The Bank of New Zealand answers questions for those with money in BNZ trust accounts operated by the collapsed Access Brokerage.
Q: What is BNZ's relationship with Access?
A: BNZ has a relationship with Access in two separate areas.
* Firstly, it is Access' banker and provides the normal range of banking services.In this instance that includes trading accounts for the business under one base account number and separate arrangements (under a different base account number) to provide a trust account for Access clients to transact directly with them.
* Secondly, we provided a route to their online share trading facility. Under the terms and conditions of that facility, people using it were customers of Access, and BNZ was not an agent of Access. Access was the only broker BNZ had a relationship with for online trading in the NZ market.
Q: Can I get access to funds in a BNZ trust account operated by Access?
A: No. When Access was placed in liquidation, the BNZ froze all accounts in its name.
Q: How can I tell if my money is in an Access trust account?
A: You are likely to have an Access Brokerage Deposit Card with the account number 0500 067340 84 on it. Your annual Resident Withholding Tax Certificate will refer to the "Access Brokerage at call deposit account". Funds in this account are held by Access Brokerage as a Trustee on your behalf.
Q: Why can't BNZ give me information about funds in Access trust accounts?
A: Because customers with funds in Access trust accounts are not customers of BNZ, we have no authority to provide information about those accounts.
Q: I made a recent share trade through Access Brokerage. How can I find out whether this trade was completed legitimately?
A: The NZX has established a help line for all queries -04 496 2887. More help can be obtained by calling the BNZ on 0800 ASK BNZ (275269) or alternatively by emailing the liquidator at brokerage@ferriers.co.nz
