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

 

'Irregular Accounting': Voluntary Suspension Of Fuji Xerox Govt Contracting

This suspension gives the Ministry of Business, Innovation, and Employment time to understand the full implications of the report from FUJIFILM Holdings into irregular accounting practices at FXNZ. More>>

ALSO:

MPI: Cow Disease Detected In NZ For First Time

MPI is responding to the detection of the cattle disease Mycoplasma bovis in a dairy herd in South Canterbury... The disease is commonly found in cattle globally, including in Australia, but it’s the first detection of it in New Zealand. More>>

South Island Flooding: Focus Moves To Recovery

As water recedes throughout flood-impacted areas of the South Island, Minister of Civil Defence Nathan Guy has praised the efforts of those who were involved in the response to the flooding... More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO: