Banking without the fees: New Zealand.

A take-home sheet for people at the session. Other countries: United States · United Kingdom · Canada · Australia · India · Philippines.

Moraph for Good · Fluent

Banking without the fees: New Zealand

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In New Zealand

Cheques. New Zealand banks largely withdrew cheques in 2021 and stopped accepting foreign cheques by 2024, so you are now unlikely to be able to deposit a cheque. If someone overseas pays you by cheque, contact them to arrange another way to pay.
Lost cards and PINs. Banks typically cover your loss if you took reasonable care of your card and PIN and reported the loss promptly. Banks will never ask for your PIN. If you think someone knows it, contact your bank straight away and get a new one.
Protected deposits. The Depositor Compensation Scheme covers you up to $100,000 per deposit taker if it fails, for money held in DCS-protected accounts, including transaction, savings, notice and term deposit accounts. Not every product is covered, so check with your deposit taker.
Free complaints service. Complain to your bank first. If you’re not satisfied with its final decision, the Banking Ombudsman Scheme is free and independent. Contact it within three months of the bank telling you it has given its final response.

Official places to check:

Banking Ombudsman Scheme: www.bankomb.org.nz/guides-and-cases/quick-guides/payment-systems/cheques
Banking Ombudsman Scheme: www.bankomb.org.nz/guides-and-cases/quick-guides/cards/cards-and-pins
Reserve Bank of New Zealand: www.rbnz.govt.nz/dcs
Banking Ombudsman Scheme: www.bankomb.org.nz/about-us/information-sheets/making-a-complaint-to-your-bank
Banking Ombudsman Scheme: www.bankomb.org.nz

More free official help in New Zealand: moraph.org/commons/help/financial-literacy/nz

General information, not advice about your own situation. Checked 20 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees