-start, tax credit and employer contributions are still free money.

Ramit Sethi has an excellent book called I Will Teach You To Be Rich which is available from Amazon and The Book Depository—who have free shipping to basically everywhere. He recommends young people invest about 10% of their income and take advantage of available employer/tax benefits. Eg. contributing the minimum into KiwiSaver, getting the employer match (and if necessary topping up contributions to $1040 to get the $1040/$520 government match, but set it up so it’s done automatically each pay period), then invest the rest of the 10% in a non-KiwiSaver scheme. The main benefit of a non-KiwiSaver scheme compared to KiwiSaver is laxer withdrawal rules—the withdrawal age is likely lower, plus if it’s employer based, employers may contribute a higher amount than in KiwiSaver)

I like SuperLife as a KiwiSaver fund provider because of, among other things, their AIM^{Age Steps} fund which automatically re-balances asset allocation from assets like shares to assets like cash as you age. Mary Holm has a book called The Complete KiwiSaver which is from 2009 but will still be largely relevant to making decisions about things like funds and providers.

Are you in Kiwisaver and why or why not?

^{Image credit: Alan Cleaver}

Posted in New Zealand