Term deposits hero2
Research report
26 June 2015

Term deposits

Banks get tougher on breaking term deposits.

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Mike Donnellan
27 Jun 2015
Legitimised Thievery

Banks are an at arms length Ministry of the Government and as intimately related to Ministers as is the government bureaucracy.

My 5yr TD with the BNZ is coming to an end shortly and in that five year term not only has this early withdrawal nonsense with its 'magic' formula (which like so many government 'big ideas' is intended to cheese-pair yet more money out the long suffering tax payer/customer) been introduced but so also as the 'OBR' scheme. I'm an old codger and when I finally depart this mortal coil no doubt the magic formula would be brought out to justify to the executor of my will the bank's decision to award itself a large amount of my hard earned savings.
The OBR scheme of course, means that those like me who have had no say whatsoever in the running of a bankrupted bank (Oh the irony, but don't forget the 1990's BNZ fiasco!) will again have a large amount, if not all their savings appropriated in order to 'save' it rather than the bank shareholders as would be the case in any other public or private company.

A couple of the many symptoms currently manifest in the so-called "western democracies", of their accelerating decline from the Grecian ideal into dystopian statism and chaos.

Joe & Evelyn H.
24 Oct 2016
Deceased Estates

I understand from personal experience that in the case of a deceased estate the executors can break the term deposit and retrieve funds without the application of penalties.