NZCU News

Notice to Members: Rule amendments 25 (b) and New Rule 25 (d)

This is a notice to members to inform you of a Rule change titled “Board of Directors” 25 (b) and adding a new Rule 25 (d).

These Rule changes will be presented at our AGM held on the 22nd November 2018 for members to vote on.

You can find a full set of New Zealand’s Employees Credit Union Rules on under legal.

Rule amendments 25 (b) and New Rule 25 (d)

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Credit Where It’s Due: International Credit Union Day, 18 October 2018

The story of credit unions is the story of a simple but effective idea: people pooling their money and making loans to each other.

Credit unions evolved from the cooperative activities of early 19th century Europe. The first union was marketing cooperative in 1844, organised by a group of workers in England. That same year in Germany, Victor Aime Huber was developing and publicising early European cooperative theories, leading to the idea of credit societies.

Moved by the crop failure and famine that had devastated Germany in 1846–1847, Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen created the first true credit unions in the mid-19th century.

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Check out your online self this Cyber Smart Week

Check out your online self this Cyber Smart Week.

There’s a lot of news about cyber security at the moment. We’ve all seen stories of hackers intercepting emails to trick people out of money, and whole systems locked up for ransom. Even so, it can be hard to see how that might affect you. After all, what have you got that anyone else would want? And why would anyone bother trying to figure out your password?

Many cyber attacks don’t target a specific individual or organisation. Instead, attackers look for easy ways to find information online that they can use to their advantage. It doesn’t matter who it belongs to.

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What we don’t know about KiwiSaver

A survey by the Commission for Financial Capability (CFFC) for World Investor Week found that 28% of those enrolled in KiwiSaver did not know whether their fund was in the conservative, balanced or growth categories.

An estimated 800,000 KiwiSaver members do not know which fund they’re in, and half that number don’t know how much they’re contributing each payday, or their total balance.

The figures are even worse for women when broken down by gender.

 

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Savings Tips

Most of us assume it’s easier to spend money than to save it. That’s because it is easier for the majority of us.

“It’s only money,” we say, while our money whittles away.

And before you know it, it’s gone. In its place are people and places who you owe money to.

What to do?

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More than a Number

Helping others secure a loan is just one of the many reasons Vivien Rush agreed to become an NZCU Employees board member.

The Kawerau resident and Rotarian, who works at the local tissue mill, started on the factory floor and admits she had never heard of a credit union until she started working at a furniture store.

“We’d get customers coming in with loans from their credit union to buy their furniture and appliances,” says Vivien.

“So I started investigating and learned how a credit union enabled people to help others.

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Co-op Insurance NZ Backstop policies

Please be aware that Co-op Insurance NZ is closing down its insurance activities.  For the very few members that still have Backstop policies with Co-op Insurance NZ you will no longer have cover beyond 29 October 2018.

Please CONTACT US URGENTLY to discuss your options to continue cover with another provider.

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Communicating KiwiSaver benefits

When KiwiSaver was introduced to New Zealand in 2007, Tongan-born and raised Senituli Tu’aefe was quick to join. Although he made consistent contributions from the outset, he found it difficult to get information about his investment. So Senituli transferred his KiwiSaver to the award-winning high-performing Generate Fund with NZCU Employees.

The greater ease of communication at NZCU makes him happier, enabling Senituli to focus on his No 1 dream – buying his first family home. 

Born and raised in Talafou, south of the capital Tongatapu, Senituli Tu’aefe came to New Zealand to make a life for himself. A steel worker for Fletcher’s Steel division, Senituli worked hard to make a life here, not just for himself, but his wife and two sons.

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Paying her way

NEWS_TeresaDaviesTeresa Davies brings a wealth of experience to her role as Chair of NZCU Employees, having worked in the HR and payroll sector across much of the country for more than three decades. Since moving to Auckland in 2008 she has worked for a number of large organisations, including Fletcher Building and now The Warehouse, where she was recently promoted to the role of Payroll Manager.

Being on the Board of Directors for an organisation such as NZCU Employees today is a far cry from the old days, according to Chair Teresa Davies.

“People were encouraged to join a Board primarily because they were known and trusted and they had to make up the numbers required. It was basically getting enough bums on seats,” she recalls.

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Develop financial literacy skills for your young ones

This year New Zealand Money Week takes place 3-9 September, with the theme ‘Weather the Storms’ – having the financial resilience to deal with life’s ups and downs through savings, avoidance of bad debt, insurance and wills.

To help you start thinking about Money Week, we’ve put together some information about why it’s important to teach our young ones about financial literacy. Continue reading “Develop financial literacy skills for your young ones” »