Your new banking system
NZCU Central is proud to announce the arrival of your new Banking System!
Your new modernised banking system is almost ready for roll out, with the expected Go Live date of Monday 29th October 2018!
The introduction of the state-of-the-art system will provide more efficient banking solutions, with the biggest benefits being delivered in the years ahead as we develop our digital communications and electronic banking services.
It is important that you read through these FAQ`s so you are up to date with the changes that are to come.
If you have any questions, or would like to know more, please contact your nearest branch.
FAQS
System upgrade and outage
1. Why is NZCU Central upgrading their banking system?
The current system we operate is over 30 years old! Once live, we will be operating (behind the scenes) one of the best systems internationally. It will allow us to improve a lot of processes and enable us to review and improve our products and services in the future.
2. When is the upgrade happening?
The upgrade is scheduled for the weekend of the 27th October, with Go Live on Monday the 29th October. We will be working throughout the weekend to get the new system up and running, however some of our services will be unavailable during this time, such as mobile and internet banking.
3. Can I still access my account during this time?
Internet Banking, Phone banking, AccessTeller and the Mobile APP will be unavailable from 7.00pm Friday 26th October, until Midnight Sunday 28th October, or until the upgrade is successfully completed. We expect EFTPOS and ATMs to be up and running throughout the outage but it may be wise to keep some cash on hand over the weekend. No funds will be able to come into your account from 7.00pm Friday 26th October until 8am Monday 29th October. Throughout the outage our Team will not be available to perform any transactions on your account.
Not sure if your contact details are up to date? Please contact your nearest branch so we can keep you up to date on all the exciting changes to come!
4. ATMs during the outage:
Can I view my balance? Yes
Can I withdraw my entire balance? Yes
5. What will happen to funds coming into my account on Friday 26th October (Go-live)?
Any funds transferred from an external account on Friday 26th October will be processed the next business day. For example: Processed Monday with funds available Tuesday. Any funds transferred from an internal (NZCU Central) account on Friday 26th October, before 7.00pm, will be available instantly. No transfers / payments can be made between 7.00pm Friday 26th October and Midnight Sunday 28th October.
6. What will happen to payments that are due to go out of my account on the GO LIVE Friday night?
Any payments (direct debits or automatic payments) that you have scheduled will go out as normal. You will be unable to set up any NEW payments between 7.00pm on Friday 26th October and 8am Monday 29th October (when we open for business as usual).
7. Is my information safe and secure?
Absolutely! The security and privacy of your information is our priority, and our new core banking system will provide additional features to protect you further.
Account Information
1. Press CHEQUE instead of SAVINGS
If you are currently selecting ‘SAV’ when using your AccessCard or AccessDebit card, you will now need to select 'CHQ' instead. You can start doing this right now.
2. What will happen to my 'member number'?
If you currently have multiple member numbers- for example you have a personal account, a joint account and a whanau trust account- after we Go Live we can merge these into one member number that all your accounts are linked to. All existing member numbers will remain the same.
3. Do I use my member number for internet banking?
No. Your Internet banking login details will remain the same.
4. We have a new payment cut-off time
From 29th October 2018 the cut-off time for payments to external accounts (non-NZCU Central accounts) will be 6.45pm. If you transfer funds up to 6.45pm on a weekday, the funds will be available the next day. If you transfer funds after 6.45pm on a Weekday, the funds will be effective in the next business day transactions - therefore there will be an extra day’s delay in the funds reaching your external account.
5. Loan Funder account
The new system handles loans slightly differently in that your loan repayment will now go into a new Loan Funder account from which the loan will automatically pull the payment from.
Our Team will be setting these funding accounts up for all our members but please do not be alarmed if you see a new account pop up on your internet banking screen – it’s just a holding account for your loan repayments. You will not incur any extra charges from having a Loan Funder account.
6. Can I pay more than the minimum repayment amount on my loan?
Any money that is over and above the documented repayment amount of your loan will remain in your Loan Funder account, it will not be paid onto your loan.
However, we will be able to increase the regular repayment amount - Contact us if you wish to arrange this.
7. What will happen to the Line of Credit facility?
When we Go Live the Line of Credit product will be discontinued. If you haven’t been contacted already about changing your Line of Credit to another type of loan product we offer, contact us on 07 349 6134.
8. Can I withdraw funds from my Loan Funder account?
Yes, if it is over and above your loan repayment amount, you can contact one of our staff to transfer the funds or withdrawal over the counter.
9. Changes to AccessTeller
Currently AccessTeller allows for specific transactions to be requested, e.g the last 5 ATM transactions or the last 5 withdrawals on your account- after our system upgrade you will no longer be able to request a certain type of transaction, you will get the last 5 transactions no matter what they are. The only other change is you will no longer be able to request statements through AccessTeller.
Fees
1. Is there a change to the fee structure?
Yes, whilst some fee reductions have been possible, others have slightly increased.
2. Which fees have reduced?
We have been able to reduce our ATM fees substantially, introduce a fee free account for our tamariki and reduce transactional fees for our rangatahi.
3. What about the rebate system?
Our rebate system cannot be accommodated under the new system and will consequently fall away all together.
4. When will fees be charged?
All standard fees will be charged in real-time from now on besides Monthly Management fee, Card administration fees, and overdraft management fees which are charged monthly.
To view our new fee schedule commencing 28th October 2018, visit our Fees page.
View our Flexcube Newsletter for more information on this exciting upgrade.
