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Credit Unions Introduce Leading Edge Products

17 September 2004

Credit Unions Introduce Leading Edge Products

NAPIER, Friday 17 September 2004 - At its 43rd Annual Conference in Napier today, the New Zealand Association of Credit Unions, announced the introduction of ACCESSCREDIT an online real-time line of credit card, ACCESSTXT which sends account balances to your mobile phone and HOMEMINDER an internet-based home and contents insurance.

Doug McLaren, Chief Executive of the Association commented that, "Credit Unions have been waiting a long time for a credit card which was previously unavailable to us because of our size. With the significant growth in assets of our Member Credit Unions, we are now able to offer ACCESSCREDIT, which is accepted internationally through its MasterCard Maestro label. This online, real-time, line of credit card can be used at over 6 million ATM and Eftpos outlets worldwide. ACCESSCREDIT will complete the comprehensive suite of banking products and services that Credit Unions offer.

"We are also very excited about ACCESSTXT, a trendy and technologically advanced way to get your Credit Union account balance on the go. Your mobile phone is linked to your various savings, loan and investment accounts. You text 8880 with a coded message and your account balances will be sent to your mobile phone any time, any day, anywhere. Our thanks to Telecom for ensuring that this convenient service is affordable to all our members by enabling us to offer ACCESSTXT from as low $0.40 per text on your Telecom mobile phone.

"HOMEMINDER an intemet-based home and contents insurance which takes you from quote to policy in minutes, completes our home ownership solution. Last year, we introduced Credit Union Home Loans, Mortgage Minder and FAST Refinance Service. The HOMEMINDER website at www.homeminder.co.nz is easy to use and very informative. We very pleased to be able to offer a comprehensive solution to all new and existing homeowners.

The 200 Credit Union delegates, business partners and international guests of the Association will be among the first to get a sneak preview of these products at the Conference. Napier is the ideal place for us to launch these new products as it has the highest penetration of Credit Union members nationwide where 1 in 6 people is a member of a Credit Union.

About the New Zealand Association of Credit Unions The Association was established in 1961. It has 41 Member Credit Unions nationwide, representing more than 162,300 Credit Union Members, with total assets in excess of $473 million. In addition to ACCESSCREDIT, ACCESSTXT and HOMEMINDER the Association provides a range of financial products and services such as the ACCESSCARD® the debit card with Maestro, ACCESSONLINE – internet banking; ACCESSTELLER® - phone banking; ACCESSACCOUNT - cheque facilities, direct debits, direct credits; Credit Union Home Loans and a range of insurance products. The Association and its member Credit Unions are registered financial services co-operatives operating under the Friendly Societies and Credit Unions Act 1982. We are not a registered bank.

ENDS

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