New Banking System
NZCU South is proud to announce your new banking system is now live.
It is important that you read this information so you are up to date with the changes to your account.
If you have any questions please contact us on 0800 696 636.
Introduction to Oracle
We have spent much of the previous year preparing for the upgrade to a robust new banking platform, Oracle Flexcube. It is extremely important that we keep pace with the digital world and this is one of the best systems globally. It’s faster, more reliable and will optimise the relationship between NZCU South and its members.
Change for the Better
We will be implementing the following enhancements to the way members operate their account. These improvements will be the start of a journey that makes banking even easier for you.
1. ATM’s and EFTPOS Withdrawals
If you are currently selecting ‘SAV’ you will now need to select ‘CHQ’.
For those members who have access to two different accounts with your Accesscard or Accessdebit Card the CHQ/SAV options for you will not change
2. Going live – Be prepared for some disruption
We plan to go live with the new system over Easter weekend, 30 March – 1 April 2018. From Friday evening, 30 March until Monday morning, 2 April NZCU South members will not have access to mobile banking, internet banking or phone banking. Members will have access to EFTPOS and ATM’S.
As a precaution it might be worth withdrawing some cash before Good Friday.
We encourage you to ensure you have transferred to your Everyday account any extra funds you require for the Easter weekend before Good Friday as you will not be able to access your account to make any transfers until Easter Monday.
Keep an eye on our website and Facebook page as we will be updating these once we get closer to going live. We apologise in advance for any disruption this may cause you.
3. A Refreshed Fee Structure
After listening to member feedback we have enhanced the fee structure so some transaction fees are now charged the same time as the transaction, rather than in a lump sum at the end of the month. These fees will display separately on statements.
4. Loyalty Rebate Scheme Changes
The current rebate scheme will cease 31 March 2018. As we have been offering more competitive interest rates and not all members have received recognition through the current rebate allocation we have now ceased the rebate scheme. We will continue to offer competitive interest rates in support of the objects of the Credit Union in recognising savings and the provision of loans to members.
5. Payment cut-off time
From 1 April 2018 the cut-off time for payments to external accounts will be 6.45 p.m. If you complete the transaction before 6.45 p.m. weekdays the funds will be available on the next working day.
For example, if you transfer funds at 7.00 p.m. on a Monday, the funds will be available in the external account on Wednesday morning. If you have any questions around payment times please call us on 0800 696 636.
6. Shared Access
You may have previously used other (non-NZCU South) Credit Union branches to complete transactions. This service will no longer be available when our new system is live. In the future please call our Contact Centre Team on 0800 696 636 and we will endeavour to help you.
7. Change to Loan Process
There are changes to the way your loan repayment is paid. There is nothing you need to action, our team have it sorted for you. Here’s an overview of the changes.
Loan Repayment Process
7.1 How your Loan Repayment will work
7.2 Excess Funds in your Loan Repayment Account
If you have any extra money in your Loan Repayment Account that has not been applied to your loan, you have the option to withdraw these funds or have them paid to your loan as an extra payment. Please give us a call on 0800 696 636.
What happens if you want to pay more to your loan?
You can increase or make extra payments into the Loan Repayment Account at any time. When you want to transfer this to your loan, give us a call on 0800 696 636. We can make the repayment and adjust your loan accordingly.
8. Term Investments
The options for investing from one month to three years will remain the same, however, the description of the Fixed Term Investments have changed. Investment Accounts are now identified and reported as Interest paid: Monthly, Quarterly and on Maturity. This change will bring us in line with other financial organisations.
Change for the better
We are now able to offer you a ‘State-of-the-Art’ banking system that will enable us to serve you better and faster. The new system will help deliver other projects, like a new mobile and internet banking system in the future.
Contact Centre Operating Hours over Easter
Our Contact Centre will be closed on Good Friday and Easter Saturday but we will be open on Easter Monday from 8.30 a.m. until 5.00 p.m. to answer any questions you may have.
Branch Operating Hours – Tuesday 3 April to Friday 13 April 2018
To help us adjust to our new banking system we will be closing an hour early at 4.00 p.m. from Tuesday 3 April until Friday, 13 April 2018. Our Contact Centre will be open until 6.00 p.m. for your banking requirements.
If there are changes to your new banking system going live on Monday, 2 April we will notify you.
This system change is a once in 25 year project and is the largest business change the credit union movement have undertaken. We look forward to providing you with one of the most modern systems in the banking world and work to deliver new improved deliveries for mobile and internet banking in the future.
Click here to view answers to some questions you may have. If you have other questions please contact us on 0800 696 636.