A new way of banking

May 4, 2021

The New Zealand Disability Support Network (NZDSN) says money laundering legislation and the phasing out of cheques by banks require new approaches and practices from everyone involved.

In April NZDSN invited a small group of disability service providers to a Banking Issues Forum to brainstorm what needs to happen.

NZDSN has been approached by these providers about the requirement of some banks to have guardianship orders in place for people to be supported to have their own bank accounts.

At the same time, providers have become increasingly uncomfortable with the systems they have in place that manage people’s money on their behalf. The money-laundering legislation and the prospect of a world without cheques are also creating uncertainty – for providers and banks – resulting in different and changing requirements from bank to bank.

The April forum organised by NZDSN was the chance for providers to engage with key banking representatives to hear about the work already being done in this space, for example by IHC and others, including the perspective of People First NZ.

The aim of the forum was to develop approaches that meet the obligations that banks have and that offer disabled people support to exercise choice and control without resorting to guardianship.

Caption: The prospect of a world without cheques is creating uncertainty.