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  • New requirement to open bank account?

    I have been banking with a single bank for a long time. Recently decided to open a bank account with another bank as do not want to have all the banking in a single nest.

    So I walked into a branch today with all the identification details, and asked the staff about opening an account (I prefer face to face conversation plus couldn't decide which product to go for, hoping someone would explain them). The bank clerk went to the back office and discussed with a banker, came back and said I cannot open an account unless having my salary paid into this bank.

    I was shocked and asked for the reason, they insist that this is the bank policy. Told them that my mortgage is with another bank and one of the conditions is obviously about salary payment; asked them the case of student with no income, still the same answer.

    Do you guys know if this a new requirement to have an account opened? Personally found it ridiculous. I can understand if they want proof of employment info from a fraud perspective, but salary payment ...?!

  • #2
    never heard of it before

    what city?

    which bank?
    have you defeated them?
    your demons

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    • #3
      BNZ in Auckland.

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      • #4
        Yes, I heard the same thing as well. BNZ ask customers to have their salary paid to their BNZ accounts.

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        • #5
          Otherwise the bank won't make, or be able to make any money of you, is that how the bank sees it?

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          • #6
            Absolutely nuts. After all, they don't limit their customers to one account, and their salary can't be paid into all of them. I guess that means they don't do kiddie savings accounts, either?
            I wonder if it applies to customers wanting to open term deposits?
            My blog. From personal experience.
            http://statehousinginnz.wordpress.com/

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            • #7
              I suspect it is a reaction to the anti money laundering laws actually. The legislation globally is a real headache. It's the same in Fiji with ANZ, Westpac and BSP. Banks are all so paranoid about their liability that you almost need a DNA test to prove who you are :-).

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              • #8
                I don't see how this causes any problems?

                Just agree to put your salary through their account. They have to open the account before this can happen, and they won't ever check it. If they did, you say it's taking your work some time to process, and then just set up a regular AP in and out.

                When I was at uni all the banks wanted my agreement for income to go into the account before they would open it. I didn't have an income at all, and so joined 5 banks and cycled the same $300 per week between them, every two days over a fortnight, for the first two years of uni. No problems.
                AAT Accounting Services - Property Specialist - [email protected]
                Fixed price fees and quick knowledgeable service for property investors & traders!

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                • #9
                  Yeah, I doubt they would do anything if you didn't put your salary into the account.

                  I'd be inclined to simply not bank with them on principal, though, since other banks will be happy to take your business.

                  BNZ does have the best online banking that I've used, though.

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                  • #10
                    Suppose the "workaround" would the trick, but probably won't bank with them unless they have a product that is very attractive when needed in the future.

                    Totally get the reason why a bank would ask for that when applying for loan; but to open an account? Seems a bit over. And they should make it obvious and clear on their website, so that no one would waste time on it...but then I guess they won't have that requirement if you are referred by family member or friends that are BNZ customers...

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                    • #11
                      I also have never experianced it in any bank (not even in NZ Australia HK China or USA)

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                      • #12
                        Originally posted by Lanthanide View Post
                        BNZ does have the best online banking that I've used, though.
                        Is that sarcasm, or have they updated it recently?

                        Last time I was with BNZ, you couldn't even get an online view of historical transactions more than 6 months back.
                        AAT Accounting Services - Property Specialist - [email protected]
                        Fixed price fees and quick knowledgeable service for property investors & traders!

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                        • #13
                          Not sure when you were with them, but the functionality to view all monthly statements since your accounts began exists, I used it two weekends ago to compile my annual tax return. It's existed for at least a year - when I used it last year to compile my annual tax return.

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                          • #14
                            Down loading a .CSV File is not possible with BNZ after 6 months

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                            • #15
                              Originally posted by Happi View Post
                              Down loading a .CSV File is not possible with BNZ after 6 months
                              Yes it is, although I don't use this functionality myself.

                              Click on account, click on Export, select format (CSV default, also QIF, GIFTS and OFX, whatever they are), select your date ranges, pre-baked options are Last 2 Years, Last 12 Months, Last 3 Months, Last 30 Days and Last 7 Days, and there is also Custom date range. I tried custom date range and there doesn't appear to be any limitation on the date range you can select, however I have been with BNZ 23 months so I can't say that it lets you do more than 2 years.

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