About Us FAQ's

What’s a Credit Union?

A credit union is a not-for-profit financial cooperative, promoting savings and providing personal loans to members. It’s member-owned and governed through a board of directors elected by the members. The board serves on a volunteer basis and runs the credit union along with its staff members. Members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who can join First Credit Union?

All credit unions have a common bond, which means everyone that joins needs to be part of that common bond. First Credit Union’s common bond is anyone who lives in New Zealand.

How do I become a member?

Easy!  Complete a membership application form online or in branch.

Are all credit unions the same?

No. NZ has around 20 credit unions, and each one has a different common bond.  Each credit union is separate and independent, with different fees, interest rates and operating policies.  So although we may look the same we are as different as, say, ASB and Kiwibank.

Who owns and controls First Credit Union?

Our members.  When you deposit money with us you become a member and a shareholder.  As a shareholder you’re entitled to one vote regardless of the amount of savings or loans you have with us.

We are legally required to hold an Annual General Meeting.  Each year at the meeting our members vote for a Board of Directors.  The Board is responsible to the members for the running and protection of First Credit Union.

Is my money safe?

We comply with New Zealand’s legal requirements for financial institutions and operate under a registered Trust Deed that further protects members’ money.

Our prospectus is registered with the Companies Office of The Ministry of Economic Developments.  You’re welcome to a copy – drop by one of our branches or view a copy online.

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