Credit union shuts doors

Matamata Chronicle - - News - By NI­COLA STE­WART

New Zealand Credit Union North last week closed its Mata­mata branch, leav­ing three peo­ple with­out jobs and mem­bers feel­ing ‘‘de­serted’’.

The clo­sure was a re­sult of an in­tended merger be­tween NZCU North and First Credit Union, which cover a sim­i­lar area.

In the merger, NZCU North would trans­fer its as­sets and li­a­bil­i­ties, in­clud­ing mem­ber­ship, to First Credit Union.

Act­ing chief ex­ec­u­tive Peter Iles said the Mata­mata branch was ‘‘not eco­nom­i­cal’’ and there was no chance at this stage it would re­open.

‘‘Some hard de­ci­sions have to be made,’’ said Mr Iles. ‘‘ We have taken into ac­count the mem­bers and their feel­ings, how­ever, we have to con­sider all 27,500 of our mem­bers.’’

On the Chron­i­cle Face­book page, mem­ber Naomi Tuhakaraina said she had re­ceived no warn­ing from NZCU North be­fore the clo­sure.

‘‘They didn’t let any­one know – not even the peo­ple that work there.’’

The near­est branch was now in Te Aroha but mem­bers could ac­cess their ac­counts on­line and over the phone, said Mr Iles.

‘‘Mem­bers will also ben­e­fit from lower fees and higher in­ter­est rates.

‘‘Job losses are re­gret­table, they are un­for­tu­nately un­avoid­able as we seek to fu­ture- proof First Credit Union.’’

Branches in Toko­roa, Tu­rangi, Te Puke and Pa­pamoa were also closed, as well as an ad­min­is­tra­tion cen­tre in Mt Maun­ganui.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.