Important Information | First Credit Union

From 01 July 2025, First Credit Union members will be covered by the Depositor Compensation Scheme (DCS).

The DCS will cover each depositor (anyone that has money in DCS protected account- see further below for a list of FCU accounts covered) up to $100,000 per deposit taker (bank or non-bank such as credit unions and building societies) in the unlikely event of failure, when the money is held in DCS- protected accounts.

The DCS is a government scheme that is funded by the deposit takers (e.g. First Credit Union) and is administered by the RBNZ. The DCS is designed to give depositors confidence that their money is protected, which adds to the stability of the New Zealand financial system and aligns us with many others in the world who do something similar.

What First Credit Union accounts are covered?

In the unlikely event that First Credit Union was to fail, the following accounts would be covered by the DCS, up to a total of $100,000 per depositor:

	Specific Accounts
Transactional	Everyday*, Bill Pay, Expense and Special Purpose
Savings	Online Savings, Christmas Club, Loan Provider, Money Maker and Travel
Term Deposits	All terms

There is nothing you need to do to be protected by the DCS. From 01 July 2025 any funds you have in any of the above accounts (up to a total of $100,000 per depositor) will be covered.

* Everyday accounts include: Jimmy Jumper, Teen and Youth accounts

Want more information?

For more information about the DCS, check out these FAQS or visit the Reserve Bank of New Zealand (RBNZ) website here.

First Credit Union was issued with a rating of 'BB' with a stable outlook by Fitch Ratings on 10 December 2024.

First Credit Union offers accounts to you under the FMC Act. At a Special General Meeting in May 2016 members voted unanimously to make various changes to the Credit Union Rules enabling us to transition from the Securities Act regime to the new FMC Act regime.

As part of the move to the FMC Act, on 27 October 2016, First Credit Union entered into an Amended and Restated Trust Deed ("Trust Deed") with the Supervisor, Covenant Trustee Services Limited. The Trust Deed updates the duties of First Credit Union and the Supervisor under the FMC Act.

Under this regime First Credit Union offers share accounts under a new Product Disclosure Statement (PDS), replacing our Prospectus and Investment Statement. Our PDS was registered on 3 November 2016. It sets out information about the accounts available to our members and other information about First Credit Union.

The Rule, Trust Deed, PDS and other information about the accounts and First Credit Union is available to you by searching for First Credit Union on the online Disclose Register, alternatively, you can download a copy of our Product Disclosure Statement.

Please contact us for information on investment options at First Credit Union.

First Credit Union is a licensed financial institution. We are required to treat consumers fairly, and we put it at the centre of what we do. You can find a summary of our fair conduct programme here.

New Zealand is one of many countries that has committed to new global standards on the automatic exchange of financial account information (AEOI). This information is required by law to be collected by financial institutions around the world for reporting to tax authorities.

Inland revenue has prepared a fact sheet to help you better understand AEOI and your obligations.