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NZCU Baywide now firmly New Zealand’s largest credit union

NZCU Baywide now firmly New Zealand’s largest credit union

NZCU Baywide is now firmly established as New Zealand’s largest Credit Union.

NZCU Baywide officially merged with Manchester Unity Credit Union (MUCU) today, boosting member numbers to 40,000 and assets to approximately $220 million, through a 16 strong branch network located throughout the central and lower North Island.

Last year NZCU Baywide merged with Wine Country Credit Union, adding 5000 new members.

Last year over $500,000 was rebated back to NZCU Baywide’s members.

NZCU Baywide chairman Iain Taylor said the credit union is now a “serious banking alternative to mainstream banks” and is New Zealand-owned by its members.

“We are not profit focused like banks, we’re here for our members and their best interests and that’s why we have experienced considerable growth,” Mr Taylor said.

Over the next month MUCU members will be invited to transfer their accounts to NZCU’s wider range of savings and loan products.

“The merger was strongly supported by MUCU members and we now want to make it easy for them to bank with us.

“We have a wider suite of banking products, and generally more competitive interest rate options along with internet banking and much more,” he said.

NZCU Baywide chief executive Gavin Earle said the merger provides many benefits to all members as one stronger entity.

“It further positions us as a compelling banking alternative,” Mr Earle said.

MUCU’s South Island members will be able to use NZCU South branches and all members will now have greater access to branches through NZCU Baywide’s partner credit unions, which are in excess of 50 branches nationwide.

“Until now MUCU members may have needed accounts with banks but now they can do all their banking with NZCU Baywide,” Mr Earle said.

Mr Earle says NZCU Baywide is continually looking at ways for members to share further in its success.

Members already receive fee rebates based on the total value of the relationship across its range of products and services.

“Credit Unions are not publicly-listed companies and so, unlike banks, don’t have the pressure to maximise profits to pay external shareholders”.

“Instead, credit unions put their profits back into better rates, fairer fees, responsible lending and outstanding customer service,” he says.

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