From Grey Power Federation
We had a query from a member about the receiving of overseas cheques etc from pension plans. The Bankers Association have advised the following:
We have asked the five major banks about customers being able to deposit foreign currency cheques in their New Zealand bank accounts.
- Continuing to accept foreign currency cheques in a few major currencies, including US dollars
- No longer accepting foreign cheques and working with overseas pension funds on this issue, for example, liaising with the overseas funds to explore solutions on behalf of the customer
- Discussing options with affected customers on a case-by-case basis.
We would encourage any of your members whose bank no longer accepts foreign cheques to contact their bank to ask how they can help.
Affected members may also wish to seek advice from pension specialists and consumer advocates in the United States on how to encourage more flexible payment options from the pension funds.