Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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.

For further information visit www.nzcubaywide.co.nz

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news