Important Information | First Credit Union

From 01 July 2025, First Credit Union members will be covered by the Depositor Compensation Scheme (DCS).

The DCS will cover each depositor (anyone that has money in DCS protected account- see further below for a list of FCU accounts covered) up to $100,000 per deposit taker (bank or non-bank such as credit unions and building societies) in the unlikely event of failure, when the money is held in DCS- protected accounts.

The DCS is a government scheme that is funded by the deposit takers (e.g. First Credit Union) and is administered by the RBNZ. The DCS is designed to give depositors confidence that their money is protected, which adds to the stability of the New Zealand financial system and aligns us with many others in the world who do something similar.

What First Credit Union accounts are covered?

In the unlikely event that First Credit Union was to fail, the following accounts would be covered by the DCS, up to a total of $100,000 per depositor:

	Specific Accounts
Transactional	Everyday*, Bill Pay, Expense and Special Purpose
Savings	Online Savings, Christmas Club, Loan Provider, Money Maker and Travel
Term Deposits	All terms

There is nothing you need to do to be protected by the DCS. From 01 July 2025 any funds you have in any of the above accounts (up to a total of $100,000 per depositor) will be covered.

* Everyday accounts include: Jimmy Jumper, Teen and Youth accounts

Want more information?

For more information about the DCS, check out this video, the FAQS, or visit the Reserve Bank of New Zealand (RBNZ) website here.

Why we need this information

Under the Anti-Money Laundering and Countering Finance of Terrorism Act 2009 (AML/CFT Act), we are required to carry out customer due diligence (CDD) before providing certain products or services. This includes identifying and verifying your identity using reliable and independent documents. [legislation.govt.nz], [fma.govt.nz]

The identification we collect depends on your circumstances and assessed risk. For most members, standard customer due diligence applies. [fma.govt.nz]

At least one form of identification must include a photograph, unless otherwise permitted under the AML/CFT Act or applicable guidance. [fma.govt.nz]

Step 1: Identity information and verification

We collect identity information in accordance with sections 15-16 f the AML/CFT Act and verify that information using documents from reliable and independent sources, as set out in the Amended Identity Verification Code of Practice 2013 (AIVCOP). [legislation.govt.nz], [fma.govt.nz]

Adults (18 years and over)

You must provide one of the options:

Primary Identification	Secondary Identification
Option 1 – Primary photographic identification
• Passport (NZ or overseas*) • NZ firearms licence • NZ refugee travel document	Not required
Option 2 – Primary photographic identification plus secondary identification
• NZ driver licence	• SuperGold Card • Community Services Card • Kiwi Access Card
Option 3 – Non‑photographic primary identification plus photographic secondary identification
• Birth certificate (NZ** or overseas) • NZ marriage certificate • NZ certificate of citizenship	• NZ or Australian driver licence • Kiwi Access Card • Student ID • SuperGold Card (with photo)

These combinations reflect acceptable documentary verification methods under the AIVCOP for members assessed as low to medium risk.[fma.govt.nz]

Youth (12-14 years) and Teens (15-17)

Identity verification for members under 18 is completed in line with DIA supervisory guidance and the AIVCOP, taking into account age and availability of documents. [fma.govt.nz]

Primary Identification	Secondary Identification
Option 1: • Passport (NZ or overseas*)	Not required
Option 2: • Student ID • NZ driver licence (16+)	• Birth certificate (NZ** or overseas)
Option 3: • Birth certificate (NZ** or overseas)	• Parent or guardian ID meeting adult requirements

Children (0-11 years)

For children, identity verification is completed using the child's identity information together with verification of a parent or legal guardian, as permitted under the AML/CFT Act and Code of Practice. [fma.govt.nz]

Primary Identification	Secondary Identification
• Birth certificate (NZ** or overseas); or • Passport (NZ or overseas*)	• Parent or guardian ID meeting adult requirements

Step 2: Certification and copies of documents

Where documents are not provided in person, we may accept certified copies in accordance with Part 2 of the Amended Identity Verification Code of Practice 2013. [lawsociety.org.nz], [fma.govt.nz]

Certified copies must:

Be a true copy of the original document
Be certified by a trusted referee (for example: Lawyer, Justice of the Peace, Registered Medical Doctor, Police Officer, Chartered Accountant, Registered Teacher, Minister of Religion, or Member of Parliament)
Include the referee's name, occupation, signature and date of certification

We may request additional information or enhanced verification where required by the AML/CFT Act, including where documents are issued overseas or where higher AML/CFT risk is identified. [legislation.govt.nz], [fma.govt.nz]

Important Notes

*Overseas passports must be accompanied by a valid New Zealand visa or residency status, where applicable to support verification. [fma.govt.nz]
**Birth certificates must be issued on or after 1 January 1998 or meet current DIA guidance on acceptable certificates. [fma.govt.nz]

Digital (Electronic) Identity Verification

In some circumstances, we can also verify your identity using electronic identify verification, in accordance with the AML/CFT Act and the Amended Identity Verification Code of Practice 2013.

We use GBG Cloudcheck, a secure electronic Identity verification service that allows us to verify your identity remotely using your smartphone. This method is permitted under the Code of Practice where members are assess as low to medium risk, and where the electronic source used is reliable and independent.

How digital identity verification works

If you choose this option:

Please call us and request digital identity verification and we will send you an SMS or email containing a secure URL link
Open the link on your smartphone and follow the instructions
You will be guided to verify your identity using an acceptable form of identification (for example, a passport or driver licence)

The electronic verification process confirms your identity information against reliable electronic sources and includes checks to ensure that you are the person claiming that identity.

Important Notes

Digital identity verification may not be suitable in all cases
We may require additional documents or enhanced verification where required under the AML/CFT Act, including where higher money-laundering or terrorism-financing risk is identified, or where electronic verification cannot be successfully completed
Where digital verification is not appropriate, we will advise you of alternative identification options

First Credit Union was issued with a rating of 'BB' with a stable outlook by Fitch Ratings on 3 December 2025.

First Credit Union offers accounts to you under the FMC Act. At a Special General Meeting in May 2016 members voted unanimously to make various changes to the Credit Union Rules enabling us to transition from the Securities Act regime to the new FMC Act regime.

As part of the move to the FMC Act, on 27 October 2016, First Credit Union entered into an Amended and Restated Trust Deed ("Trust Deed") with the Supervisor, Covenant Trustee Services Limited. The Trust Deed updates the duties of First Credit Union and the Supervisor under the FMC Act.

Under this regime First Credit Union offers share accounts under a new Product Disclosure Statement (PDS), replacing our Prospectus and Investment Statement. Our PDS was registered on 3 November 2016. It sets out information about the accounts available to our members and other information about First Credit Union.

The Rule, Trust Deed, PDS and other information about the accounts and First Credit Union is available to you by searching for First Credit Union on the online Disclose Register, alternatively, you can download a copy of our Product Disclosure Statement.

Please contact us for information on investment options at First Credit Union.

First Credit Union is a licensed financial institution. We are required to treat consumers fairly, and we put it at the centre of what we do. You can find a summary of our fair conduct programme here.

New Zealand is one of many countries that has committed to new global standards on the automatic exchange of financial account information (AEOI). This information is required by law to be collected by financial institutions around the world for reporting to tax authorities.

Inland revenue has prepared a fact sheet to help you better understand AEOI and your obligations.