Customer Updates

24 April 2014 - 2014 Director Elections – nominations are now open

One of the ways The Co-operative Bank is truly different from other banks is that our members have a say in how the Bank is governed. About this time every year, they can nominate and vote for members on our Board of Directors.

The Board of Directors' role is to govern the company on behalf of, and for the benefit of, our shareholders. Every year, the two longest serving Directors come up for retirement but they can chose to stand for re-election. This year John Isles has decided to retire while Joanna Perry is standing for re-election. Each position is contestable and all members with a share are entitled to nominate and vote for candidates.

If you or someone you know has the skills and experience to become a Director of our Bank and would like to be involved, please consider nomination. Nominations close 5pm, Wednesday 14 May 2014.

There’s more information on our Board of Directors here and more specific information about the elections, including the nomination form, here. Alternatively you can get information by post or email – just call Electionz.com on 0508 666 887 or email nominations@electionz.com.

17 April 2014 - Changes to payment deductions on weekends and public holidays

This doesn’t affect you yet but we need to let you know that from Monday 28 April 2014 (after Easter/ANZAC Day) all payments due on a weekend or public holiday will be deducted from your account on that weekend/ public holiday. This change affects Automatic Payments, Loan Repayments, Future Payments and Immediate Payments.

We’re making this change to help our customers manage their money better and so payments always go out when you’re expecting them to.

Payments on a weekend or public holiday made between Co-operative Bank accounts will continue to be processed immediately and payments to another bank will be paid to the receiving bank the next business day.

There’s nothing that you need to do as a result of this change but if you do have any questions you can contact your local branch or phone 0800 554 554.

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 April 2014 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 so you can ensure you have funds available. 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 18 April 2014 Good Friday Thursday 17 April 2014
Monday 21 April 2014 Easter Monday Thursday 17 April 2014
Friday 25 April 2014 ANZAC Day Thursday 24 April 2014

If you have any questions about this process, please contact your local branch for more information on 0800 554 554.

Opening hours Easter/ANZAC Day – 11 April 2014

Our contact centre hours are:

Good Friday 18 April: closed
Saturday 19 April: open 9am – 5pm
Easter Sunday 20 April: open 9am – 5pm
Easter Monday 21 April: open 10am – 4pm
ANZAC Day 25 April: open 10am – 4pm

Branches

Botany Branch
Good Friday 18 April: closed
Saturday 19 April: 9am – 4pm
Easter Sunday 20 April: closed
Easter Monday 21 April: 10am – 4pm
ANZAC Day 25 April: closed

Newmarket Branch
Good Friday 18 April: closed
Saturday 19 April: 9am – 4pm
Easter Sunday 20 April: closed
Easter Monday 21 April: closed
ANZAC Day 25 April: closed

The Palms Branch
Good Friday 18 April: closed
Saturday 19 April: 9am – 4pm
Easter Sunday 20 April: closed
Easter Monday 21 April: 10am – 4pm
ANZAC Day 25 April: closed

Riccarton Branch
Good Friday 18 April: closed
Saturday 19 April: 9am – 1pm
Easter Sunday 20 April: closed
Easter Monday 21 April: closed
ANZAC Day 25 April: closed

All our other branches will be closed on Good Friday 18 April, Saturday 19 April, Easter Sunday 20 April, Easter Monday 21 April and ANZAC Day 25 April.

After ANZAC Day, our branches and contact centre will return to normal opening hours.

OCR rise sees increase in deposit and loan interest rates – 14 March 2014

Yesterday the Reserve Bank increased the Official Cash Rate (OCR) from 2.50% to 2.75%. In a nutshell, it has increased the OCR because the economy is performing strongly and its role is to keep inflation under control.

Yesterday the Reserve Bank increased the Official Cash Rate (OCR) from 2.50% to 2.75%. In a nutshell, it has increased the OCR because the economy is performing strongly and its role is to keep inflation under control.

A number of banks have already announced that they are increasing their home loan interest rates, and we expect the others to do so soon.

The OCR increase is something we have been expecting, which is why we have been increasing our term deposit rates over the last two months. Our six-month term deposit rate has increased 0.30% p.a. over that time, and is now one of the best rates in the market at 4.10% p.a.

And in order to bring our floating and fixed home loan interest rates into line with the new OCR, we are increasing our floating rate and some fixed-term interest rates from Monday 17 March. Our standard floating and Revolving Credit Facility home loan interest rates will increase 0.25% p.a. from 5.70% p.a. to 5.95% p.a. and our 1, 2 and 3 year fixed-term interest rates increase to 5.49% p.a., 5.99% p.a. and 6.35% p.a. respectively.

Click here for more information on our deposit rates and here for home loan rates.

The changes will take effect from Tuesday 1 April 2014 for existing floating rate home loan customers, and from Monday 17 March 2014 for new borrowers.

It is widely predicted that the OCR will keep rising over the next year or so. We recommend taking some time to understand how interest rate increases will affect your weekly budget, and coming into a branch to talk about your options.

6 March 2014 - Worth Knowing – Member newsletter February 2014

Welcome to our first newsletter for 2014. This year promises to be another year of major progress for the Bank and there is much to look forward to. Click here to see our major highlights of 2013 and our plan for 2014.

21 February 2014 - Update on card skimming issue

Yesterday we discovered that some of our members could have been affected by a card skimming operation.

We cancelled cards that may have been affected yesterday and went through all of these accounts to identify and refund any unauthorised transactions.

Because we acted quickly, only a small number of our customers have had fraudulent transactions. We’ve called all customers with cancelled cards and made arrangements for replacements however we weren’t able to get through to every customer.

If you use EFTPOS today and find your card doesn’t work, please call us on 0800 554 554 and we can put the transaction through manually. We’re sorry for the inconvenience in cancelling and replacing cards without prior notice, but we did it to protect your funds.

21 February 2014 - ATM Outage on Sunday morning

Some banks are carrying out ATM maintenance between 2am and 5am on Sunday morning. It means that ATMs might not work for a while during that time. If you’re going to need cash at that time, we recommend getting it before 2am. This won’t affect EFTPOS or internet banking.

20 February 2014 - Some members affected by card skimming

Today we’ve had reports of an ATM card skimming operation in Auckland, Porirua and some parts of Christchurch which seems to have affected many banks. Card details have been obtained and used to create fake cards, and a small number of our customers have had money taken from their accounts. We are now cancelling affected cards to protect our customers’ money, and we are calling these customers this afternoon.

If you are using EFTPOS today and find your card doesn’t work, please call us on 0800 554 554 and we can put the transaction through manually. We are sorry for the inconvenience, but this is the only way we can protect your funds.

10 February 2014 - New banking package for tertiary students

From 24 February 2014 we’ll be launching a great new package for tertiary students.

The tertiary package includes:

  • A Dosh savings account with one of the best savings account interest rates in the market – currently 5% p.a. for the first $4,000 and 2.75% p.a. for every $1 saved above this.1
  • No transaction fees on your current or electronic accounts.2
  • No establishment fee on a Visa LoadedTM Everyday card (saving $18.50).3 There’s more information about Visa LoadedTM Everyday cards here.
  • Tertiary students can also apply for an interest-free overdraft up to $1,000 with no establishment fee (saving $25).4

To find out more or to open an account, pop into a branch or call us on 0800 554 554.

Terms and conditions for the new tertiary package

Because we’re introducing a new package, we’ll be updating our terms and conditions on 24 February 2014 to include the following:

  • The tertiary package is available for full-time students embarking on at least a one-year course at a recognised New Zealand tertiary institution.
  • The tertiary package expires automatically after 12 months, but a student can easily renew it each year by showing us his or her current student ID.
  • If a student is no longer eligible for the tertiary package, he or she must notify us immediately. If we ask for evidence of eligibility at any time, the student must provide that evidence.
  • We reserve the right to change or withdraw the terms and conditions of products in the tertiary package from time to time without notice.
  • There is a limit of one Dosh account per student as part of the tertiary package. If a student becomes ineligible for the tertiary package, his or her Dosh account will be closed and funds transferred to a Basic Saver account.
  1. Interest rates are subject to change. Interest is calculated daily and paid monthly. The current Disclosure Statement is available here or at any branch of The Co-operative Bank.
  2. An Other Bank ATM fee will still apply if you don’t use a Westpac ATM.
  3. There’s no set-up fee for establishing a Visa LoadedTM Everyday card but there is an ongoing $1.50 a month fee.
  4. Lending criteria and an ongoing overdraft facility fee applies (currently $12.50 every six months).

5 February 2014 - Waitangi Day contact centre hours

Tomorrow's Waitangi Day and all our branches will be closed apart from The Palms in Christchurch which will be open from 10am – 4pm. Our contact centre (0800 554 554) will be open tomorrow from 10am – 4pm.

28 January 2014 - Customer Satisfaction Survey

On Thursday 30 January, MMResearch™ will be conducting a Customer Satisfaction Survey on behalf of The Co-operative Bank.

You may be selected to take part in this survey, which will be conducted online, and will only take about five minutes of your time. MMResearch™ will not ask for any of your banking details, as this is purely about customer satisfaction.

Research.net is sending an email out to selected members on behalf of MMResearch™. The email will contain the survey link for you to complete online.

If you’d like more information or would like to verify that the survey is genuine, please feel free to contact your local branch or MMResearch™ directly on 0800 667 373.

13 December 2013 - Credit Rating – The Co-operative Bank

The Co-operative Bank has been rated as BBB- with a stable outlook by Fitch Ratings. You can find more information here.

10 December 2013 - Branch and contact centre hours over Christmas/New Year

10 December 2013 - Dunedin branch has moved

We’d like to remind all our Dunedin-based customers that our Dunedin branch is now at 305 George St.

The phone number is still the same.

4 December 2013 - When will my Automatic Payments be debited from my account if they’re due on a Public Holiday?

This year the Christmas and New Year holidays fall mid-week on a Wednesday or Thursday.

This means that you’ll need to ensure that you have sufficient funds available in your account on the Tuesday before these holidays, to cover any Automatic Payments and Direct Debits you may have that are due to be debited on these days. It may pay to contact your employer to double check when you will be paid so you can be sure you’ll have funds available.

Please see below for more details on when payments are debited from your account if they fall on a Public or Statutory Holiday until Waitangi Day 2014.

Automatic Payments

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.

Direct Debits

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 isn’t advised of each company's intentions.

The following business days fall on Public Holidays in 2013/2014:

Date Holiday Date Automatic Payment will be debited from your account (this will occur early in the morning on this day)
Wednesday 25 December 2013 Christmas Day Tuesday 24 December 2013
Thursday 26 December 2013 Boxing Day Tuesday 24 December 2013
Wednesday 1 January 2014 New Year's Day Tuesday 31 December 2013
Thursday 2 January 2014 Public Holiday Tuesday 31 December 2013
Thursday 6 February 2014 Waitangi Day Wednesday 5 February 2014

If you have any questions about this process, please contact your local branch for more information on 0800 554 554.

15 November 2013 - Changes to Dosh and Dollars and Sense youth accounts

Here’s some exciting news! Our Dosh and Dollars and Sense accounts now have some of the best saving account interest rates in the market, making it easier than ever to save.

From 1 December 2013 we’ll:

  • Offer an interest rate of 5.00% p.a. for the first $4,000 and 2.75% p.a. for every $1 saved above $4,000.*
  • Stop interest penalties for withdrawals from Dosh accounts.

Because of these great rates and increased flexibility, each customer can now only have either one Dollars and Sense account (for children under 13) or one Dosh account (for customers aged 13 – 17). However, customers who are under 18 can also open any of our other savings and transaction accounts for day-to-day spending or other savings.

We’re also stopping the prize draws for these accounts as we think the great interest rates will do a much better job of encouraging children and young people to save regularly.

The tiered interest rates will:

  • Encourage children and young people to save, and
  • Help them reach their savings goals faster.

What’s more, there are no fees on these accounts (except for the other bank ATM service fee for using ATMs other than Westpac’s).

We’ll contact customers who currently have more than one of these accounts (as well as signatories) to explain the changes.

To find out more or to open an account, pop into a branch or call us on 0800 554 554.

*Interest rates are subject to change. Our current Disclosure Statement is available from www.co-operativebank.co.nz or any branch of The Co-operative Bank.

14 November 2013 - Money Mule Scam Warning:

The New Zealand Bankers’ Association has gone out today saying that all New Zealand bank customers should be wary of transferring money on behalf of people they don’t know.

This comes in the wake of a scam where people are contacted by strangers by email, telephone or through social media sites, claiming they have accidently paid funds into the customer’s bank account. They then ask for the customer to make a payment on their behalf. In such cases, the unsuspecting customer is being used as a ‘money mule’ to transfer stolen funds as part of a type of money laundering operation.

For more information see the latest press release from the NZBA here.

8 November 2013 - Online payment problems for BNZ to Co-operative Bank accounts

We've been advised that some BNZ customers are unable to make online payments to Co-operative Bank accounts. It seems to be that online payments to existing Co-operative Bank payees aren't working. The payment won't proceed, and these customers are getting a "bank account number is incorrect" message. BNZ is working urgently to resolve this issue. In the meantime, if you’re a BNZ customer and you need to make an urgent payment, use the "one-off payment" option which will accept the Co-operative Bank number. We'll let you know when this is fixed.

24 October 2013 - Public holidays

There are some public holidays coming up over the next few days. Hawkes Bay Anniversary is on Friday and so our Napier and Hastings branches will be closed.

Monday is Labour Day and all our branches will be closed except for The Palms (open 10am – 4pm) and Botany (open 9am – 5pm).

If you need to speak to us on Monday, you can call your local branch between 9am – 5pm and your call will go through to our contact centre.

We hope everyone has a great long weekend.

18 October 2013 - What you need to know about payments for the Meridian Share Offer

If you have decided that you’d like to purchase some Meridian Energy shares, there are a few things that you need to be aware of. Reading this information will help ensure that your payment for these shares will be debited from your Co-operative Bank account successfully.

  1. You need to use your 16 digit Interbank Number. You can find this in Internet Banking or by phoning your local branch. An example of an Interbank Number is 02-1246-1234567-001.
  2. Direct Debits to pay for Meridian Energy shares can only be made from a current/transactional account. This applies to both adult members and child members. An example of a suffix for a transactional/current type account may be 01, 02, 03 etc.
  3. A Direct Debit cannot be paid from a savings account. An example of a suffix for a savings account may be 31, 32, 51, 52 etc.
  4. A Direct Debit cannot be paid from a child’s current account where the child is under 7 years old.

If you have any questions about what account you should provide to debit your payment for Meridian Energy shares, please contact your local branch by calling 0800 554 554.

16 August 2013 - Earthquake update

Our Wellington, Paraparaumu, Blenheim, Nelson and Hastings branches and our Head Office are closing for the afternoon following the earthquakes. All other branches (including Upper and Lower Hutt) are open, and all our systems including internet, text and phone banking are all operational.

Staff in areas affected by the earthquakes are advised to go home when they can, however it may be safer to stay indoors for the time being. We will update you on our Facebook page when we have more information.

16 August 2013 - Customer Satisfaction Survey

From Monday 19 August, MMResearch will start conducting a Customer Satisfaction Survey on behalf of The Co-operative Bank.

You may be approached over the next two weeks to take part in the online survey which will only take about 5 minutes of your time. MMResearch will not ask for any of your banking details, as this is purely about customer satisfaction.

“surveys@mm-research.com via research.net” will send an email out to selected customers on behalf of MMResearch. The email will include the survey link for you to complete it online or on a mobile device.

If you’d like more information or to verify that the survey is genuine, please feel free to contact your local branch or MMResearch directly on 0800 667 373.

9 August 2013 - New Electronic Account and Fee Changes

On 26 August 2013 we’ll be launching a new Electronic Account, and making changes to our ATM services and our transaction fee exemption eligibility. Find out more below.

Introducing our new electronic transaction account

  • $5 monthly fee (or $7 if you choose paper statements)
  • Free unlimited electronic transactions (e.g. using EFTPOS, Westpac ATMs and internet banking).
  • $2 fee for each manual transaction (e.g. making a deposit or withdrawal at a branch).

This account is a great option if you do a lot of your banking electronically. If you’d like to find out more about it, pop in and see us, or call your local branch on 0800 554 554.

Changes to our ATM services

To help reduce costs for our customers, we’re partnering with Westpac as our preferred ATM network provider from 26 August. The Westpac ATM network is the second largest in New Zealand. You can find your nearest Westpac ATM here.

As a result of this, we’re lowering our standard ATM transaction fee from $0.75 to $0.50 for transaction accounts (not savings accounts) if you use a Westpac ATM. The good news is that by using a Westpac ATM, you’ll be paying less than you do currently.

However, if you use another bank’s ATM, you’ll pay an ‘other bank ATM’ service fee of $1.00 (plus any transaction fees that apply).

If you’re transaction fee exempt you’ll continue to have free access to Westpac ATMs. However, if you use another bank’s ATM, you’ll pay an ‘other bank ATM’ service fee of $1.00 (plus any transaction fees that apply).

The ‘other bank ATM’ $1.00 service fee also applies if you use an ATM to access your savings accounts. Existing ATM fees for savings accounts remain the same as they are now. You can find these fees in our current fees brochure.

Changes to transaction fee exemption eligibility

As a co-operative, we regularly review our fees to ensure they’re priced fairly and enable us to continue to invest in our products and services for the benefit of our customers. With this in mind, we’ve made some changes to our transaction fee exemption criteria. We’ve written to all members who may be affected by these changes.

You can find out the new transaction fee exemption criteria here.

What happens next?

Our new Electronic Account, the changes to our ATM services and criteria for transaction fee exemption will take effect from 26 August 2013. If you’d like to find out more about how you could save money on fees and ensure you have the right accounts for your needs, pop in and see us, or call your local branch on 0800 554 554.

Our current Disclosure Statement is available from any branch of The Co-operative Bank or can be here.

8 August 2013 - Internet Banking enhancement

We’ll be making some improvements to our internet banking next week. These improvements will make internet banking easier to use as we will feature better colour contrast and text that is easier to read.

Thank you to everyone who sent us suggestions to improve our internet banking. We’ve taken this feedback on board and will continue to make improvements.

26 July 2013 - Annual General Meeting results 2013

On Thursday 25 July 2013 we held our Annual General Meeting (AGM) at the Sudima Hotel, in Auckland.

We had a great turn out with 82 members attending and 5104 by proxy. Presentations were made by our Chairman, Steven Fyfe and Chief Executive, Bruce McLachlan, followed by a very positive question and answer session.

All four resolutions presented to the AGM were passed.

This year 8,246 members submitted their postal votes to elect two directors for the Bank. This is a significant improvement on previous years.

The resolutions to appoint the two highest polling candidates were passed.

The number of votes each candidate received was:

Candidate Number of Votes Ranking
Marion Cowden 4,331 2
Peter Ellis 4,030 3
Paul Goulter 4,827 1
Pat Waite 2,363 4

As a result both Paul Goulter and Marion Cowden are the highest and second highest polling candidates and therefore Paul is re-appointed as a Director of the Bank, and Marion Cowden is appointed as a Director of the Bank, SUBJECT TO the receipt of a “non-objection” notice from the Reserve Bank.

For video highlights of the 2013 AGM meeting click here.

22 July 2013 - Earthquake update

Our Wellington Branch and our Head Office are closed today, Monday 22 July for safety checks. We will update you on our Facebook page when we have more information.

We are asking Wellington CBD staff to stay at home today and, if you are able to, work from home. There'll be another update at the end of the day.

22 July 2013 - Making an Asset Care claim

Customers who have Asset Care insurance through The Co-operative Bank and wish to make a claim can call 0800 425 025.

1 July 2013 - Changes to website and internet banking

From Sunday 7 July you’ll notice some changes to the look of our website and internet banking site.

There’ll be no changes to how our sites work or how you get around.

28 June 2013 - Co-operative Bank rebates announced

As of 1 July 2013, we’ll be the only bank in New Zealand to pay a share of its profits directly back to its customers.

In our first full year as a registered bank, we made a profit before rebates and tax of $8 million (a 21.6% increase on the previous year) which meant that we were able to pay $1 million in surplus profits to the majority of our members. Most eligible members receive rebates of between $5 and $200.

It was a great year for us on all fronts – a sound profit, deposit growth to $1.3 billion (a 7.3% increase on the previous year) and we welcomed more than 10,000 new customers.

We have spent the past year making sure we have the basics right; developing a strong foundation on which to build our new Bank. We’ve invested in both infrastructure and capability – and now we can see that’s paying off.

The rebate isn’t the only thing that makes us different. Being a co-operative means our members own us and have a say in how the bank is run – from nominating and choosing our Directors and attending the AGM, to providing feedback on our products and services.

For more information about our annual results, see The Co-operative Bank’s Annual Report.

19 June 2013 - Fraud Awareness Week 17 June through 23 June

The Co-operative Bank takes all fraud very seriously and we have systems to help detect and prevent fraud. However Members can play a role in fighting fraud by being vigilant and reporting incidences of fraud. You can contact us on email at RiskandCompliance@co-operativebank.co.nz if you think you’ve been taken in by a scam.

Scams that target older people are the focus of this year’s Fraud Awareness Week campaign, which is co-ordinated by the Ministry of Business, Innovation and Employment’s Consumer Affairs team.

Safety tips to help protect against financial crime include:

Card safety:

  • Guard your card. Treat it like cash. Don’t leave it lying around and make sure you know where your card is at all times.
  • Protect your PIN. Never tell anyone your PINs or passwords – not even the police, bank staff, friends or family.
  • Cover up. When entering your PIN number at ATMs and EFTPOS terminals, shield the PIN pad with your hand. Criminals may ‘skim’ your card details by attaching a device to the card reader, and then ‘shoulder surf’ or use hidden cameras to record your PIN.
  • Check your statements regularly. Advise your bank immediately of any unauthorised transactions.

When shopping and banking online:

  • Logon to internet banking by typing in your bank’s full web address in the address bar. Do not use links that appear to take you to your bank’s website. We will never send you a link to internet banking embedded in an email.
  • Check you have a secure connection, which is shown by a padlock symbol somewhere on the page, and that the website address starts with ‘https://’. The ‘s’ stands for ‘secure’.
  • Avoid public computers and public Wi-Fi for internet banking, e.g. internet cafes, libraries or hotels.
  • Protect your identity information and only provide it to trusted people and organisations. This includes your date of birth, address, driver’s licence number and passport details.
  • Shop with trusted retailers. Before you provide personal information make sure they will protect that information.
  • Keep your anti-virus and firewall software up to date.
  • If you suspect you’ve been taken in by a scam, contact your bank immediately.

If you use your mobile device for banking:

  • Only download apps from trusted sources
  • Keep device operating systems up to date, and update apps when prompted
  • Use your phone’s password lock feature
  • Shield your passwords from people around you
  • Change your passwords periodically, and make sure they are not easily guessable
  • If available, use anti-virus software
  • Contact your bank immediately if you lose your phone.

10 June 2013 - Internet Banking URL has changed

The URL used to access Internet Banking is changing. We needed to make the change so we can facilitate ongoing improvements to our website and Internet Banking system.

If you have a bookmark to an old URL you will automatically be redirected by our system.

On 11 June, the Internet Banking URL will change from;

https://www.co-operativebank.co.nz/InternetBanking/t/iblogin.aspx to
https://www.co-operativebank.co.nz/InternetBankingSecure/t/iblogin.aspx

If you are experiencing any problems please visit our troubleshooting page.

4 April 2013 - RBNZ issues a Full Insurance Licence to Co-operative Life Ltd

In December 2010, the Insurance (Prudential Supervision) Act came into effect, 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 have a Full Insurance Licence by 7 September 2013.

The Co-operative Bank has its own subsidiary life insurance company (Co-operative Life Ltd) which insures the Life Plus, Life Care, LIC, Loan Plus, and Loan Care products offered to members. We’re very pleased to announce that Co-operative Life Ltd was issued a Full Insurance Licence by RBNZ on 25 March 2013 - one of the first 24 insurers (out of 107) to achieve this milestone! The RBNZ has published a list of the first licensed insurers on their website.

26 March 2013 - Asset Care – Changes to Home Insurance

IAG New Zealand Limited, the underwriter of our Home Insurance product, has recently released a media campaign to educate home owners on some important changes affecting Home Insurance in New Zealand.

If you‘ve got Home Insurance with us, your policy will change from being insured for an unspecified replacement cost to being insured for a maximum specified amount. This amount is called Total Sum Insured and it’s the maximum amount the insurer will pay if your home ever suffered extensive damage and needed to be rebuilt.

All new Home Insurance policies sold from 6 May 2013 will be insured up to a maximum specified amount, and existing Total Replacement policies will switch to a maximum specified amount on the next policy anniversary date, from 1 June 2013 onwards.

For more information to help you understand the changes visit www.need2know.org.nz/cooperativebank. There’s also an easy-to-use calculator that’ll help you estimate the likely cost of rebuilding your home.

If you’ve further questions regarding this change please feel free to contact us on 0800 340 333, or pop into your local Co-operative Bank branch.

6 March 2013 - Google Chrome 25 issue update

If you were experiencing issues with the newly released version of Google Chrome 25, when trying to login to Internet Banking, these issues have now been resolved by Google.

If you're still experiencing problems, please see these instructions on how to update Google Chrome 25, as it should help resolve the issue.

If you have any further queries about this particular issue, please feel free to contact us on 0800 554 554 or pop into your local branch.

6 March 2013 - Auckland Mobile Lending Managers

This month, we're introducing Mobile Lending Managers in the Auckland region.

Our Mobile Managers have years of experience with Home Lending and Personal Lending, which means they'll be able to help you figure out the types of loans that best suits your needs.

If you're too busy to visit a branch, just give them a call on 0800 134 034 and they’ll be able to deliver our lending services straight to your doorstep.

Over the coming months we’ll extend this service to other areas of the country. We'll keep you updated of when and where we'll be introducing Mobile Lending Managers to other parts of New Zealand.

5 March 2013 - Our member newsletter is now available online

You can read a copy of Our News here.

If you're a member and would like to receive Our News by email, register your email by calling 0800 554 554 or pop into your local branch.

1 March 2013 - Google Chrome 25 issue when using Internet Banking

If you’re currently using the newly released version of Google Chrome – Google Chrome 25, you may experience some issues, when you try to login to Internet Banking on a desktop computer.

When you attempt to login, Google Chrome 25 will open a new window which will bring up a miniature version of our login page – as per image below

. screenshot showing small Internet Banking window

In order to login to your Internet Banking, you’ll need to click on ‘maximise’ and increase the size of the window. We’ve created some instructions to show you how to do this.

We’re currently investigating this issue further as our customer experience is very important to us.

If you do have any queries about this particular issue, please feel free to contact us on 0800 554 554 or pop into your local branch.

15 February 2013 - Customer Satisfaction Survey

On Monday 18 February, MM Research will be conducting a Customer Satisfaction Survey on behalf of The Co-operative Bank.

You may be selected to take part in the survey, which will be conducted through Telephone and Online, and will only take about 5 minutes of your time. MM Research will not ask for any of your banking details, as this is purely about customer satisfaction.

SurveyMonkey.com is sending an email out to selected members on behalf of MM Research. The email will contain the survey link for you to complete it online.

If you’d like more information or to verify that the survey is genuine, please feel free to contact your local branch or MM Research directly on 0800 667 373.

14 February 2013 - Phishing Scam

The New Zealand Bankers’ Association is urging the public to be on guard against a telephone scam. Scammers purporting to be from the New Zealand Bankers’ Association are phoning members of the public and saying that they are investigating banks charging excessive fees and offering compensation to affected customers. They then ask people to provide their bank account details so they can "refund" fees. This is a scam. Anyone receiving such a call should hang up.

It is very important to safeguard information relating to your bank accounts, and never to disclose your PIN numbers or account passwords to anyone, including people you trust. To safeguard yourself you should never give out account details over the phone unless you made the call and you trust that the number you called is genuine.

The Co-operative Bank will never ask a customer to disclose their PIN number or account password.

13 February 2013 - Using Your SafeKey on Mobile and Internet Banking

With the arrival of Mobile Banking, you’re now able to bank anywhere, anytime from your smartphone wherever you have Internet access.

Remembering to have your SafeKey with you all the time can be a hassle so for your convenience, while you're on the move, we've removed the need to use your SafeKey token (if you have one). If you normally access Internet Banking with a SafeKey you now have the option not to use it. This means you’ll have access to limited banking services, the same services available through Mobile Banking.

You’ll be able to access:

  • your balances
  • view past transactions
  • transfer between Co-operative Bank accounts
  • make payments to existing payees

If you need to access our full Internet Banking services, such as making a one-off payment or topping up your Loaded Everyday card then you’re required to use your SafeKey.

Rest assured there are no security issues using Mobile or Internet Banking with or without your SafeKey, you still need your password to access your banking.

If you have any questions or would like to discuss this further, please call your local branch on 0800 554 554.

January 29 2013 - Credit Card Research

We're currently looking into how we can deliver a credit card and what this credit card might look like in terms of card features. To help us with this, we've invited several existing members and potential customers to take part in an online survey, so we can gain an understanding of what features are important to you.

The survey was emailed out on January 29 and 31, and takes about 15 minutes to complete. If you received this survey sent by The Co-operative Bank then we’d love your feedback to help us explore the option of introducing a credit card that meets our members' needs.

If you have any questions regarding the survey, please contact your local branch on 0800 554 554.

Loaded Everyday Scheduled Outage

On Friday 18 January 2013 there is a scheduled outage to allow for maintenance to the Loaded Everyday product.

This means that between the hours of 5.30am -7.00am on 18 January those members with a Loaded Everyday card won’t be able to:

  • Top Up your card
  • Use an ATM to withdraw funds or get a balance for your card
  • Access the My Account site to get balance and account information
  • Use the 0800 LOADED number to get balance and account information.

Please note that you can still make purchases using your Loaded Everyday card both online and via EFTPOS although EFTPOS transactions will require a signature.

We apologise for any inconvenience this may cause. Please contact your local branch on 0800 554 554 if you have any questions.

3 January 2013 - Hoax Email Alerts

You may receive hoax emails that appear to be sent from The Co-operative Bank, requesting account or password details. If you receive an email of this nature, please don't click on the link as the email suggests. Delete the email immediately and, if possible, forward a copy of it to riskandcompliance@co-operativebank.co.nz so that we can take the appropriate action.

The Co-operative Bank will never send emails with links to login pages, pages that request your personal information, or request internet banking login details.

We do provide extra security by offering a SafeKey for internet banking users. We strongly encourage that you use the SafeKey for added protection. Please contact your local branch for more information.

19 December 2012 - Taupo Branch is moving

Following a structural assessment of the building, we’ve decided to permanently move our Taupo Branch.

From 24 December you'll find Dave and the team at 21 Horomatangi Street.

Taupo Branch new location at 21 Horomatangi Street

All other details remain the same.

Phone: 07 376 2400

Email: taupo@co-operativebank.co.nz

We look forward to seeing you at our new location soon.

17 December 2012 - Mobile Banking is here

With the arrival of Mobile Banking today, you’ll now be able to bank anywhere, anytime from your smartphone wherever you have Internet access.

Through Mobile Banking you’ll be able to use the most popular Internet Banking services on the go.

You’ll be able to access:

  • your balances
  • view past transactions
  • transfer between Co-operative Bank accounts
  • make payments to existing payees

For your convenience, while you're on the move, we've removed the need to use your SafeKey token (if you have one). But rest assured Mobile Banking is safe and has the same security levels as our Internet Banking service. As an additional benefit, you can now login to Internet Banking without your SafeKey token (if you have one) and you'll be able to access the same services available on Mobile Banking. For full access to all Internet Banking services you'll need to use your SafeKey token. If you don’t use a Safekey token then these changes don’t apply.

If you’re a registered Internet Banking user, you’ll be able to login to Mobile Banking by using your existing customer number and password. If you’d like to sign up for Mobile Banking, contact your local branch or phone us on 0800 554 554. Click here to find out what browsers are supported by Mobile Banking.

Instructions on how to create a shortcut to our Mobile Banking site on your smartphone, can be found here

17 December 2012 - Our new look website has arrived

Today we’ve launched, in conjunction with Mobile Banking, our new look website.

The refreshed design and simple layout will make it easier for you to find the information you need, providing you with a better online experience.

The look of Internet Banking will also change, but all of the services will be located in the same place. Our Internet Banking security won't be affected in any way. It’ll continue to remain just as good as, if not better than, industry standard practice.

11 December 2012 - Our News - our member newsletter is now available online

You can read a copy of Our News here.

If you're a member and would like to receive Our News by email, register your email by calling 0800 554 554 or pop into your local branch.

11 December 2012 - Website & Internet Banking temporary outage on December 17

On Monday December 17, our website and Internet Banking will be unavailable for one hour from 9.30am until 10.30am, so we can launch Mobile Banking and our new look website. We apologise in advance for any inconvenience this may cause.

11 December 2012 - 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 2012/2013 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 6 April 2012 Good Friday Thursday 5 April 2012
Monday 9 April 2012 Easter Monday Thursday 5 April 2012
Wednesday 25 April 2012 ANZAC Day Tuesday 24 April 2012
Monday 4 June 2012 Queen's Birthday Friday 1 June 2012
Monday 22 October 2012 Labour Day Friday 19 October 2012
Tuesday 25 December 2012 Christmas Day Monday 24 December 2012
Wednesday 26 December 2012 Boxing Day Monday 24 December 2012
Tuesday 1 January 2013 New Year's Day Monday 31 December 2012
Wednesday 2 January 2013 Public Holiday Monday 31 December 2012

If you have any questions about this process, please contact your local branch for more information on 0800 554 554.

10 December 2012 - Mobile Banking is on its way

On December 17, we're launching Mobile Banking - so now you'll be able to bank anywhere, anytime from your smartphone wherever you have internet access.

With Mobile Banking you'll be able to use the most popular Internet Banking services on the go.

You'll be able to access:

  • your balances
  • view past transactions
  • transfer between Co-operative Bank accounts
  • make payments to existing payees

If you're a registered Internet Banking user, you'll be able to login to Mobile Banking by using your existing customer number and pin. If you'd like to sign up for Mobile Banking, contact your branch or phone us on 0800 554 554. Further information about Mobile Banking will be posted on our website from December 17.

10 December 2012 - New look website is coming soon

On December 17, we're launching our new look website, to provide you with a better online experience. The refreshed design and simple layout will make it easier for you to find the information you need.

Although the look of Internet Banking will also change, all of the services will be located in the same place. Our Internet Banking security won't be affected in any way. It will continue to remain just as good as, if not better than, industry standard practice.

5 December 2012 - Mobile Banking is on its way

In the last 24 hours, some members have received a hoax email. The email provides a link to login.

This email is not from The Co-operative Bank. If you receive an email of this nature don't click on the link as the email suggests. Please delete the email immediately.

If you have followed the link and entered your login details, please contact your nearest branch immediately.

We will never send emails with links to login pages, pages that request your personal information or Internet Banking login details.

14 November 2012 - Customer update: Maximum Daily limit for EFTPOS purchases

Presently The Co-operative Bank doesn't have a maximum EFTPOS transaction per day but we do have a maximum ATM withdrawal of $1,500 per calendar day.

We undertook a review of EFTPOS transactions by value and found there were only a small number of transactions in excess of $4,000. We contacted most of the members who had recently made an EFTPOS transaction over $4,000 and each of them told us they were surprised that we didn't have a limit, thought we should have a limit and were happy with the suggested $4,000 limit per calendar day.

Effective from 19 November 2012 we will be introducing a daily EFTPOS limit of $4,000 per card per calendar day. This limit aligns us with the banking industry and lowers the risk for our members in the events their card security is compromised. The daily ATM limit of $1,500 per card per calendar day remains unchanged.

25 October 2012 - Customer update: Terms and Conditions changes

Joint accounts

Changes are being made to our Terms and Conditions Booklet to make it easier for our members to bank with us. The changes take effect on 29 October 2012 and include:

Two persons may apply to open a Joint Account. For the first Joint Account opened by the applicants, both applicants must sign the application but each additional Joint Account opened by the applicants thereafter may be opened by one Joint Holder only.

Either Joint Holder acting individually may, amongst other things, appoint or remove an authorised signatory to the Joint Account, withdraw money from a Joint Account, set up payment authorities as permitted under the specific Terms and Conditions, renew a Joint Account for an additional term, open further Joint Accounts in joint names and/or close a Joint Account.

Both Joint Holders must authorise the appointment of another Account Holder to replace one of the Joint Holders. The new Account Holder must also accept his or her appointment in writing.

Both Joint Holders must authorise a new Credit Product being established on a Joint Account; and for any future increase in the Credit Limit of a Joint Account unless the increase is offered by us. Reductions in the approved Credit Limit can be authorised by either Joint Holder or by notice from us.

Acceptance of phone, fax, email and written instructions

We may accept, at our discretion, instructions about your Account, Credit Product or Service by phone, fax, email or written request and without inquiry as to the authority or identity of the sender.

We can refuse to act on any phone, fax, email or written instructions in whole or in part for any reason. We may delay acting on any phone, fax, email or written instructions in whole or in part until we get confirmation of the instructions by other means.

Liability:

We will exercise reasonable care and skill to ensure transactions are made as instructed. It is your responsibility to ensure there is enough money in your Account at all times. We will not be liable to you or any other party if instructions are unauthorised, forged or fraudulently given.

Your indemnity:

To the extent permitted by law, you indemnify us against any losses, costs, claims or damages we incur from:

  1. acting on phone, fax, email or written instructions for your account whether or not you have actually authorised them; or
  2. not acting or delaying acting on phone, fax, email or written instructions for your Account, Credit Product or Service, unless the action or omission to act is caused by fraudulent or negligent conduct by our employees or agents.

Dollars and Sense and Dosh Youth Accounts

A new Account or Service can be opened with the authorisation of only one existing adult signatory where a Child Account Holder has more than one adult signatory for an Account.

A Child Account Holder over seven years of age can close an Account where he or she has been granted full access without the authorisation of the adult signatory(ies) that granted full access to the Account.

Our updated Terms and Conditions Booklet can be viewed here.

5 October 2012 - Customer update: Our News is now electronic

Our member newsletter is now available online

Our News was emailed to members on Thursday 4th October. You can read a copy here

If you're a member and would like to receive Our News by email, register your email by calling 0800 554 554 or pop into your local branch.

5 October 2012 - Customer update: Notice to Loan Instalment Care (LIC) policy holders

On Monday 29 October 2012, all LIC insurance policies will be transferred from Swann Insurance to Co-operative Life Limited. All LIC policy holders will be sent a letter confirming this change today.

For further information about this transfer, please refer to this FAQ sheet.

If you have any queries, or would like to provide feedback on the transfer, please feel free to contact us on 0800 554 554, or email us at headoffice@co-operativebank.co.nz. Please note all feedback must be received by Friday 19 October 2012.

4 October 2012 - Customer update: The Co-operative Bank achieves 100% customer satisfaction rating in Consumer Magazine survey

We're thrilled that customers rated us 100% overall in the August Bank Satisfaction Survey carried out by Consumer Magazine. Not only were customers totally satisfied with their experience with us, they also gave us top rankings across Internet Banking, Branch Service and Phone Banking.

You can read more about the survey here.

21 September 2012 - Customer update: Napier Branch has temporarily moved

Following a structural assessment of the building, we've had to temporarily move our Napier Branch.

You'll now find us at 54 Clive Square East (corner of Dickens Street and Clive Square).

Map showing Napier Branch

All other details remain the same.

Phone: 06 835 2500

Email: napier@co-operativebank.co.nz

We sincerely regret any inconvenience this may cause and hope to be back at 114 Hastings Street as soon as possible.

18 September 2012 - Customer update: Hoax email alert!

In the last 24 hours, some members have received a hoax email, stating that access to their account has been temporarily suspended due to an unusual number of invalid login attempts. The email states that the sender is Co-operative Bank United Kingdom Fraud Prevention Team and asks recipients to click on a link to log on to online banking.

This email is not from The Co-operative Bank. If you receive an email of this nature don't click on the link as the email suggests. Please delete the email immediately.

We will never send emails with links to login pages, pages that request your personal information or Internet Banking login details.

14 September 2012 - Customer update: The Co-operative Bank working with Forest & Bird

Bruce McLachlan (CEO, The Co-operative Bank) and Mike Britton (GM, Forest & Bird) planting a Kaihikatea tree at Pauatahanui Wildlife Reserve.

Bruce McLachlan (CEO, The Co-operative Bank) and Mike Britton (GM, Forest & Bird) planting a Kaihikatea tree at Pauatahanui Wildlife Reserve.


The Co-operative Bank believes that, as a New Zealand owned organisation, we have a vital role to play in ensuring the prosperity of New Zealand is sustainable for future generations.

As part of this, we look to develop relationships with other organisations that contribute to the economic, social and environmental sustainability of our country.

We're very pleased to announce that we'll be working with Forest & Bird to protect and restore New Zealand's native plants, animals and wild places, on land and in the ocean.

Through our relationship with Forest & Bird members will have the opportunity to volunteer and assist with helping Forest & Bird with all the wonderful things they do. You can check out what's available in your area on the Forest & Bird website It could be anything from fundraising, planting native trees to a native bird release.

To assist Forest & Bird financially, we've created a banking package for their supporters and members. Through this package we'll be making donations to help with their on-going projects. We'll keep you posted with further updates in the coming weeks.

Customer Updates Archives

An Investment Statement and the current Disclosure Statement are available from any branch of The Co-operative Bank or can be downloaded here.

Interest rates and fees are subject to change. 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 and the revolving credit home loan will not be available.

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