Interest-free overdrafts for Novopay affected teachers

All retail banks are offering interest-free overdrafts to teachers and other school staff affected by the Novopay payroll system issues from now until 15 January 2013.

"Banks across the board are supporting their customers here. This issue affects the largest single payroll in the country. It’s about helping ensure affected teachers and staff continue to have access to funds over the holiday period," says New Zealand Bankers’ Association chief executive Kirk Hope.

Banks participating in the interest-free overdraft offer are ANZ New Zealand, ASB Bank, Bank of New Zealand, The Co-operative Bank, Kiwibank, SBS Bank, TSB Bank, and Westpac New Zealand.

To take advantage of the offer affected teachers and school staff who are customers of participating banks should provide evidence to their bank, for example a letter from their school, saying they have missed payroll payments and detailing how much they are owed. Their bank will then arrange an interest-free overdraft facility on the account to which their salary is paid, or another account by arrangement.

These interest-free overdrafts are valid until 15 January and limited to the value of the total amount of payments which have been delayed.

"I encourage affected school staff to get in touch with their bank so they know they’re covered and can have some peace of mind over the holidays," says Hope.

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