Our history

United Credit Union (UCU) was formed in 1938 as an investment society and was named the Post Office Investment Society and operated as a "co-operative".  Financial co-operatives operate on the basis  of pooling member's money to offer credit to other members at low interest rates.

In it's simplest form, a credit union gets money from its members and loans that money out to other members.

How is UCU governed?

As a credit union 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 is not a charity and has to make sound financial decisions as governed by our Trust Deed.

How safe is my money?

The risk to members savings and investments is relatively low as we only lend funds back to our members and the amounts we lend are mostly a lot lower than banks and finance companies.

UCU has been accepted to the Governments "Deposit Guarantee Scheme" which guarantees all members deposits.

What is a Prospectus?

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 for free.

A copy of our Prospectus can be obtained from the Companies Office.  Their website address is www.companies.govt.nz.  An alternative source of information is out Investment Statement which can be viewed by clicking here.