Customer Updates
Here's what we've been up to lately:
- 25 April 2012 - Customer update:
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Overnight payment processing issue - update
As previously advised, there was a problem last night with the interbank payments system that all New Zealand Banks use. With the system problem now resolved we are currently processing all of our members payments as quickly as we can and we hope to have finished this by 9:30pm this evening. We are sorry for the inconvenience caused.
- 25 April 2012 - Customer update:
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Overnight payment processing issue
Last night there was a problem with the interbank payments system that all New Zealand banks use. Unfortunately this has meant that some payments weren't processed as expected. We're working on getting these processed as quickly as we can and we'll update you as soon as we have more details. We are sorry for the inconvenience caused.
- 20 April 2012 - Customer update:
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Important: Enhancements to Internet Banking FAQs
How do I make an immediate or future payment?
The immediate and future payments screens have been combined into one screen called 'Payments'. This allows you to process a combination of both immediate and future payments. You'll first need to select the payees you wish to pay then click 'continue'. The next page will allow you to enter the amount and dates. Those payments with today's date will be processed as an immediate payment.
Note: details on how to use each page are noted next to the blue icon at the top of the page. For further assistance please refer to the 'Help' section on the menu located on the right hand side of the page.
Why can't I see the enhancements or some of the buttons?
Your browser may store some old website information in what is called the 'cache'. You'll need to clear the cache to ensure only the new website information which includes our enhancements is displayed. Click here for instructions on how to clear the cache on some of the common browsers.
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20 April 2012 - Customer update:
Enhancements to Internet Banking
Great news, in response to member feedback, we've made improvements to our Internet Banking service. You can now view up to twelve months' transactions on your accounts. Plus we've significantly increased the number of payees you can pre-load and you can make up to eighteen payments at any one time. Read more... -
Enhancements to Internet Banking
Great news, in response to member feedback, we've made improvements to our Internet Banking service. You can now view up to twelve months' transactions on your accounts. Plus we've significantly increased the number of payees you can pre-load and you can make up to eighteen payments at any one time.
- You can view transactions for the past twelve months on any of your accounts.
- You can pre-load up to 89 payees. These are displayed in alphabetical order.
- You can view and amend payee reference details by clicking on the payee.
- You can make payments to 18 different payees at any one time.
- Immediate and future payment screens have been merged into a single 'Payments' screen.
- You can choose to make a payment immediately or at a future date -up to sixty days ahead.
- Any future payments you have scheduled are now visible under the 'Payments' option and can be viewed by clicking 'View scheduled payments'. Scheduled payments can be cancelled from this screen.
Please note that the functionality to transfer funds from a different account to top up the account you are making payments from has been removed due to systems constraints. Please ensure you have sufficient funds to cover immediate payments in your account before setting up the payments.
If you need further information, our Internet Banking help screens have lots of helpful information about the new features.
- 19 April 2012 - Customer update:
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The Co-operative Bank Member Survey
Yesterday we emailed an online survey to approx 2,000 members who were randomly selected inviting them to take part.
The survey is designed to gain a better understanding of The Co-operative Bank's members and how you feel about the service it provides. The results will help us improve what we do for members and how we can develop The Co-operative Bank. All responses are confidential.
The survey is being conducted by Headlight Limited and is not a scam. If you have any questions please contact your local branch.
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12 April 2012 - Customer update:
Pay Delays for 11 April 2012
Due to technical problems at Westpac on the night of 10 April 2012, pay direct credits and direct debits from Westpac to The Co-operative Bank (and a number of other banks) were delayed and weren't applied to our customer's accounts on the normal due date of 11 April 2012. These payments have now been processed and we apologise for the delay. Read more... -
Pay Delays for 11 April 2012
Due to technical problems at Westpac on the night of 10 April 2012, pay direct credits and direct debits from Westpac to The Co-operative Bank (and a number of other banks) were delayed and weren't applied to our customer's accounts on the normal due date of 11 April 2012. These payments have now been processed and we apologise for the delay.
Westpac announced that these delayed payments were made available to all banks in the afternoon of 11 April 2012. While that was technically true, we process payments from other banks only once a day to ensure the order of inwards and outwards payments is managed for our customers. We therefore weren't able to process the delayed payments until the early morning of 12 April 2012.
We're working to ensure our customers haven't been charged any additional fees due to this error. If you believe you have been charged incorrectly or have any other concerns please contact your local branch or call us on 0800 554 554.
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11 April 2012 - Customer update:
Overnight payment processing issue
Another bank's technical issue with overnight payment processing has meant that some payments haven't gone through to other banks including The Co-operative Bank. This may have affected payments coming in to your Co-operative Bank Account. In some instances Direct Debits may also have been affected. Read more... -
Overnight payment processing issue
Another bank's technical issue with overnight payment processing has meant that some payments haven't gone through to other banks including The Co-operative Bank. This may have affected payments coming in to your Co-operative Bank Account. In some instances Direct Debits may also have been affected.
We are working with the banks to resolve this issue and anticipate it being resolved by tomorrow morning. In the meantime we are able to assist our customers who need access to funds.
If you need urgent assistance please call us on 0800 554 554 or call your local branch. We are experiencing high call volumes and you may experience difficulties in getting through, if so please email us at dcc@co-operativebank.co.nz with the details of your problem and we'll contact you to resolve it.
- 5 April 2012 - Customer update:
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Director Nominations
Prior to this year's Annual General Meeting, our members will have an opportunity to nominate people to stand as Directors for our Board, and then vote for nominees to fill the four vacant positions.
On Thursday 5 April, a letter (including all necessary forms) was sent to all our members aged over 18, calling for nominations.
Members, who are under 18 and keen to make a nomination, can download the forms here.
Our board has eight directors and, this year, four positions will be contestable. If you know someone who would be keen to contribute to the future success of The Co-operative Bank, please talk to them about being nominated.
You'll need to complete the following forms and attach a CV:
- Notice by Shareholder for Nomination of Director (126KB)
- The Co-operative Bank’s Director Nominee: Information (95KB)
The nomination process is outlined on the forms, but if you would like more information please refer to our constitution.
All nominations are due by 5pm on 30 April, 2012. If you have any questions about the process please give us a call on 0800 554 554 or pop into your nearest branch.
As a member of The Co-operative Bank you have an important role to play, so why not get involved and make a nomination.
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21 February 2012 - Customer update:
UN International Year of Co-operatives
In 2012 we're celebrating the first United Nations International Year of Co-operatives (IYC) and we're proud to be a Gold Sponsor. This year will provide co-operatives around the world with the opportunity to take measures to create a supportive environment for co-operatives. Most importantly it'll captivate the attention of the general public and inform them on the advantages provided by the co-operative model. Read more... -
UN International Year of Co-operatives
In 2012 we're celebrating the first United Nations International Year of Co-operatives (IYC) and we're proud to be a Gold Sponsor. This year will provide co-operatives around the world with the opportunity to take measures to create a supportive environment for co-operatives. Most importantly it'll captivate the attention of the general public and inform them on the advantages provided by the co-operative model.
Some of our objectives to help leverage the IYC are:
- Raise awareness and educate people about co-operatives.
- Build strong relationships with other co-operatives in New Zealand – co-operatives among co-operatives.
- Encourage our staff, customers and other co-operatives to do business with co-operatives.
To achieve our objectives we've come up with some exciting initiatives:
- A page will be created on our website dedicated to the International Year of the Co-operatives.
- Regular updates and activities will be posted on our website to keep customers informed on what events are coming up and how they can get involved.
- We'll be partnering up with other co-operatives to develop mutually beneficial relationships to grow our business.
Keep an eye on our website for upcoming events and initiatives on the IYC and how you can get involved. For more information on the IYC you can also visit NZ Co-op Website.
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30 January 2012 - Customer update:
Small Business Banking Pilot Launched
Great news for small businesses! We’re now piloting small business banking at six of our branches: Timaru, Upper Hutt, Napier, Gisborne, Papakura and Whangarei. We plan to roll-out small business banking across the remainder of our branch network later in 2012. Read more... -
Small Business Banking Pilot Launched
Great news for small businesses! We’re now piloting small business banking at six of our branches: Timaru, Upper Hutt, Napier, Gisborne, Papakura and Whangarei. We plan to roll-out small business banking across the remainder of our branch network later in 2012.
Our early research with existing members, who are small business owners, has been very positive and we're really looking forward to applying our co-operative way of banking to the small business market.
Interested in doing your small business banking with us? If one of our pilot branches is close by please drop in or contact us. You’ll find our pilot branch contact details here. If not, please register your details here and we’ll be in touch when we’re ready to launch small business banking in your community.
- 26 January 2012 - Customer update:
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Management and Governance Changes at The Co-operative Bank
The Chairman of The Co-operative Bank, Sir David Gascoigne, has announced changes both within the Executive team and with the Board leadership.
Dr Girol Karacaoglu, the Chief Executive, will be leaving that position to take up the role of Deputy Secretary - Macroeconomics and Research, at the NZ Treasury. Dr Karacaoglu has been Chief Executive at The Co-operative Bank (formerly PSIS Limited) for nine years. His term of office had been twice extended, and was due to end later this year. The position at The Treasury was offered to him, and the Board has supported his wish to leave the Co-operative Bank as at 1 March in order to take up that position.
The Board has appointed Gareth Fleming as Acting Chief Executive, as from that date. Mr Fleming joined what is now The Co-operative Bank in 2008. He was previously a senior executive at ANZ National Bank Ltd. He currently holds the position of General Manager Marketing and Products at The Co-operative Bank. He has previously deputised for the Chief Executive when Dr Karacaoglu is absent or committed elsewhere.
The Board wishes to pay tribute to Dr Karacaoglu for his skill and dedication in developing and improving the Bank's financial strength and its performance during his term of office. This has culminated in the registration of the entity as a bank by the Reserve Bank of New Zealand in October last year.
"He has been an outstanding leader", said Sir David, "with a persuasive and distinctive management ethos and style. We owe him a great deal. He has guided The Co-operative Bank on a responsible commercial basis, but has also adhered to its essence as a co-operative, serving the interests of its customers (who are also its shareholders)".
There will also be changes at Board level. Sir David has been a long-serving Chairman, and he notified the Board, following bank registration, that he intended to resign the position on 1 April, immediately following the end of the current financial year.
"Now that the company has reached a new milestone in its 84 year journey, it is an appropriate time for me to step aside," he said. "The Board as presently constituted has a good mixture of financial and commercial skills, along with an understanding of the Bank's traditions and co-operative values. It is that combination which gives the Bank its point of difference in its field - and a promising future."
The Board has decided upon a new Chairman and a new Deputy Chairman.
The Chairman will be Steven Fyfe and the Deputy Chairman will be Paul Goulter. The previous Deputy Chairman was Colin Hicks who, sadly, died at the end of 2010.Mr Fyfe has held senior executive and governance roles recently in ANZ National Bank Ltd, and earlier in The National Bank of New Zealand Ltd. At the time of his retirement from the former in 2011, he held the position of Deputy Chief Executive. Mr Goulter has been Chief Executive of the New Zealand Educational Institute since 2008. Prior to that, he had held senior positions in the trade union movement here and abroad, gaining a wide range of public and private sector experience.
"These two appointments exemplify the twin strands of The Co-operative Bank's existence. It is a bank, and follows sound and tested financial disciplines. That is paramount. At the same time, however, it values its co-operative principles. It will increasingly be giving effect to those principles, for the benefit of its customers," said Sir David.
Member FAQs - Governance & Management Changes at The Co-operative Bank
- 27 December 2011 - Customer update:
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Christchurch Earthquake: A Message for our Christchurch and Canterbury Members - updated 28 December 2011 - 3pm
All branches in the Christchurch region are open and have returned to normal business operations following safety inspections of our branch locations by structural engineers.
Our thoughts continue to be with our staff, members and their families as they continue to deal with these challenging circumstances.
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21 December 2011 - Customer update:
RBNZ issues a Provisional Insurance Licence to Co-operative Life Ltd
In December 2010 the Insurance (Prudential Supervision) Act came into being, and the Reserve Bank of NZ (RBNZ) given the task of regulating the NZ insurance industry (in much the same way they do with the NZ banking industry). Under the Act all insurers must be issued either a full or provisional insurance licence by the RBNZ deadline of 7 March 2012. Read more... -
RBNZ issues a Provisional Insurance Licence to Co-operative Life Ltd
In December 2010 the Insurance (Prudential Supervision) Act came into being, and the Reserve Bank of NZ (RBNZ) given the task of regulating the NZ insurance industry (in much the same way they do with the NZ banking industry). Under the Act all insurers must be issued either a full or provisional insurance licence by the RBNZ deadline of 7 March 2012.
The Co-operative Bank has its own subsidiary life insurance company (Co-operative Life Ltd) which insures the Life Plus, Life Care, Loan Plus, and Loan Care products offered to members. We're very pleased to announce that Co-operative Life Ltd was issued a provisional insurance licence by RBNZ on Friday 9th December - one of the first 12 insurers to achieve this milestone! The RBNZ has published a list of the first 12 licensed insurers on their website.
This places Co-operative Life Ltd in a great position to achieve a full insurance licence well ahead of the RBNZ cut-off date of 7 September 2013, when all insurers must have a full insurance licence or have exited the industry.
- 19 December 2011 - Customer update:
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Burnham Branch Christmas Hours
Due to the Burnham Military Camp closing down over Christmas, our branch will also close.
The branch will be closed on the following dates 28, 29 and 30 December 2011. And will reopen on Wednesday 4 January 2012.
For further information, call us on 0800 554 554.
- 19 December 2011 - Customer update:
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When will my Automatic Payments be debited from my account if it's due on a Public Holiday?
If your Automatic Payment is due to be debited from your account on a day that falls on a Public Holiday, your Automatic Payment will be taken out the business day prior to the Public Holiday.
For Direct Debit payments that are due to be debited from your account on a day that falls on a Public Holiday, please contact the company deducting the Direct Debit to find out when this payment will be debited from your account as The Co-operative Bank is not advised of each company's intentions.
The following business days fall on Public Holidays in 2011 so if any of your Automatic Payments are due on any of these days, please view the table for the actual date the Automatic Payment will be debited from your account. The Automatic Payments will be debited from your account early in the morning of the business day prior to the Public Holiday:
Date Holiday Date Automatic Payment will be debited from your account (this will occur early in the morning on this day) Friday 22 April 2011 Good Friday Thursday 21 April 2011 Monday 25 April 2011 Easter Monday/ANZAC Day Thursday 21 April 2011 Monday 6 June 2011 Queen's Birthday Friday 3 June 2011 Monday 24 October 2011 Labour Day Friday 21 October 2011 Monday 26 December 2011 Boxing Day Friday 23 December 2011 Tuesday 27 December 2011 Public Holiday Friday 23 December 2011 Monday 2 January 2012 Public Holiday Friday 30 December 2011 Tuesday 3 January 2012 Public Holiday Friday 30 December 2011 If you have any questions about this process, please contact your local branch for more information on 0800 554 554.
- 8 December 2011 - Customer update:
Hoax email alert
In the last 48 hours, some customers have received a hoax email, stating that The Co-operative Bank has introduced a security module to permanently secure and protect customers from threats, such as identity theft and online fraud. This email is a hoax and hasn't been sent by The Co-operative Bank. Read more... -
Hoax email alert
In the last 48 hours, some customers have received a hoax email, stating that The Co-operative Bank has introduced a security module to permanently secure and protect customers from threats, such as identity theft and online fraud. This email is a hoax and hasn't been sent by The Co-operative Bank.
The emails are being sent from a number of unidentified sources and request that recipients either click on a link and complete two easy steps to secure your access. If you receive an email of this nature don't click on the link as the email suggests. Please delete the email immediately.
The Co-operative Bank will never send you emails with links to login pages, pages that request your personal information or Internet Banking login details. If you've received one of these hoax emails that states it's from The Co-operative Bank, please disregard and delete them.
If you have responded to one of these hoax emails or require any further information, please contact your local branch.
- 7 December 2011 - Customer update:
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The Co-operative Bank rating outlook upgraded to "positive"
Ratings agency, Standard & Poor's has revised The Co-operative Bank's rating outlook from stable to positive and reaffirmed our rating of BBB-.
The Co-operative Bank CEO, Dr Girol Karacaoglu, says he is delighted with the outlook upgrade.
"We're thrilled to have our rating reaffirmed and to have our outlook changed to positive. This is a great achievement, particularly in the current economic environment, when a number of organisations and countries are being downgraded."
Standard and Poor's outlined the following factors as key reasons for the outlook upgrade:
- Positive opportunity created through becoming a bank
- Conservative, well-focused business strategy
- Stability and quality of management
- Strong capital and earnings
- 15 November 2011 - Customer update:
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Our Loaded everyday Visa has arrived
The Co-operative Bank is pleased to announce it's launched a pre-pay Visa.
Our new Loaded Everyday pre-pay Visa has enhanced security, as it's not linked your day-to-day accounts.
It works just like a normal Visa - you can make purchases online or over the phone or anywhere where that Visa is accepted. The only difference is you pre-load the card with the amount you want to spend prior to using it. Money can be transferred onto your Loaded Everyday Visa via Internet Banking or in-branch.
Marketing & Products Manager, Margot King says the pre-pay Visa is a great alternative as it's secure and enables you to stay on top of your finances.
"Loaded everyday has added security when making purchases on the Internet and it also supports good money management and budgeting practices. Since it's a pre-pay card you decide how much you want to spend so you'll never get caught by unknowingly overspending."
For further information on our Loaded everyday VISA click here or contact us on 0800 554 554 or visit your local branch
- 26 September 2011 - Customer update:
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PSIS wins customer satisfaction award
In a recent survey of leading New Zealand financial institutions, PSIS came out on top for overall customer satisfaction.
PSIS won the inaugural 2011 Canstar Blue Customer Satisfaction award and also received the maximum five star rating in every category surveyed - branch service, call centre service, internet banking, products and pricing, problem solving, ATMs and friendliness.
PSIS chief executive, Dr Girol Karacaoglu says PSIS is absolutely honoured to win this award and that the success can be largely attributed to the fact it is a co-operative.
"This is a huge achievement for us, something we couldn't have achieved without our fantastic staff and the loyalty of our customers - who are also our owners. As a co-operative we exist solely for the benefit of our members. Our staff work co-operatively with our members to achieve the best possible outcomes for them."
The Canstar Blue Customer Satisfaction award, conducted by Colmar Brunton on behalf of Canstar Blue, surveyed over 2,500 kiwis who were asked to rate their satisfaction with their current financial institution. Banks included in the ratings were: PSIS, TSB, Kiwibank, ASB, BNZ, National Bank, Westpac and ANZ.
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28 July 2011 - Customer update:
Annual General Meeting & Special General Meeting On Wednesday 27 July PSIS held its Annual General Meeting (AGM) and also a Special General Meeting (SGM) at the James Cook Hotel in Wellington. The purpose of the Special General Meeting was to allow members to vote as to whether PSIS should amend its current Trust Deed to create the opportunity for PSIS to apply for a banking licence. Read more...
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Annual General Meeting & Special General Meeting
On Wednesday 27 July PSIS held its Annual General Meeting (AGM) and also a Special General Meeting (SGM) at the James Cook Hotel in Wellington. The purpose of the Special General Meeting was to allow members to vote as to whether PSIS should amend its current Trust Deed to create the opportunity for PSIS to apply for a banking licence.
Both meetings were attended by good numbers of members. Presentations were made by the Board and Chief Executive of PSIS, followed by an enquiring but very positive question and answer session.
Following this, votes were cast at the SGM and, along with the proxy votes cast prior to the meeting, the result was an overwhelming positive vote in favour of amending the Trust Deed. This was very well received by the Board and management, who had detailed during the evening's presentations how positive this change can be for PSIS.
Following one line of questioning, Chief Executive Girol Karacaoglu noted that "as well as all the significant benefits associated with this change, the Board and management can see no disadvantages at all, for any member from this change opportunity".
Vote details were:
- 92.16 % in favour
- 7.84 % against
In addition at the AGM both John Isles and Joanna Perry were re-elected as Board members. Our congratulations go to them. All other AGM resolutions were also passed unanimously.
Please read the Chair's Comments for the AGM 27 July 2011(PDF 72KB)
- 7 July 2011 - Customer update:
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Canterbury Earthquake Update
The Government announced last Thursday, 23 June 2011, that it would offer to purchase properties located in the Christchurch "Red Zone". A number of our members have properties located in the "Red Zone", and to help these members move into a new home we've put together some additional assistance options for them. For more information on how we can help, call PSIS on 0800 AT PSIS (287 747), or drop into your local branch.
Terms, conditions and eligibility criteria apply.
- 4 July 2011 - Customer update:
Online Loan Applications Are Here
We're excited to announce that you're now able to apply for a personal loan online. So if you can't find the time to drop into a branch or don't live near a branch, then applying for a loan online is the easy solution for you, at your own convenience any time of the day.
Click here to check out our personal loan range and interest rates.
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22 June 2011 - Customer update:
PSIS ask depositors to vote on proposed Trust Deed Amendments
PSIS is working towards its aspiration to become a registered bank. In preparation, PSIS is looking to change parts of its existing deposit arrangements by making amendments to the Amending and Supplemental Trust Deed dated 26 November 2010. Read more... -
PSIS ask depositors to vote on proposed Trust Deed Amendments
PSIS is working towards its aspiration to become a registered bank. In preparation, PSIS is looking to change parts of its existing deposit arrangements by making amendments to the Amending and Supplemental Trust Deed dated 26 November 2010.
This requires a vote by PSIS First Ranking Stock Holders.
A Special Meeting of Holders of First Ranking Stock issued by PSIS will be held on Wednesday, 27 July 2011 at James Cook Hotel, 147 The Terrace, Wellington, immediately following the PSIS Annual General Meeting (which starts at 5.30pm).
First Ranking Stock Holders are encouraged to attend the Special Meeting to cast a vote on the proposed variations. If you're unable to attend the Special Meeting, you can vote by proxy - proxy votes close on 22 July 2011. It should be noted that Capital Note Holders do not have the right to vote on the proposed variations.
Please ensure that you read all of the relevant information before casting your vote. All of the relevant documentation can be found from the links below:
- Written Statement - explaining a proposed variation to terms and conditions of PSIS deposits
- Notice of Special Meeting of PSIS First Ranking Stock Holders / Proxy Form
- Letter from PSIS Trustee outlining their position on the proposal
- Draft PSIS Deed Poll
- Draft PSIS Deed of Release
- 2010 Prospectus: Number 42 (PDF 1.9MB)
- Investment Statement (PDF 264KB)
Crucially, PSIS is able to remain a co-operative and be 100% member-owned as well as being a registered bank. Becoming a bank should make it simpler for the market to understand what we do. Apart from that, we'll continue to be 100% member focused, as we always have been.
The Board of Directors and PSIS Management are unanimously in favour of moving forward with bank registration and would appreciate your support.
If you need any further information, please pop in to your nearest branch or give us a call on 0800 AT PSIS (287 747).
- 11 April 2011 - Customer update:
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When will my Automatic Payments be debited from my account if it's due on a Public Holiday?
If your Automatic Payment is due to be debited from your account on a day that falls on a Public Holiday, your Automatic Payment will be taken out the business day prior to the Public Holiday.
For Direct Debit payments that are due to be debited from your account on a day that falls on a Public Holiday, please contact the company deducting the Direct Debit to find out when this payment will be debited from your account as PSIS is not advised of each company's intentions.
The following business days fall on Public Holidays in 2011 so if any of your Automatic Payments are due on any of these days, please view the table for the actual date the Automatic Payment will be debited from your account. The Automatic Payments will be debited from your account early in the morning of the business day prior to the Public Holiday:
Date Holiday Date Automatic Payment will be debited from your account (this will occur early in the morning on this day) Friday 22 April 2011 Good Friday Thursday 21 April 2011 Monday 25 April 2011 Easter Monday/ANZAC Day Thursday 21 April 2011 Monday 6 June 2011 Queen's Birthday Friday 3 June 2011 Monday 24 October 2011 Labour Day Friday 21 October 2011 Monday 26 December 2011 Boxing Day Friday 23 December 2011 Tuesday 27 December 2011 Public Holiday Friday 23 December 2011 Monday 2 January 2012 Public Holiday Friday 30 December 2011 Tuesday 3 January 2012 Public Holiday Friday 30 December 2011
If you have any questions about this process, please contact your local branch for more information on 0800 AT PSIS (287 747).
- 30 March 2011 - Customer update:
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Christchurch Earthquake: A Message for our Christchurch and Canterbury Members
Our thoughts and sympathies are with all of our members and their families in the Christchurch and Canterbury areas that have been affected by the earthquake.
The information below outlines some important messages:
- Branch Information
- PSIS Support package for affected members
- Government Earthquake Support Subsidy
- Information for members with PSIS Insurance policies affected by the Christchurch earthquake
- Donations to the Canterbury Earthquake Appeals
Branch Information
All of our Christchurch staff have been accounted for and are safe.
Our Papanui branch located at 19 Main North Road and Riccarton branch located at 107 Riccarton Road are open during normal business hours, Monday to Friday.
Our Armagh Street branch remains closed, with a green sticker within the red CBD zone, until further notice. An estimated opening time is unknown. We'll keep our members informed with any update on our website.
To contact PSIS please phone 0800 AT PSIS (287 747). Our staff will be available to help you with any enquiries or activities that would normally be directed to your branch. Please note this number is only available from 9am until 5pm Monday, Wednesday, Thursday and Friday and 9:30am until 5pm on Tuesday.
PSIS On-line banking is fully operational. www.psis.co.nz
PSIS Touchtone Phone Banking and TXT Banking is fully operational. 0800 807 747.
To assist customers in Christchurch, the location of operational ATMs in Christchurch can be found at these maps in the link below.
ATMS and Banks currently available in Christchurch, NZ
PSIS Support package for affected members
A special banking package, with a number of short-term cash management options, is available for members impacted financially by the earthquake. PSIS will assess individual member's situations on a case-by-case basis to determine the level of support available.
For further information regarding the support package and eligibility, phone 0800 AT PSIS (287 747). Please note this number is only available during normal branch opening hours.
Government Earthquake Support Subsidy
The Government has announced an Earthquake Support Subsidy for employers to assist them to pay their employees while they deal with the impact of the earthquake. The subsidy is also available to the self employed or business owners who draw a wage.
For further information regarding the Government Earthquake Support Subsidy visit the Work and Income New Zealand website here.
Information for members with PSIS Insurance policies affected by the Christchurch earthquake
Members with Insurance related queries and claims should contact the Earthquake Commission (EQC) on 0800 326 243 or access a claim form through the EQC website at EQC.govt.nz. Click here to view a general guide to what EQC will cover and what your PSIS Asset Care policy covers. Click here for an Earthquake Claim Pack which will help you get started on your contents claim, and claims not covered by EQC such as fences, driveways and pools.
If you have a PSIS insurance policy and are unable to get through to the EQC or require urgent assistance call the Asset Care Claims Line on 0800 425 025, 7-days a week, 24-hours a day. PSIS House, Contents, Vehicle and Boat Insurance (Asset Care) is underwritten by IAG New Zealand Limited.
We note that staff are ready to take calls but are likely to be overloaded so please keep trying.
IAG has released the following FAQ's which outline important information for member's who have suffered damage to their property, contents, vehicles, boats, caravans or trailers as a result of the earthquake.
Mobile Claims Centres
From 21 April, IAG will no longer be operating their emergency Mobile Claim Centres. If you have any questions regarding your claim, you can call IAG's claim line at anytime on 0800 425 025.
Donations to the Canterbury Earthquake Appeals
Both the New Zealand Red Cross and the Salvation Army have set up appeals to support those affected by the recent Canterbury Earthquake.
Donations to these appeals can be made as follows:
Salvation Army
- Freephone: 0800 53 00 00
- By Post: 'The Salvation Army, PO Box 27 001 Marion Square, Wellington 6141, New Zealand'
- Online Donation - Please specify that your donation is for the 'Canterbury Earthquake Appeal'
Red Cross
- Online Donation
- Cheque to: New Zealand Red Cross 2011 Earthquake Appeal, Freepost 232690, PO Box 12140, Thorndon, Wellington 6144
- At any PSIS branch (excluding those in the Christchurch region)
- 22 March 2011 - Customer update:
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RSA SafeKey Security
Our supplier of PSIS SafeKeys, RSA Security, has confirmed that PSIS customers should not be concerned about the apparent security breach at RSA Security which has received recent media attention.
It appears that some information related to RSA security devices like our SafeKey could have been accessed by unknown unauthorised parties.
This intrusion was not aimed specifically at our SafeKeys but across their entire range of security devices. RSA Security have advised that while certain information may have been accessed it is not enough to complete a successful attack without obtaining additional information that is only held by the customer.
Expert advice on this matter suggests that the risk associated with this event is extremely low.
Taking usual sensible precautions around your password security and continuing to use your SafeKey device will keep you protected.
We also recommend that you avoid discussing your banking practices and your SafeKey device in online forums and the like as this could identify you as a potential target. Online forums can be searched by malicious parties to identify potential targets.
PSIS and RSA will never email you seeking your SafeKey device number, password or Internet Banking access details and should you receive such an email you should delete it without opening it.
The SafeKey continues to be a world class security device and provides quality protection to users. Having and using a SafeKey is far safer than not using a SafeKey. You can be confident that using a SafeKey will not compromise your computer security nor the safety of your funds.
- 16 December 2010 - Customer update:
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Exciting changes to the way we do business in South Auckland
As of 24 January 2011, our Botany Downs and Manukau branches will merge.
This decision follows a review of our Auckland operations and our commitment to enhancing the level of service we provide in South Auckland.
The review highlighted that since the Botany Downs branch has a small member base and the branch itself is under-utilised, our resources are much better applied in our Manukau branch, which is larger and well used by members.
To minimise any inconvenience, we'll automatically transfer Botany Downs members' account/s to our Manukau branch effective from 24 January 2011. If you're a Botany Downs member and would like to have them held at one of our other Auckland branches, please let us know and we'll make sure this happens on your behalf.
This is an exciting change to our strategy and approach in Auckland. We've committed more resources to support our branches across the Auckland region, to help grow our business and enhance our member experience.
We'd like to thank our Botany Downs members for their continued support.
For more information please give us a call on 0800 287 747.
- 01 October 2010 - Customer update:
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Tax rate changes from 1 October 2010
On 1 October 2010, Resident Withholding Tax (RWT) rates for earnings on savings and prescribed investor rates (PIR) for PIE investments changed to align with new lower personal tax rates.
Check out the Inland Revenue website for a summary of the tax changes.
Automatic tax rate changes
On 1 October 2010, as required by law, PSIS automatically:
- changed customer's RWT rates to the new RWT rates
- changed investors in the PSIS PIE Term Fund PIRs to the new PIRs
What should I do?
You only need to notify us of a different RWT or PIR if your income level has changed placing you in a higher or lower income band.
If you wish to advise us of a different RWT rate and/or PIR please let us know after visiting the Inland Revenue website and/or seeking professional tax advice.
- 23 September 2010 - Customer update:
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Hoax phone calls
Over the last few days, some PSIS customers have received hoax phone calls.
Although some of the calls vary slightly they all broadly state that PSIS has overcharged them in fees and that the New Zealand Government would like to refund them on behalf of PSIS. The hoax callers are asking for a 10% tax charge on the refund amount to be paid to the New Zealand Government, before the refund will be made to the customer.
Some customers have received several phone calls from the same hoax callers asking for their account details and how they'd like to make the tax payment.
If you're receiving such phone calls please don't provide them with any of your details and inform the caller that you don't wish to receive any phone calls from them.
If you have any questions or concerns regarding these phone calls, please contact your local branch.
- 27 July 2010 - Member update:
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PSIS Annual General Meeting (AGM)
This year's AGM was held in Christchurch for the first time, on Wednesday 21 July. We've had more members attend this year's AGM than ever before and received valuable feedback, ideas and suggestions.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Sir David Gascoigne, Dianne Kidd, Paul Goulter, Peter Ellis and Sam Robinson were all re-elected to the Board.
Some of the other key resolutions passed included:
- Deloitte was re-appointed as PSIS's Auditor.
- The total maximum amount of fees payable to Directors changed from last year at $315,000 for seven Directors, to $340,500 for eight Directors.
- The total maximum amount of fees payable to members on the independent Electoral Authority of $15,000 p.a. remained unchanged.
In the coming months we'll be focussing on giving greater effect to being a co-operative. PSIS is well positioned and approaches the future with a firm base for future growth and a strong sense of business purpose.
Girol Karacaoglu
Chief Executive - 28 May 2010 - Customer update:
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Our 2010 Annual General Meeting (AGM) is taking place in Christchurch
The 2010 AGM will be held at 5.30pm Wednesday 21 July 2010 at the Novotel Hotel, 50 Christchurch Cathedral Square, Christchurch and all members are most welcome to attend.
As a co-operative, we're 100% owned by our members. This means all members are part of the decision-making process at PSIS. This year's Annual General Meeting (AGM) provides members with the opportunity to raise any issues and discuss these directly with your Board of Directors.
Ordinary business to be covered at the AGM:
- Receive and consider the financial statements and reports of the Board and of the Auditor;
- Approve the total amount payable by way of fees and expenses to the Directors;
- Approve the total amount payable by way of fees to Electoral Authority Members;
- Appoint auditors and authorise the Board to fix their remuneration;
- Director elections - announce the results of the postal ballot;
- General business.
Voting on Director elections is by postal ballot. A list of candidates for Director elections will be mailed to all members on 16 June 2010 and all votes must be received by PSIS by 5pm Tuesday 13 July 2010.
If you have any questions, or for more information, please contact your local branch or call us on 0800 AT PSIS (287 747).
- 07 April 2010 - Customer update:
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Hoax email alert
In the last 24 hours, some PSIS customers have received a hoax email stating that PSIS has reason to believe their account has been accessed. This email is a hoax and has not been sent by PSIS.
The emails are being sent from a number of unidentified sources and request that recipients either click on a link or open an attachment. If you receive an email of this nature do not copy and paste the link or open the attachment as the email suggests. Please delete the email immediately.
PSIS will never send you emails with links to login pages, pages that request your personal information or Internet Banking login details. If you have received one of these hoax emails that states it is from PSIS, please disregard and delete them.
If you have responded to one of these hoax emails or require any further information, please email webmaster@psis.co.nz or if the matter is urgent call your local branch.
- 01 April 2010 - Customer update:
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Tax rate changes from 1 April 2010
On 1 April 2010, resident withholding tax (RWT) rates for earnings on savings and prescribed investor rates (PIR) for PIE investments changed to align with the personal and company tax rate changes introduced in April 2009.
If you're currently receiving interest or PIE investment income, this change may affect you.
Check out the Inland Revenue website for a summary of the changes. This website can help you determine whether you're affected and what your appropriate RWT rate and/or PIR should be.
Automatic tax rate changes
On 1 April 2010, as required by law, PSIS automatically:
- changed customers with a 19.5% RWT rate to the new 21% RWT rate
- changed investors in the PSIS PIE Term Fund with a 19.5% PIR to the new 21% PIR
What should I do?
You don't need to do anything if these changes don't affect you or if on 1 April 2010 you were moved to the correct tax rate.
If you wish to advise us of a different RWT rate and/or PIR please let us know after visiting the Inland Revenue website and/or seeking professional tax advice.
- 01 April 2010 - Customer update:
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Nominations for PSIS Director elections now open
PSIS is a co-operative company, 100% owned by its members, each of whom own one equal share in PSIS. So every member, regardless of age is entitled to nominate candidates for the vacant positions on the PSIS Board of Directors. All nomination forms for the 2010 Director elections are due by 5pm Wednesday 21 April 2010.
Anyone can be nominated as a Director and they don't have to be a PSIS member. However, the nomination form must be signed by five PSIS members, and by the nominee. Once all the nominations have been received all members will get to vote for the candidates of their choice.
If you'd like to be nominated or you'd like to nominate someone, you'll need to complete and send in the following forms by 5pm Wednesday 21 April 2010:
- Nomination of Director form - please read this form for full instructions on the nomination process. Nomination of Director Form (PDF 165KB)
- PSIS Director Nominee: Information - remember to attach a CV. Director Nominee Information Form (PDF 92KB)
Our Constitution outlines the way PSIS conducts itself as an organisation. It may be useful to read this when applying to be a Director on the PSIS Board. PSIS Constitution (PDF 72KB)
It's our co-operative status that makes us unique and differentiates us from other financial institutions, as we exist solely for the benefit of our owners - who are our members.
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01 March 2010 - Customer update:
Find out about the good choices we can offer you, access special offers and get a chance to win one of five sessions with a financial planner!
PSIS is giving five individuals - or couples - the chance to win a 'Wealth Coaching' session with expert financial planners Martin Hawes or Joan Baker! Read more... -
Find out about the good choices we can offer you, access special offers and get a chance to win one of five sessions with a financial planner!
PSIS is giving five individuals - or couples - the chance to win a 'Wealth Coaching' session with expert financial planners Martin Hawes or Joan Baker!
Just visit www.goodchoices.co.nz before 30 April 2010. This website contains special offers, live polls, a message board and useful ways that PSIS can help you get ahead. From here, you'll be able to set an appointment with your local branch to discuss the Good Choices that we can offer you. The appointment may be about the fees you pay, your savings and investments, lending, insurance...the list goes on. Whether or not you're with PSIS already, we'll be sure to be able to help you in some way.
Everyone who submits their contact details on the "Contact Me" form on this website to set up an appointment with their local branch, will go into the draw to win one of five one-on-one sessions for you - or you and your partner - with either Martin Hawes or Joan Baker. They'll look at your financial situation, and your financial goals and help you see what choices you have to create more financial security and wellbeing in your life. As part of the 'Wealth Coaching' session, you'll have on-going access, for three months, to your 'coach' to help you through any difficulties or answer any questions you may have in executing your financial plan.
Applicants must be 18 years or over to enter. Terms and conditions apply, and are available here
And remember, www.goodchoices.co.nz will only be open until 30 April 2010. So to take advantage of the prize draw and our special offers, visit www.goodchoices.co.nz today!
- 14 September 2009 - Customer update:
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New PIE Term Fund launched today
If you pay 33% or 38% income tax on your earnings, you could benefit from our new Portfolio Investment Entity (PIE) Term Fund, which has tax capped at 30%
Know exactly what you'll earn - Like a standard Term Deposit you receive a fixed return over a fixed period so you can be certain of what you'll earn, but unlike a standard Term Deposit the tax on a PIE Term Fund is capped at 30%.
Choose a term that suits you - we've a range of investment terms to fit your needs.
Removes temptation - Early withdrawals aren't allowed from a PIE Term Fund for the term of the investment, so your funds are safely out of reach.
Earn competitive interest - Having your tax capped at 30% coupled with our competitive interest rates, ensures you earn a good rate of return.
Save on fees - If the combined balance across your PIE Term Funds is over $10,000, you won't pay transaction fees on any PSIS accounts with the same customer number.
To find out more click here
- 23 July 2009 - Customer update:
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PSIS Annual General Meeting (AGM)
Last night PSIS held its AGM at The Wellesley in Wellington.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Colin Hicks and John Isles were re-elected to the Board.
Some of the other key resolutions passed included:
- Deloitte was re-appointed as PSIS's Auditor.
- The total maximum amount of fees payable to Directors remained unchanged from last year at $315,000.
- 03 June 2009 - Customer update:
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New Look EFTPOS cards are here
Over the past few months, we've adopted a fresh new look to better reflect our brand and co-operative values.
This new look is now on our EFTPOS cards. As you'll see, the design highlights that
PSIS is 100% customer owned and conveys that every customer owns a little part of
PSIS.We hope you like our new look card as much as we do.
- 25 May 2009 - Customer update:
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Stop your paper statements and help the environment
Now you can do your bit for the environment by stopping your paper statements being mailed.
Due to customer demand and our desire to reduce the amount of paper we use, we introduced a service to enable customers to stop their statements.
You can cancel statements for certain accounts by contacting your local branch or through your Internet Banking. Statements can be stopped on most accounts with exception to those with money owing such as overdrafts and loans.
Your last 99 transactions of an account can be viewed via Internet Banking. If you'd like to obtain past statements and tax certificates, these are available through your local branch.*
If you don't have access to our Internet Banking service it's provided free-of-charge and can be easily set up by one of our branch staff. It's a convenient way to bank and to stop and/or reactivate your statements.
Paper statements can be stopped or reactivated at any time and at no cost.
For further information about stopping your statements login to your Internet Banking or contact your local branch.
*A small fee for past statements might apply.
- 12 March 2009 - Customer update:
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Market conditions favourable for home buyers
Recent reductions in the Official Cash Rate (OCR) have resulted in falling home loan interest rates which, coupled with decreasing house prices, means houses are now more affordable than they've been for a long time.
Many economists are predicting further falls in interest rates and reductions of up to an additional 5% in house prices by the end of 2009, so purchasing a new home could be easier than you think.
We offer a full range of Home Loan options, including fixed and floating. This, combined with repayment terms of up to 30 years, means we can easily tailor a home loan solution to suit your situation.
If you're wanting to save a deposit for your first home, we can help you put an achievable savings plan in place, to assist you to reach your goal sooner. We have an extensive range of savings and investment accounts.
So whether you're looking to get into your first home, or at buying a new home, or if your mortgage is coming up for renewal, we can help find a solution that's in your best interests - so come in and talk to us.
PSIS Limited lending and insurance criteria, and fees apply.
- 4 March 2009 - Customer update:
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Our new look Internet Banking pages are here!
Following on from the refresh of the PSIS website in November, we've now refreshed the look and feel of our Internet Banking pages.
As with the main website, our new look truly reflects the PSIS personality and brand, with a friendly, fresh and modern look.
You'll be pleased to know that the new look won't affect the way that you do your Internet Banking. The navigation and menus throughout the site are just the same. We intend for your Internet Banking experience to remain just how you enjoy it - fast and simple!
Our Internet Banking security won't be affected. It remains just as good as, if not better than, industry standard practice.
Handy tips:
- You'll notice that the account balance(s) box is now on the right hand side of the page. So if your browser window is not fully maximised, you may have to simply scroll to the right to view it.
- Some people's web browsers can experience distortion problems when a site, that they visit often, changes. This is called caching, and it happens because frequently accessed data from websites (for example images) may be stored on a person's computer for quicker access next time they visit the web page.
- If you experience this when our new site is up and running, don't worry, it's easily fixed. If you're a Windows user, try simultaneously pressing the 'Ctrl' and 'F5' keys on your keyboard. If this doesn't work, or if you're a non-Windows user, simply follow the Resetting your web browser instructions on our website and it will restore to normal.
We hope you enjoy our new Internet Banking website look and feel!
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- 10 November 2008 - Customer update:
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Our new look website is here!
As promised in early October, the refreshed PSIS website is now live!
Our new look truly reflects the PSIS personality and brand, with a friendly, fresh and modern look.
You'll notice that our Internet Banking pages still look the same - these are also scheduled to change. As we've mentioned, there won't be changes to the way that you do your Internet Banking. The look of the Internet Banking pages will be refreshed. However the navigation and position of the menus won't change. We intend for your Internet Banking experience to remain just how you enjoy it - fast and simple!
Just as importantly, our Internet Banking security won't be affected. It'll remain just as good as, if not better than, industry standard practice.
Update: The new look of the Internet Banking pages will now be changing in late February 2009, rather than early December 2008 as previously communicated.
Handy tip: Some people's web browsers can experience distortion problems when a site, that they visit often, changes. This is called caching, and it happens because frequently accessed data from websites (for example images) may be stored on a person's computer for quicker access next time they visit the web page. If you experience this when our new site is up and running, don't worry, it's easily fixed. If you're a Windows user, try simultaneously pressing the 'Ctrl' and 'F5' keys on your keyboard. If this doesn't work, or if you're a non-Windows user, simply follow the Resetting your web browser instructions on our website and it will restore to normal.
We hope you enjoy our new website look and feel!
- 28 July 2008 - Customer update:
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PSIS Annual General Meeting (AGM) of Shareholders
This year's AGM held in Palmerston North on Wednesday July 23, marked a milestone as it was the first time PSIS has hosted the event outside of Wellington.
Despite the wintry conditions, a number of customers and staff from the Palmerston North, Levin and Wanganui regions attended the event.
The evening included an entertaining keynote address by Ian Grant from Parents Inc, about work/life/parenting balance.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Rob Crozier and Tina Symmans were re-elected to the Board.
Some of the other key resolutions passed included:- Deloitte was re-appointed as PSIS' Auditor.
- The total maximum amount of fees payable to Directors remained unchanged from last year at $315,000.
PSIS is well placed in the current uncertain economic climate, with our strong governance structure, conservative risk management practices and strong customer relationships, for continued growth.
Girol KaracaogluChief Executive* This statement is an excerpt from the Standard & Poor's Ratings Report on PSIS. For a complete understanding of PSIS' rating, the full rating should be read.
Ratings are subject to change. For the latest ratings information please visit www.standardandpoors.co.nz Credit ratings issued by Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell or make any other investment decisions.
- 4 May 2008 - Customer update:
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PSIS Internet Banking enhancements
PSIS now has two new services available within Internet Banking to help customers do their banking at their convenience.
Current Account and/or Smile On Call Account customers are now able to:
- establish automatic payments online
- make one-off bill payments without having to set up a new Payee
- if they use SafeKey, choose a higher daily Internet Banking payment limit.
Establishing Automatic PaymentsIn addition to being able to view, amend and cancel automatic payments online, these Internet Banking customers now have the added convenience of being able to set up automatic payments online. This is a great alternative to contacting the branch as it's fast, simple and has a lower service fee than having a PSIS staff member set them up ($2.00 instead of $4.00). To set up an automatic payment online, simply log on to Internet Banking, go to the automatic payments page and select the establish AP function.
One-off bill paymentsPSIS Internet Banking customers are now also able to make one-off bill payments to any external bank account in New Zealand. It's a fast and easy way to make a deposit into another bank account when you don't want a payee that stays in your Internet Banking profile e.g. to pay for something off Trade Me. Just log on to Internet Banking, and select the one-off payments function.
Daily online bill payment limitsInternet Banking customers have a daily limit on the total amount that can be transferred out via online payments.
Our daily online bill payment limits for new Internet Banking customers is now:
- up to $50,000 for customers with a SafeKey
- up to $1,500 for customers without a SafeKey.
The current limits in place for existing Internet Banking users will remain unchanged.
All of these changes are now reflected on the PSIS Internet Banking Terms < Conditions page.
What is Safekey?A PSIS SafeKey is a two-factor authentication process that is highly recommended to Internet Banking users to substantially reduce the risk of online identity theft and other online fraud. See our Safekey page for more information.
Other online security optionsFor added security, customers can select a daily bill payments limit that is lower than the maximum limit allowed by PSIS.
Customers can also choose to turn off online establishment of payees, establishment of automatic payments, and one-off payments altogether. This would make it impossible for a criminal to transfer funds out even if they obtained the customer's login details. See our Security page for further information on Internet Banking security at PSIS.
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Interest rates and fees are subject to change. An Investment Statement and the current Disclosure Statement are available from any branch of The Co-operative Bank or can be downloaded here. For all lending products, The Co-operative Bank lending and insurance criteria, and fees apply. If a home loan is greater than 80% of the property's value, a low equity interest rate premium, will apply.
