The Co-operative Bank
News and Updates
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.
When will my Automatic Payments be debited from my account if it's due on a Public Holiday? - April 2014
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.
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.
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.
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.
- Chief Executive Introduction
- Our youth accounts
- Credit rating
- LVR ratio
- Branch openings
- Third quarter financial highlights
Yesterday we discovered that some of our members could have been affected by a card skimming operation.
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.
From 24 February 2014 we’ll be launching a great new package for tertiary students.
The Co-operative Bank has been rated as BBB- with a stable outlook by Fitch Ratings. You can find more information here.
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.
Check out our interest rates
Fixed for 2 years.
6 month term deposit. Minimum investment $5000. Interest compounded quarterly.
Unsecured loan with full banking discount (1.00% pa). Read more about Personal Loans
To qualify for the full banking discount, one of the borrowers of the loan must credit their main income to a transaction account at The Co-operative Bank. On our Personal Loans we also offer an interest rate discount to members who take out, or hold, insurance with us – ask us about which insurance options qualify for this discount.
Unarranged Overdraft interest rate 22.00%pa.
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.