As a customer of a NZ high street bank, in order for that bank to retain you as a deposit/savings customer, will they have to be covered under the extended crown retail deposit guarantee scheme after October of this year?
This is the first question many people are asking me i.e. do I think banks need to be part of the scheme or is it only the smaller deposit takers that need the scheme to retain customer confidence?
Over recent months there have been a number of institutions that have had their applications accepted for inclusion under the extended scheme, but as you’ll see from the list it is the only a handful of finance companies and building societies who have "joined up".
The other question I’m being asked is whether or not Rabobank NZ will be filing an application to join the extended scheme.
For those of you who can remember, or were customers at the time, you will recall that we were one of the first banks to part of the current retail deposit guarantee scheme.
What I'd like to know is what you think.
Whilst we have our own view and are currently assessing the opportunity, I'd like to hear what you think is needed? Even if you are not a customer of RaboPlus, does your bank need to be part of the extended scheme to retain you as a deposit/savings customer?
To get your answers, I’d really appreciate it if you’d take 1 minute to answer a quick survey.
For Questions and Answers re the extended scheme please visit the >Treasury website.
Thanks in advance for your response to the above questions. As always your feedback is always welcome.