Latest news with #WestpacNZ
Otago Daily Times
31-07-2025
- Business
- Otago Daily Times
Customer services on offer after Westpac branch closes
All is not completely lost for banking services in the Christchurch suburb of Ferrymead. Westpac confirmed this week it will have services available for one day a week at the Redcliffs and Woolston libraries after the bank closes its Ferrymead branch on August 8 at 2pm. Redcliffs will operate from 10.30am-3.30pm on Tuesdays (starting August 12) and at Woolston on Thursdays, 9am–2pm (starting August 14). Westpac to close its Ferrymead branch A Westpac NZ spokesperson said banking services will run at the two locations for a six-month trial period and will continue if there is customer demand. 'Bankers will be able to help customers with a wide range of non-cash services, including opening accounts, applying for home or personal loans, pinning and issuing cards, and general support with using online channels,' the spokesperson said. The spokesman said the bank was looking at retaining a smart ATM in Ferrymead but could not say where and when that would happen. The decision to close the Ferrymead branch upset customers, particularly older people who do not use the internet for banking and who are unable to drive to other branches. The bank said it was closing because of the continuing shift to online banking. The closest branches are at Barrington and The Palms in Shirley. A Star Media poll revealed 88% of 1368 respondents were disappointed with the closure. The bank's closure has also led to a dust up between candidates standing for the Heathcote Ward seat in the October local body elections, which will be vacated by Sara Templeton. Templeton is only standing for the mayoralty. Candidate Nathaniel Herz Jardine is holding a meeting outside the bank tomorrow at 11am, to listen to customers' concerns. Herz Jardine's Facebook post publicising the event caused a stir between himself and another candidate Ian Kearney, who commented: 'It's fantastic that Nathaniel is looking out for his constituents but this is not a council issue; it is an electorate MP matter.' Herz Jardine replied: 'To me, electorate MPs have an electorate of 80k+ and constant travel to Parliament, so it's just not realistic to expect them to handle every local issue . . . it's just not good enough to tell residents, 'not my problem, talk to your MP'.' Herz Jardine told Bay Harbour News: "I don't think it's good enough for Westpac to withdraw services after making record profits. I want to ensure locals still have an ATM and regular outreach banking services in community locations. 'Unlike my opponent, I think it's the job of a councillor to advocate on local issues. I won't lazily tell residents that it's not my problem when local issues crop up.' Kearney rejected Herz Jardine's criticism, telling Bay Harbour News: 'This is not simply a matter of saying I don't want to get involved, that's not my thing, it's saying I've looked at it, I've seen the people that are involved in it and trying to remedy it and I think they're gonna do a far better job than I can do.' If he felt there was something he could do, he would. 'I can really relate to and understand why older people are really worried about that, but I also think that this is an issue that can be very well addressed by the local MP.' Kearney said because the bank was not a council asset, a councillor would not have a direct impact on its outcome. "I would be misleading the public if I said I could do anything before the election, given currently I have no formal role. "That said, if selected (elected) I will proactively meet with local Westpac management to ensure community concerns are heard and taken seriously.' Banks Peninsula National MP Vanessa Weenink said she had met with constituents over the closure. 'I did advocate strongly for keeping it. However, the decision was already made,' she said.
Otago Daily Times
31-07-2025
- Business
- Otago Daily Times
Customer services on offer after Westpac branch closure
All is not completely lost for banking services in the Christchurch suburb of Ferrymead. Westpac confirmed this week it will have services available for one day a week at the Redcliffs and Woolston libraries after the bank closes its Ferrymead branch on August 8 at 2pm. Redcliffs will operate from 10.30am-3.30pm on Tuesdays (starting August 12) and at Woolston on Thursdays, 9am–2pm (starting August 14). Westpac to close its Ferrymead branch A Westpac NZ spokesperson said banking services will run at the two locations for a six-month trial period and will continue if there is customer demand. 'Bankers will be able to help customers with a wide range of non-cash services, including opening accounts, applying for home or personal loans, pinning and issuing cards, and general support with using online channels,' the spokesperson said. The spokesman said the bank was looking at retaining a smart ATM in Ferrymead but could not say where and when that would happen. The decision to close the Ferrymead branch upset customers, particularly older people who do not use the internet for banking and who are unable to drive to other branches. The bank said it was closing because of the continuing shift to online banking. The closest branches are at Barrington and The Palms in Shirley. A Star Media poll revealed 88% of 1368 respondents were disappointed with the closure. The bank's closure has also led to a dust up between candidates standing for the Heathcote Ward seat in the October local body elections, which will be vacated by Sara Templeton. Templeton is only standing for the mayoralty. Candidate Nathaniel Herz Jardine is holding a meeting outside the bank tomorrow at 11am, to listen to customers' concerns. Herz Jardine's Facebook post publicising the event caused a stir between himself and another candidate Ian Kearney, who commented: 'It's fantastic that Nathaniel is looking out for his constituents but this is not a council issue; it is an electorate MP matter.' Herz Jardine replied: 'To me, electorate MPs have an electorate of 80k+ and constant travel to Parliament, so it's just not realistic to expect them to handle every local issue . . . it's just not good enough to tell residents, 'not my problem, talk to your MP'.' Herz Jardine told Bay Harbour News: "I don't think it's good enough for Westpac to withdraw services after making record profits. I want to ensure locals still have an ATM and regular outreach banking services in community locations. 'Unlike my opponent, I think it's the job of a councillor to advocate on local issues. I won't lazily tell residents that it's not my problem when local issues crop up.' Kearney rejected Herz Jardine's criticism, telling Bay Harbour News: 'This is not simply a matter of saying I don't want to get involved, that's not my thing, it's saying I've looked at it, I've seen the people that are involved in it and trying to remedy it and I think they're gonna do a far better job than I can do.' If he felt there was something he could do, he would. 'I can really relate to and understand why older people are really worried about that, but I also think that this is an issue that can be very well addressed by the local MP.' Kearney said because the bank was not a council asset, a councillor would not have a direct impact on its outcome. "I would be misleading the public if I said I could do anything before the election, given currently I have no formal role. "That said, if selected (elected) I will proactively meet with local Westpac management to ensure community concerns are heard and taken seriously.' Banks Peninsula National MP Vanessa Weenink said she had met with constituents over the closure. 'I did advocate strongly for keeping it. However, the decision was already made,' she said.
1News
23-07-2025
- Business
- 1News
Bank warns of multimillion-dollar 'subscription trap'
New Zealanders are losing millions of dollars a year to "subscription traps", one bank says. Westpac said it had helped to stop more than $25m in unwanted charges being processed on to the cards of unwitting customers. Westpac NZ head of customer care operations Peter Barnes said many overseas-based websites were selling goods and services that hooked customers into recurring subscription payments. The bank implemented a block in April 2024 and had stopped 20,000 customers from making these sorts of payments within the past three months. Barnes said the block was implemented after a spike in customer complaints and feedback on overseas subscriptions. Many were businesses based in Europe and the UK, he said. ADVERTISEMENT Barnes said it would only apply to businesses who misled customers and then made it extremely difficult to cancel recurring payments. Fine print "These types of businesses aren't necessarily acting fraudulently, because they do disclose the subscription details in their fine print, but typically they don't offer this information up front," Barnes said. "It's not normally until the following month or two when [the customer] sees the recurring fee from a credit card account that they actually twig that something's not quite right." The morning's headlines in 90 seconds, including Ozzy Osbourne dies, a worrying find on Rakiura Stewart Island, and new Coke coming. (Source: 1News) He said it was an unethical way of making money but was seen in everything from gift boxes, shoes, clothing and accessories to sportswear and digital content. "This is not just a case of someone signing up for a free trial and forgetting to cancel before the subscription kicks in. Typically, once someone has made a purchase through a merchant like this, they only realise they have signed up to a subscription when they see further charges on their credit card. ADVERTISEMENT "When they contact the merchant to dispute the transaction, it can often be difficult and time-consuming to cancel the subscription, and sometimes the merchant may be completely uncontactable. Customers may eventually resort to cancelling their credit card to stop the payments, which can be disruptive and inconvenient. "Blocking these types of payments is another way we can help protect customers, on top of initiatives like rolling out a confirmation of payee service and enhancing our fraud monitoring systems with biometric technology." He said a block would also stop customers' details being made available to unscrupulous third parties online. Westpac was working with other banks on the problem. "While this payment block has been working well so far, we encourage New Zealanders to be careful when transacting online, including reading the fine print when making purchases. "If something doesn't look or feel right, take a step back and check whether the payment you're making is legitimate."
Scoop
12-06-2025
- Business
- Scoop
Westpac NZ Cuts Key Home Loan Rates
Press Release – Westpac With record numbers of home loans currently rolling off fixed rates, these changes show we are committed to offering compelling rates to benefit existing customers and attract new ones, Westpac NZ General Manager of Product, Sustainability and … Westpac NZ is reducing its 6-month and 1-year home loan rates, giving it joint or outright leading advertised rates on most terms among the five largest banks. Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the changes will give customers the confidence that they can get competitive home loan rates across both short and long terms at Westpac. 'We're working hard to provide customers a range of great home loan rates that will provide value and meet the needs of those wishing to fix their loans across a range of different terms,' Ms Hearn says. Westpac's new 6-month 5.29% p.a. and 1-year 4.89% p.a. advertised special rates, effective Friday 13 June, are the joint lowest advertised rates available from the five main banks (based on advertised rates as at 3pm today). The bank's new 4.99% p.a. advertised special 3-year rate remains the outright lowest among the five main banks, while its advertised special 4-year and 5-year terms are joint or outright lowest at 5.39% p.a (based on advertised rates as at 3pm today). 'With record numbers of home loans currently rolling off fixed rates, these changes show we are committed to offering compelling rates to benefit existing customers and attract new ones,' Ms Hearn says. 'We're also committed to offering customers a great experience and making it as easy as we can for them to fix their loans. New functionality in our Westpac One app that allows eligible customers to move from a floating rate to a fixed rate is proving very popular.' Although Westpac is also trimming some term investment rates, it is supporting savers by retaining leading and joint leading rates across a range of terms (based on advertised rates as at 3pm today). Fixed Home Loan rates – Special (effective June 13 2025) Term New Rate Change 6 months 5.29% p.a. -0.20% 1 year 4.89% p.a. -0.06% 18 months 4.95% p.a. No Change 2 years 4.95% p.a. No Change 3 years 4.99% p.a. +0.04% 4 years 5.39% p.a. No Change 5 years 5.39% p.a. No Change Fixed Home Loan rates – Standard (effective June 13 2025) Term New Rate Change 6 months 5.89% p.a. -0.20% 1 year 5.49% p.a. -0.06% 18 months 5.55% p.a. No Change 2 years 5.55% p.a. No Change 3 years 5.59% p.a. +0.04% 4 years 5.99% p.a. No Change 5 years 5.99% p.a. No Change Interest rates are subject to change without notice. Westpac NZ's lending and eligibility criteria, and terms and conditions apply. A low equity margin may apply. For more information please go to Term Deposit & Term PIE rates (effective June 13 2025) Term Interest Frequency New Rate Change 30 days At Maturity 2.20% p.a. No change 60 days At Maturity 2.55% p.a. No change 90 days At Maturity 3.55% p.a. -0.05% 4 months At Maturity 3.50% p.a. -0.05% 5 months At Maturity 3.75% p.a. -0.05% 6 months At Maturity, Monthly or Compounding 3.90% p.a. No change 8 months At Maturity, Monthly or Compounding 3.90% p.a. -0.10% 9 months At Maturity, Monthly or Compounding 3.85% p.a. -0.05% 12 months At Maturity, Monthly or Compounding 3.80% p.a. No change 18 months At Maturity, Monthly or Compounding 3.90% p.a. No change 2 years At Maturity, Monthly or Compounding 4.00% p.a. No change 3 years At Maturity, Monthly or Compounding 4.10% p.a. No change 4 years At Maturity, Monthly or Compounding 4.10% p.a. No change 5 years At Maturity, Monthly or Compounding 4.10% p.a. No change Rates are subject to change without notice. Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions. Other T&Cs apply, see for details and a copy of the relevant Term Sheet. Compounding interest: For terms six months or longer, interest can be compounded quarterly. Investments made in the Westpac Term PIE Fund ('Fund') do not represent bank deposits or liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited ('Westpac NZ') or any other member of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund's performance, returns or repayment of capital.
Scoop
11-06-2025
- Business
- Scoop
Westpac NZ And Fidelity Life Launch New Digital Guide To Make Life Insurance Easier
Press Release – Westpac New Zealand Westpac customers can access the LifeProtect Guide securely through the Westpac One app. After answering simple questions about their income, lifestyle, employment, and personal priorities, theyll receive tailored recommendations on the types … Westpac NZ and Fidelity Life have launched a new LifeProtect Guide online tool to help New Zealanders save time and better understand what's important to them when applying for life and income protection insurance. Westpac customers can access the LifeProtect Guide securely through the Westpac One app. After answering simple questions about their income, lifestyle, employment, and personal priorities, they'll receive tailored recommendations on the types and levels of cover that best suit their circumstances. They can then adjust cover levels to see how changes affect their premiums. 'We know New Zealanders can be uncomfortable talking about protecting their income and life,' says Sarah Hearn, Westpac NZ GM Product, Sustainability and Marketing. 'The LifeProtect Guide helps you to easily navigate that process – either with one of our bankers or from the comfort of your own home. The tool is intuitive and secure, giving people the confidence to make informed decisions about protecting what's important to them.' The modular nature of the LifeProtect product, underwritten by Fidelity Life, allows customers to choose any combination of Life Insurance; Trauma Cover; Income Protection and Permanent Disability insurance. Bronwyn Kirwan, Fidelity Life's Chief Commercial Officer, says the LifeProtect product and guide have been designed to make the process of thinking about and applying for life and income protection insurance as easy as possible. 'Recent Financial Services Council research* indicates that four out of five New Zealanders haven't insured their income against sickness or disability. The LifeProtect Guide is intended to make it easier for customers to work out what's right for them when it comes to protecting the things that are most important,' Ms Kirwan says. 'The guide also allows them to determine what level of cover they're comfortable with then move straight into an online application process, with no need to repeat any of the information already provided.' While almost all New Zealanders insure their cars, for most people, losing their income for a period of time would have a far greater impact on their goals and lifestyle. 'We don't like to think about accidents or illnesses impacting us or those close to us, but the reality is these things can happen. So planning for the future, including how you'd manage if the unthinkable were to happen, is really important,' Ms Hearn says. Westpac's new LifeProtect advertising campaign contrasts how much people are insuring their homes, cars and possessions for with their comparative lack of life or income protection insurance. 'We want to kickstart those conversations or thought processes about how you're prioritising what's important to you,' Ms Hearn says.
