Our History
UCU (United Credit Union) was formed in 1938 as the Post Office Investment Society (POIS) and has always operated as a “co-operative”. Financial co-operatives operate on the basis of pooling member’s money to offer credit to other members at below market interest rates.
In it’s simplest form, UCU loans the savings of members to other UCU members.
How is UCU governed?
UCU is registered under the Friendly Societies and Credit Unions Act 1982. We are also required to operate under a Trust Deed. Our Trust Deed is administered by Trustees Executors Limited. Our financial accounts are audited annually by Grant Thornton.
UCU also has an elected Board of Directors that is responsible for setting policy that the employees of UCU implement. Every member has the opportunity to vote for Directors at annual elections.
Who owns UCU and who can join?
UCU is owned by its members and each member is equal in its shareholding of UCU. Each member can only hold one share. Membership is limited to individuals, and organisations that are either a Charitable Trust or an Incorporated Society.
Does UCU have to be profitable?
Yes, although credit unions are not for profit, UCU has to make sound financial decisions as governed by our Trust Deed
Our Prospectus, Investment Statement & Annual Report
A Prospectus outlines information about the organisation including key personnel, Directors, financial information etc. It must be registered with the Companies Office by any financial organisation offering “Debt Securities” (ie deposit takers) and it is renewed every 12 months. We can not continue to trade without a registered Prospectus, which is available to prospective and current members
A copy of our Prospectus can be obtained from the Companies Office. Just click the link www.companies.govt.nz. An alternative source of information is our Investment Statement which can be viewed or downloaded by clicking here.
To view or download our 2011 Annual Report click here.
Complaints
If you are not satisfied with the service you have received from us you should contact us. We have an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, by email or in writing.
We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs. We have 40 days to respond to your complaint. If you are not satisfied by our response, you may refer the matter to FSCL by emailing info@fscl.org.nz or calling FSCL on 0800 347257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz. There is no cost to you to use the services of FSCL.
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If you’re looking for car, house or contents insurance then you’ll be interested to know that TOWER is United Credit Union’s preferred insurance provider.
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