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WestpacTrust / NZ Post Launch New Joint Banking

WestpacTrust is joining with New Zealand Post in a five month trial of agency banking services through selected Post Shops.

The trial will begin on 11 October 1999 at Post Shops in Auckland (2), Wellington (1) and Christchurch (1). All Post Shops in the trial are in locations where WestpacTrust doesn’t have a branch. Customers will be able to make deposits into WestpacTrust accounts, credit card payments and EFTPOS withdrawals from their WestpacTrust accounts.

Two types of deposit service will be trialled - over the counter transactions and drop box deposits. For the drop box service customers will place their deposit into a drop box located in the Post Shop. The counter service will be trialled only in Auckland and the drop box service in Wellington and Christchurch.

The costs associated with providing the service will be passed on to customers. WestpacTrust customers will pay a charge of $3 for each counter service transaction and $2 for every drop box transaction. This charge is in addition to any usual WestpacTrust transaction charges and will appear automatically on the customer’s bank statement.

Ross Aitken, WestpacTrust general manager New Zealand retail and business, said: “We are always looking for new ways to serve customers that are more convenient for them to use and economically viable for us to provide.

“This trial is all about providing greater choice and convenience for our customers. All the Post Shops in the trial are in locations where WestpacTrust doesn’t currently have a branch. This means that customers will be able to access WestpacTrust services in more locations that are more convenient to them,” Mr Aitken said.

WestpacTrust is the New Zealand division of Westpac Banking Corporation, which is incorporated in New South Wales, Australia

“The trial will also test customers’ willingness to pay for the convenience of banking locally rather than travelling to our nearest branch.

“The trial’s success will depend on how much support we receive from our customers,” said Mr Aitken. “WestpacTrust already has the largest branch network of any bank and, if successful, it may allow WestpacTrust to have a presence in places we have never been before.”

John Allen, New Zealand Post Group Leader Letters, said the Post Shops participating in the agency banking trial would provide a trusted and reliable service to WestpacTrust customers with the added convenience of services outside of normal banking hours.

“Over the counter transactions made by WestpacTrust customers will be processed using New Zealand Post’s secure Post-Link system which supports BillPay and other agency banking services available at Post Shops.

“The five month agency banking trial with WestpacTrust further enhances the value and convenience of our Post Shops and will add to the strong growth we are experiencing in over the counter transactions. Almost 800,000 transactions are made each week in New Zealand Post’s nationwide network of retail outlets.”

WestpacTrust will be writing to customers in the trial areas to let them know of the new banking option.

ENDS

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