RUATORIA, New Zealand–Looking to fill a vaccum in financial services after a local bank closed a branch, Credit Union Central here is opening a branch in a local store on a 12-month trial basis. The credit union will be the only financial institution operating within 150 kilometers, operating in an area recently abandoned by Westpac, which closed its lone branch.
Local officials said having the co-operatively owned credit union is an ideal fit for the community.
"I'm confident they understand our unique situation on the coast, and it is reassuring to know that the credit union doesn't borrow from other institutions so the money they use all belongs to the members, and will be safer during the next financial crisis than any of the big banks,” a local official told local media.
The official said more than 100 people have already signed up to move their accounts from Westpac. The branch will offer bill payments, checking, personal loans, mortgages and insurance, but will not carry any cash.