Notice for NZCU Central members
Posted May 2021
We are making some changes that may impact how you use some of our products and services. Please read through carefully and let us know if you have any questions, we are here to help.
Coming together as one
Over the next few months we are bringing all four banking systems, from our merged credit unions, into one. This will allow us to provide you with consistent, simple and straightforward money solutions, and enable us to fully unite under one credit union for all New Zealanders. We are working towards Saturday, 29 May to migrate the NZCU Central system over.
What you need to know
Bringing the systems together is quite a significant project and whilst our team will work around the clock to ensure it runs as smoothly as possible, we do anticipate a prolonged outage. During the outage on Saturday 29 May 2021, mobile, internet and phone banking will have view only access. During the outage on Sunday 30 May mobile, internet and phone banking will be unavailable until 6am. However, your cards, the ATM’s and EFTPOS transactions will all continue to work as normal.
As we keep building for the future, we have consolidated our product suite down from 91 different products to just 21 to ensure we have relevant products to meet your needs. See the new rates and fees guide for information on these new products.
New fee structure
One of the key benefits of merging the four credit unions is aligning our rates and fees. This provides all 60,000 members with a consistent service and the advantages of a single fee structure. Once we migrate the system over, the new fee structure will be implemented for NZCU Central members. See the new rates and fees guide for further information on the new fee structure.
Once our products, rates and fees are aligned we will bring everyone together under one website, with consistent messaging and information. From Monday 31 May, you’ll notice our website will be updated and become a site for South, Baywide and Central members to visit. All the information you need, including your login to internet banking, will be easy to find but if you need any help navigating the new website, please feel free to reach out to our team.
Key changes to accounts
These updates to your account will happen automatically from 31 May 2021, you won’t need to do anything. See the new rates and fees guide for full details.
New Everyday saver account
If you have a Goal saver, Money maker or Car maintenance account, this will change to an Everyday saver account. Everyday saver is perfect for short term saving goals. The tiered interest structure means the more you save the more you earn. And it’s easily accessed when you need it with no penalty withdrawal fees.
Christmas club account now called Christmas saver
If you have a Christmas club account this will change to a Christmas saver account.
New account options for your everyday banking needs
Check online, visit your local branch or call our team from 31 May 2021 if you’d like to discuss these new options.
NEW Everyday unlimited
If you are a high transaction user, switching to an Everyday unlimited account could be the perfect option for you. For a fixed monthly fee of $12, you can conduct as many electronic transactions as you need including EFTPOS, automatic payments and direct debits.
NEW Online saver
To help you conveniently access your savings online, from anywhere at anytime, we offer an Online saver account. With tiered interest and no monthly account fee, it is a great option to help you manage your savings.
Updated fee structure - effective 29 May 2021
To help deliver fair fees to all members we have taken the opportunity to compare against others in the market (other credit unions and member-owned co-operatives), assess any impact on profitability (and therefore our ability to reinvest into better services for our members) and, most importantly, ensure we can deliver the best outcome for all 60,000 members across the merged Credit Union Baywide.
The changes outlined below will allow us to align our fees across the entire organisation, benefiting more members with fairer fees.
See the new rates and fees guides for full details on the new rates and fee structures.
Fee FREE banking for selected members
Aged under 18 or studying? Great news! We are pleased to confirm that you are eligible for free transactions. We also have fee benefits for members over 65 and those with a home loan. See our fees guide for further details.
Electronic transactions will include EFTPOS, Automatic Payments and Direct Debits. The fee for each electronic transaction will be 35 cents and this will be debited from the account the transaction is made from.
Monthly account fees
The Everyday account monthly fee will change to $3.50 and you will receive 20 free electronic transactions per month. After the first 20 transactions, you’ll be charged 35 cents for each EFTPOS, Automatic Payment and Direct Debit transaction. The fees will be debited from your account at the end of the month.
The AccessDebit card monthly account fee will be $1.50.
Fees when using any ATM, including NZCU ATMs, will be $1 per transaction. This includes a balance enquiry.
Fees for seniors over 65
Members over the age of 65 will no longer be exempt from electronic transaction fees.
Other fee updates
How can you save money on fees?
• Ensure you’re using the right account for your needs. Talk to us about our range of products.
• Request cash out when using EFTPOS.
• Set up internet and mobile banking to easily access your accounts 24/7.
• Minimise staff assisted transactions, instead try using phone banking, internet banking or mobile banking.
• Change to FREE email statements to avoid the cost of paper statements.
If you have any questions about the changes outlined above or about the enclosed rates and fees guide, contact your NZCU Central team on 0800 003 280. If, for any reason, the system change is unable to go ahead on Saturday 29 May, we will provide updates via the website and Facebook. We appreciate your patience as we work through this significant change.