Four major retail banks are among those clambering to help teachers caught up in the Novotpay payroll saga.
In all, eight banks – ANZ, ASB, Westpac, BNZ, Kiwibank, SBS Bank, TSB and The Co-operative Bank – are now offering interest-free overdrafts until January 15.
Earlier in the month another hole in the Novopay payroll system emerged when it was discovered a school could see the pay, and edit details, of a teacher who worked for another school.
Since Australian company Talent2 (formerly Morgan & Banks) was paid $30 million to develop Novopay three months ago, thousands of teachers have been incorrectly paid or not paid at all.
Now the New Zealand Bankers’ Association says because the issue affects the largest single payroll in the country banks are queuing up to help out.
“It’s about helping to ensure affected teachers and staff continue to have access to funds over the holiday period,” association chief executive Kirk Hope says.
The overdrafts are limited to the value of the total amount of payments which have been delayed.
Mr Hope says affected staff members need to provide evidence to their bank saying they have missed payroll payments and their bank will then arrange the overdraft facility.