NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / New Zealand

'I feel like we've won Lotto': TSB returns pensioner's $150k life savings

By Lane Nichols
Reporter & Deputy Head of News·NZ Herald·
18 Jul, 2021 05:00 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

TSB Bank froze a Tauranga pensioner's $150,000 life savings due to concerns about "suspicious transactions" on her account. Photo / File

TSB Bank froze a Tauranga pensioner's $150,000 life savings due to concerns about "suspicious transactions" on her account. Photo / File

TSB Bank has backed down and returned a sick pensioner's $150,000 after lawyers were brought in to broker a resolution to the two-month financial standoff.

The frail dementia-sufferer has been unable to access her life savings since May after TSB locked her accounts due to concerns about "unexplained" transactions.

But late last week TSB transferred the funds to a new account the 82-year-old had opened with the Cooperative Bank.

She told the Herald she felt like she'd "won Lotto" after checking her account balance online, before heading out for a haircut and some shopping.

"I feel like I'm floating on air."

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

The woman's daughter has power of attorney for her elderly mother and has locked horns with TSB over access to her mother's bank accounts to better manage her financial affairs.

The daughter was trespassed from TSB's Tauranga branch in May after taking her power of attorney document to set up internet banking on her mother's accounts.

She claims bank staff accused her of fraud, which TSB denies.

Advertisement
Advertise with NZME.

TSB later confirmed it had concerns about "unexplained" transactions on the mother's accounts, which are believed to include a $600 winter bedding purchase from the Warehouse and $20 service station expense.

Several weeks ago TSB was not ruling out calling in police and also refusing any further correspondence on the matter from the two women following an internal investigation.

The mother lives with her daughter, who is her sole caregiver. They live frugally on the mother's pension and the daughter's modest income.

With their money running low after weeks of battling TSB for access to the mother's financial nest egg, the pair hired Tauranga law firm Lyon O'Neale Arnold to help resolve the standoff.

The firm recently wrote to TSB asking the bank to immediately transfer $150,000 to the mother's Cooperative Bank account.

Banking Ombudsman Nicola Sladden is formally considering the family's complaint against TSB. Photo / File
Banking Ombudsman Nicola Sladden is formally considering the family's complaint against TSB. Photo / File

TSB wrote back requesting a signed statement from the mother, which was duly provided and the money transferred overnight.

In a statement, the law firm said it was "pleased we could reach a resolution" for its client.

A TSB spokeswoman declined to comment, other than saying: "Any action we have taken is for the protection and wellbeing of our customer."

The daughter told the Herald she still couldn't quite believe it.

"I couldn't be happier.

Advertisement
Advertise with NZME.

"No one should be treated like this. It's horrible what they've put my mother through. An 82-year-old woman doesn't need this in her life."

The daughter said she took her mum for a haircut last week and a spot of shopping to celebrate her new financial autonomy.

"We have been living on my money but she can now go and buy something for herself with her own money.

"Having your own money to spend - it's a dignity thing."

While the last few months had been immensely stressful, the daughter said signing up with Cooperative Bank had been a breeze.

They had also accepted the power of attorney document without issue.

Advertisement
Advertise with NZME.

"No problem whatsoever. The difference is really remarkable.

"It's been a long journey."

The Banking Ombudsman is considering a complaint against TSB over the matter, with another complaint filed with the Human Rights Commission.

The women said they are also considering legal action against TSB to seek compensation and damages.

Save

    Share this article

Latest from New Zealand

New Zealand

State of emergency declared for Tasman region, severe weather warnings across NZ

10 Jul 07:04 AM
New Zealand|crimeUpdated

‘Lock all your doors’: Neighbours recount gunman on loose after Hamilton homicide

10 Jul 07:00 AM
New Zealand

Family mourns NZ woman killed by elephant on Zambia safari

10 Jul 06:52 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from New Zealand

State of emergency declared for Tasman region, severe weather warnings across NZ

State of emergency declared for Tasman region, severe weather warnings across NZ

10 Jul 07:04 AM

Heavy rain and strong winds are expected in Auckland and Northland.

‘Lock all your doors’: Neighbours recount gunman on loose after Hamilton homicide

‘Lock all your doors’: Neighbours recount gunman on loose after Hamilton homicide

10 Jul 07:00 AM
Family mourns NZ woman killed by elephant on Zambia safari

Family mourns NZ woman killed by elephant on Zambia safari

10 Jul 06:52 AM
‘Hero’ lawyer who rescued torture victim suspended from practice

‘Hero’ lawyer who rescued torture victim suspended from practice

10 Jul 06:03 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP