New SMS alert system to warn of missed payments

Heritage Bank is taking advantage of new technologies to help customers stay on top of their finances via a new system of sending payment reminders by SMS.

Under the new service, Heritage will be able to send an SMS alert to customers who have missed a loan repayment, overdrawn an account or gone over their credit limit.

CEO Mr John Minz said it was all about helping customers stay in control of their financial arrangements and avoid any penalties.

"We understand that there are circumstances in which customers can miss a payment or go into arrears, with people having multiple accounts and repayments to look after," he said

"People may simply not realise that this has happened.

"The new SMS system will send you an alert to let you know if you have missed a loan repayment, overdrawn an account or gone over your credit limit.

"That way you can take action quickly to ensure that you don’t incur a late fee."

Mr Minz said Heritage was also looking to proactively send a message to customers ahead of their loan repayment date, if it looked like there might be an issue meeting a payment.

These services will be available only to those customers who have registered their mobile phone details with Heritage. Customers will be able to register to opt out of receiving the alerts.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.