2020 August
BANK ISSUES
PROBLEMS WITH WESTPAC
Kia ora whanau,
Prior to the payment of the shareholder dividends, the Trust made very few payments out of our account so it never needed online banking, which costs $120 a year to maintain.
So, when the trust was faced with so many payments going out, it was decided to start online banking.
Nina (Treasurer) and I (Johnny Mcgregor, Chairman) signed and delivered the application forms months ago (i.e. beginning of the year)
That was the start of an ongoing "process".
The bank refused to give us online banking until we complied with new criteria instituted in response to to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
and every time we supplied the documentation they requested, they ask something else.
I just provided the Westpac Bank with a certified copy of the Trust's trust deed that I had to go and get from the Māori Land Court in Wanganui (in person) after already providing the bank with this years ago.
Then I had a phone call from Wespac yesterday and they told me that our bank account name isn't the same as what's on the Trust Deed. The only difference is that we don't have the word "No." for Number 3.... i.e. our current account name is "Pt Manawatu Kukutauaki 3 Section 2B1 Trust", but we don't have the "No" before the Section 2B1 Trust. Then they asked for more documentation.
We have been using this exact same name for our bank account since we were set up almost 30 years ago with Westpac.
As I said, this has been going on for months and it is an exhaustive process.
To be honest, so I'm wondering what other trusts are having to go through because of this new legislation and the very, very specific information that the Bank's are now asking for.
We're not looking to set up a new account, or ask for a loan, etc, we're just asking for an online banking facilities.
Please be aware that the Trust is trying it's hardest to get all the dividend payments out but we are caught up in the bureaucracy of the law changes with the Bank. Nina has to make all the payments into bank accounts with cheques that she has to take to the recipients bank. Now we have found out that some banks do not take cheques and want online deposits.
If you have any suggestions as to a solution please contact us.
Johnny