The Police and Families Credit Union was founded in 1973 to meet the borrowing needs of Police and their families which were not being met by the banks and finance companies of the day.
Initially the Credit Union provided members with a place to save and borrow. Bank mortgage applications took 3 months to be approved and were hard to come by, finance companies charged interest on the initial loan balance every month for the term of the loan.
In these early years, as with all other credit unions, members paid 1% interest per month on the original loan balance and the next month the interest was paid on the reduced loan balance. This saved two-thirds of what a finance company charged. Dividends to members were 4% (per annum).
Within 10 years the Credit Unions' assets had grown to $2,000,000 and 3 years later, in 1985 assets were $6,500,000.
Today the Credit Union has assets in excess of $90,000,000 with more than 18,000 members, it has become a respected banking entity servicing the changing needs of its members throughout New Zealand.
As members needs have changed and evolved, the credit union has developed a comprehensive range of banking services to meet these needs:
· Personal loans and home loans
· Transactional account
· Savings accounts
· Term deposits
· Internet banking service
· Telephone banking service
· Bluebanking ATM/EFTPOS Card
· AccessDebit MasterCard®
When the Credit Union was founded membership was only available to Police and their families, this has not changed, the Credit Unions' strength is this common bond.
The Police and Families Credit Union is not a registered bank.