First Credit Union Terms & Conditions

First Credit Union Terms & Conditions

Please read these Terms & Conditions carefully to ensure you understand them. We are happy to explain anything that is not clear.

If you use First Credit Union account or service, that is taken to mean you agree to these terms and conditions.

General Terms and Conditions


Membership of First Credit Union is open to any person residing or working in New Zealand.

Only members can open accounts. Accounts are share accounts with First Credit Union.

Accounts are operated in accordance with these General Terms and Conditions and all further terms governing Specific Accounts.

By applying for membership with First Credit Union and by opening an account you:

  • agree to be bound by and comply with these General Terms and Conditions and all further terms applicable Specific Accounts in force, from time to time; and
  • agree to be bound by the Rules of First Credit

Privacy Policy

The operation of all accounts and all applications to open an account are subject to our Privacy Policy, a copy of which can be found here and is available at any branch.

A copy of our Privacy Policy is given to you with these General Terms and Conditions and, by opening an account, you agree to be bound by our Privacy Policy.

Opening an Account

To open an account with First Credit Union, or to apply for a product or service provided by First Credit Union, you must complete the appropriate forms and procedures.

For security reasons and because of legal requirements, you will be asked to provide satisfactory proof of your identity. Examples may include a current New Zealand:

  • Passport
  • Drivers Licence
  • Firearms Licence
  • National identity card

You will also be asked to provide identity of all other people who you may authorise to use any of your accounts (authorised signatories). You may be required to update identity information from time to time. You may be asked for additional information to enable First Credit Union to meet its obligations under laws relating to anti-money laundering and countering financing of terrorism.

Change of Address

You are responsible for promptly informing First Credit Union of any change of your personal details (including your name, address, telephone, mobile or facsimile numbers and email address). Failure to do so may impact your rights under these General Terms and Conditions and any other applicable terms and conditions.

Joint Accounts

If more than one person is named in joint ownership of an account then, unless otherwise agreed by First Credit Union in writing, each such person will be jointly and severally liable to First Credit Union for services provided by First Credit Union, including repayment of any debit balances, interest, fees and charges.

Information about a joint account holder obtained by First Credit Union as part of the operation of a joint account may be disclosed to the other joint account holder(s).

Subject to any account opening and operating authority, where the signing rules that apply to your account do not require all signatories to sign together, First Credit Union may accept instructions from any one joint account holder in respect of all matters and things relating to the joint account, including matters which are outside the operation of the account. First Credit Union may require additional joint account holders to authorise instructions where the instruction is of a material nature to all parties (e.g. increasing a loan).

A notice we send to one joint holder will count as notice to all joint holders.

If a joint account holder advises First Credit Union they no longer wish to be a party to a joint account, First Credit Union will either close the account or remove that member from the account. A joint account holder who is removed from a joint account remains jointly and severally liable for any amounts outstanding at the time of their removal.

Operating your Account Authority to Operate

You may give other people authority to operate your account(s) (specified accounts). This includes accessing, and transacting on your specified accounts. It does not extend to opening new accounts, applying for certain additional products (such as loan or overdraft facilities), or agreeing to changes to certain existing products relating to the specified account(s). If you give one or more people authority to operate a specified account, they will be able to operate that specified account in accordance with the signing rules specified for that account.

Any account operating authority you give will continue until you give First Credit Union written notice that an authority is to be removed.

First Credit Union does not accept any responsibility or liability for the accuracy of the information given by you, or anyone acting on your behalf (other than us), in any instruction. You will be solely responsible for ensuring such information, including other parties’ bank account numbers, is accurate.

Any new authority which varies the current account operating authorities on any specified account will not be effective until received by First Credit Union.

Instructions to First Credit Union

You agree that First Credit Union may, at its sole discretion, accept instructions from you or your authorised signatories by post, telephone, facsimile, email, txt, electronic banking service or any other means, and you authorise First Credit Union to act on any such instructions.

First Credit Union will exercise reasonable care and skill to ensure transactions are made as instructed. It is your responsibility to ensure there is enough money in an account at all times to ensure such transactions can be made on that account.


First Credit Union will provide regular statements showing all transactions on members’ account(s). It is up to the member to check statements issued for each account held with First Credit Union and, to ensure the entries recorded on those statements are correct. If not correct the member agrees to notify First Credit Union, in writing, within 14 days from the date that account statement is sent to the member. Failure to notify First Credit Union may:

  • be deemed to be acceptance by the member that the balance of the account and all transactions recorded are lawful and correct; and
  • provide First Credit Union with a defence against any action taken by the member for claims of any nature including claims for breach of contract, negligence, wrongful debiting of funds and any other tort, equitable remedy or any other course of action brought against First Credit Union in relation to the account or transactions recorded in the account statement.

Mistaken Payments

If First Credit Union is satisfied that funds have been credited to your account by mistake, First Credit Union may reverse such credit without notice to you and you will be liable to repay any such amount.

Payments in error

Payments made by you in error can only be recovered from an account at another institution which they have been paid to, with the consent of that account holder. First Credit Union will

co-operate with you or the other institution involved in the transaction to try and recover payments made in error.

Rights to your account

Any rights to your account, including any credit balances, may not be assigned, mortgaged or charged without First Credit Union’s prior written consent.


  • Deposits (including direct credits) of any description other than notes and coin will be provisionally credited to the account but are not to be drawn against until cleared
  • Collection of cheques, bills of exchange etc is undertaken by First Credit Union at the member’s risk and on the understanding that no responsibility is attached to First Credit Union for any loss or destruction or for delay in presentment
  • First Credit Union does not receive deposits marked to be applied for any specific purpose. Should such deposits be received the member accepts First Credit Union will not be responsible for any mis-application
  • If changes are made to your account details, and you have a direct credit being paid into your account (e.g. your salary or wages), you must tell the person making the payments about these changes.


First Credit Union will comply with any orders or instructions given by the member or authorised signatory to withdraw any money from limited to this account by way of cheque form, electronic instruction including but not limited to debit card, direct debt or automatic payment.

Automatic Payments

First Credit Union will pay automatic payments in accordance with the automatic payment authority held subject to there being sufficient cleared funds to meet the payment amount on the due date.

If there is not enough available money in your account to cover the automatic payment the automatic payment will not be made, but may be retried the next business day (for up to five business days in a row). If there is enough money in your account when the automatic payment is retried, the payment will be made. If there

is not enough available money in the account when it retries, after five business days the payment will fail.

Direct Debits

If your account or direct debit details are changed, or your account or direct debit authority is closed or cancelled, you must tell the person receiving the direct debit payment about the changes.

First Credit Union may reverse any direct debit payment at its discretion. Examples of when First Credit Union may exercise this right include allegations of fraud, where payments are disputed or when it appears transactions have been processed twice.

If requested by the person receiving the direct debit payment, First Credit Union may change the details of the person receiving the direct debit payment or transfer the direct debit authority to another person.

Payments made under a direct debit arise from an underlying contract between you and the person receiving the direct debit payments. Any queries or disputes regarding a direct debit payment (other than a request to cancel a payment) should be referred to and resolved with the person receiving the payment.

Insufficient funds

Unless otherwise arranged by the member with First Credit Union an account must at all times be maintained in credit funds equal to the minimum required in the Rules of First Credit Union.

First Credit Union, may at its discretion, dishonour, or refuse any transaction that causes or will cause the members account to go into an overdrawn position unless previously arranged and

in accordance with the terms and conditions of any Overdraft Facility Agreement.

Notwithstanding any Overdraft Facility Agreement First Credit Union may require any outstanding debit balance to be repaid immediately (on notice to you) if First Credit Union, acting reasonably, forms the view that you will in the future be unable to repay any Overdraft Facility.

Transaction Limits

First Credit Union may impose such restrictions as it reasonably thinks fit for the efficient processing of transactions and in order to reduce your and First Credit Union’s exposure to theft or fraud. These restrictions may include maximum or minimum individual transaction limits, maximum or minimum daily transaction limits and cut off times for lodging transactions for payment so they are processed on a specified due date. Details of these transaction limits and cut off times are available upon request.

Interest Rates

Interest rates on amounts owed by or to First Credit Union are subject to market fluctuations and may be varied by First Credit Union at any time. This is subject to any other agreement you make with First Credit Union.


First Credit Union may at any time without notice, set-off, combine or apply any other credit balance of the member to meet the member’s obligations to First Credit Union even if the term of any credit balance has not expired.

Withholding Tax

Unless First Credit Union holds a copy of a current withholding tax exemption certificate for you from Inland Revenue, First Credit Union is legally required to deduct withholding tax directly from interest you earn. If you have not supplied First Credit Union with your IRD number this deduction will be made at the higher rate.

Fees and Charges

First Credit Union will debit each account periodically or on closure with all appropriate accrued interest, fees, charges and commissions as fixed by First Credit Union from time to time. A copy of First Credit Union’s fees and charges can be obtained from any First Credit Union branch, or online at

You are responsible for, and First Credit Union may deduct from your accounts, bank charges, government charges, and any amounts owed to First Credit Union, including:

  • transaction and service fees
  • any costs and expenses First Credit Union may incur in connection with your accounts;
  • Interest when you exceed any agreed borrowing limit or when any of your accounts become overdrawn (with or without prior arrangement); and
  • interest on any unpaid

Anti-Money Laundering and Sanctions

You agree to provide all information to First Credit Union which First Credit Union requires in order to manage its anti-money laundering and countering terrorism financing obligations, or to comply with any similar laws, rules or regulations. You agree that First Credit Union may refuse to open an account for you, may be required to delay, defer, stop or refuse to process any transaction, or may close an account at any time without notice, if you fail to provide this information to First Credit Union in the manner and timeframe specified by First Credit Union.

You agree that First Credit Union may delay, defer, stop, or refuse to process any transaction without incurring any liability if First Credit Union knows or suspects that:

  • the transaction will or may breach any laws or regulations in New Zealand or any other country; or
  • the transaction involves any person who is itself sanctioned, or is connected directly or indirectly, to any person who is sanctioned, under economic and trade sanctions imposed by any country.

No trust arrangement

You agree that, unless you have disclosed to First Credit Union that you are acting in a trustee capacity or on behalf of another party, you are taken to have warranted to First Credit Union that you are acting solely on your own behalf when opening or operating an account or service or undertaking any transaction with First Credit Union.

Closure of Accounts

Accounts may be closed upon written request by the member but acceptance of such a request does not negate or reduce the member’s liability to pay to First Credit Union all amounts outstanding at that time together with interest due, charges and debits that may be subsequently processed.

The right to vary

First Credit Union reserves the right to vary these General Terms and Conditions, or any additional terms and conditions applying to specified accounts, to vary or withdraw any additional terms and conditions applicable to First Credit Union’s services or products (including to increase, reduce or vary any fees or charges payable in respect of any service or product) at any time.

Examples of when First Credit Union may exercise these rights include:

  • to allow us to respond to market changes;
  • to reflect improvements to the product and/or service; or
  • to enable changes that are reasonably necessary for First Credit Union


Notices of any changes will be given at least 14 days in advance in at least one of the following ways:

  • by direct communication to you, for example by letter or electronic communication;
  • by message in First Credit Union Online Banking;
  • by displaying information in our branches;
  • by notice on our website; or
  • by notice in the media (including public notices).


You agree that nothing in this agreement shall be treated as constituting an ‘implied agreement’ restricting or negating any lien, charge, pledge, right of set-off or other right First Credit Union may have existing or implied by law.

If First Credit Union receives or holds any property, items or documents for you for any purpose, and you owe First Credit Union money, First Credit Union may at its discretion exercise a lien over the property, item or document as security.

Exercise of First Credit Union Discretion

When we exercise discretion under these General Terms and Conditions or any additional terms and conditions applying to specified accounts, we will do so in a reasonable and consistent way. We have provided some examples in this document of when we may exercise a discretion.

First Credit Union’s liability

First Credit Union will not be liable for:

  • any losses arising as result of First Credit Union acting in accordance with these General Terms and Conditions or any other terms and conditions applicable to specific accounts;
  • losses caused by you, or anyone acting on your behalf, providing First Credit Union with incorrect information;
  • losses caused by user error by you or anyone acting on your behalf;
  • losses arising out of unauthorised access or fraud in relation to your accounts or services committed by you, your employee, officer or agent;
  • any direct or indirect costs, losses, damages or other liability resulting from your failure to advise First Credit Union immediately of any inaccurate information about payments shown on your bank statements or transaction records;
  • losses caused by circumstances beyond First Credit Union’s control, including any machine or system failure, or any strike or dispute;
  • losses arising from your use or inability to access an electronic banking service at any time, inaccurate content or information in any electronic banking service, or any failure or delay in providing any service via the internet, phone or mobile device; or
  • losses arising from faults in, or a malfunction of, any equipment (including telecommunications equipment) which supports an electronic banking service.

Complaints Procedure

Sometimes we don’t get it right and if this happens please let us know.

We welcome your feedback as it helps us improve the way we do things. We will do our best to resolve your complaint as quickly and as fairly as possible. You can make a complaint in person at one of our branches, over the phone or by emailing us.

Please provide as much information as you can and don’t forget to include how we can contact you, so we can resolve this in the best way possible.

Our staff will do their best to help resolve your complaint immediately, however if they are unable to assist they will refer you to a manager. The manager will try to resolve the matter within 5 working days. We may need more time to consider your complaint or we may need more information from you so we can consider your complaint. We aim to have a response to your complaint within a maximum of 12 working days.

If we have been unable to resolve your complaint and you wish to pursue it further you can contact our dispute resolution provider, Financial Services Complaints Limited (FSCL).

FSCL is an independent dispute resolution scheme that is free of charge to our members. For more information about FSCL, you can visit their website.

If your complaint is within FSCL’s jurisdiction they will work with you and First Credit Union to resolve the complaint.

You can contact FSCL:

Phone:    0800 347 257

Email: Website:

Write to them at: PO Box 5967

Lambton Quay Wellington 6145