Customer Updates
Here's what we've been up to lately:
- 27 July 2010 - Member update:
PSIS Annual General Meeting (AGM)
This year's AGM was held in Christchurch for the first time, on Wednesday 21 July. We’ve had more members attend this year’s AGM than ever before and received valuable feedback, ideas and suggestions.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Sir David Gascoigne, Dianne Kidd, Paul Goulter, Peter Ellis and Sam Robinson were all re-elected to the Board.
Some of the other key resolutions passed included:
- Deloitte was re-appointed as PSIS's Auditor.
- The total maximum amount of fees payable to Directors changed from last year at $315,000 for seven Directors, to $340,500 for eight Directors.
- The total maximum amount of fees payable to members on the independent Electoral Authority of $15,000 p.a. remained unchanged.
In the coming months we'll be focussing on giving greater effect to being a co-operative. PSIS is well positioned and approaches the future with a firm base for future growth and a strong sense of business purpose.
Girol Karacaoglu
Chief Executive- 28 May 2010 - Customer update:
Our 2010 Annual General Meeting (AGM) is taking place in Christchurch
The 2010 AGM will be held at 5.30pm Wednesday 21 July 2010 at the Novotel Hotel, 50 Christchurch Cathedral Square, Christchurch and all members are most welcome to attend.
As a co-operative, we're 100% owned by our members. This means all members are part of the decision-making process at PSIS. This year's Annual General Meeting (AGM) provides members with the opportunity to raise any issues and discuss these directly with your Board of Directors.
Ordinary business to be covered at the AGM:
- Receive and consider the financial statements and reports of the Board and of the Auditor;
- Approve the total amount payable by way of fees and expenses to the Directors;
- Approve the total amount payable by way of fees to Electoral Authority Members;
- Appoint auditors and authorise the Board to fix their remuneration;
- Director elections – announce the results of the postal ballot;
- General business.
Voting on Director elections is by postal ballot. A list of candidates for Director elections will be mailed to all members on 16 June 2010 and all votes must be received by PSIS by 5pm Tuesday 13 July 2010.
If you have any questions, or for more information, please contact your local branch or call us on 0800 AT PSIS (287 747).
- 07 April 2010 - Customer update:
Hoax email alert
In the last 24 hours, some PSIS customers have received a hoax email stating that PSIS has reason to believe their account has been accessed. This email is a hoax and has not been sent by PSIS.
The emails are being sent from a number of unidentified sources and request that recipients either click on a link or open an attachment. If you receive an email of this nature do not copy and paste the link or open the attachment as the email suggests. Please delete the email immediately.
PSIS will never send you emails with links to login pages, pages that request your personal information or Internet Banking login details. If you have received one of these hoax emails that states it is from PSIS, please disregard and delete them.
If you have responded to one of these hoax emails or require any further information, please email webmaster@psis.co.nz or if the matter is urgent call your local branch.
- 01 April 2010 - Customer update:
Tax rate changes from 1 April 2010
On 1 April 2010, resident withholding tax (RWT) rates for earnings on savings and prescribed investor rates (PIR) for PIE investments changed to align with the personal and company tax rate changes introduced in April 2009.
If you're currently receiving interest or PIE investment income, this change may affect you.
Check out the Inland Revenue website for a summary of the changes. This website can help you determine whether you're affected and what your appropriate RWT rate and/or PIR should be.
Automatic tax rate changes
On 1 April 2010, as required by law, PSIS automatically:
- changed customers with a 19.5% RWT rate to the new 21% RWT rate
- changed investors in the PSIS PIE Term Fund with a 19.5% PIR to the new 21% PIR
What should I do?
You don't need to do anything if these changes don't affect you or if on 1 April 2010 you were moved to the correct tax rate.
If you wish to advise us of a different RWT rate and/or PIR please let us know after visiting the Inland Revenue website and/or seeking professional tax advice.
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01 March 2010 - Customer update:
Find out about the good choices we can offer you, access special offers and get a chance to win one of five sessions with a financial planner!
PSIS is giving five individuals – or couples - the chance to win a 'Wealth Coaching' session with expert financial planners Martin Hawes or Joan Baker! Read more...
Find out about the good choices we can offer you, access special offers and get a chance to win one of five sessions with a financial planner!
PSIS is giving five individuals – or couples - the chance to win a ‘Wealth Coaching’ session with expert financial planners Martin Hawes or Joan Baker!
Just visit www.goodchoices.co.nz before 30 April 2010. This website contains special offers, live polls, a message board and useful ways that PSIS can help you get ahead. From here, you'll be able to set an appointment with your local branch to discuss the Good Choices that we can offer you. The appointment may be about the fees you pay, your savings and investments, lending, insurance...the list goes on. Whether or not you're with PSIS already, we'll be sure to be able to help you in some way.
Everyone who submits their contact details on the "Contact Me" form on this website to set up an appointment with their local branch, will go into the draw to win one of five one-on-one sessions for you – or you and your partner - with either Martin Hawes or Joan Baker. They'll look at your financial situation, and your financial goals and help you see what choices you have to create more financial security and wellbeing in your life. As part of the 'Wealth Coaching' session, you'll have on-going access, for three months, to your ‘coach’ to help you through any difficulties or answer any questions you may have in executing your financial plan.
Applicants must be 18 years or over to enter. Terms and conditions apply, and are available here
And remember, www.goodchoices.co.nz will only be open until 30 April 2010. So to take advantage of the prize draw and our special offers, visit www.goodchoices.co.nz today!
- 14 September 2009 - Customer update:
New PIE Term Fund launched today
If you pay 33% or 38% income tax on your earnings, you could benefit from our new Portfolio Investment Entity (PIE) Term Fund, which has tax capped at 30%
Know exactly what you’ll earn – Like a standard Term Deposit you receive a fixed return over a fixed period so you can be certain of what you’ll earn, but unlike a standard Term Deposit the tax on a PIE Term Fund is capped at 30%.
Choose a term that suits you – we’ve a range of investment terms to fit your needs.
Removes temptation – Early withdrawals aren’t allowed from a PIE Term Fund for the term of the investment, so your funds are safely out of reach.
Earn competitive interest – Having your tax capped at 30% coupled with our competitive interest rates, ensures you earn a good rate of return.
Save on fees – If the combined balance across your PIE Term Funds is over $10,000, you won’t pay transaction fees on any PSIS accounts with the same customer number.
To find out more click here
- 23 July 2009 - Customer update:
PSIS Annual General Meeting (AGM)
Last night PSIS held its AGM at The Wellesley in Wellington.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Colin Hicks and John Isles were re-elected to the Board.
Some of the other key resolutions passed included:
- Deloitte was re-appointed as PSIS's Auditor.
- The total maximum amount of fees payable to Directors remained unchanged from last year at $315,000.
- 03 June 2009 - Customer update:
New Look EFTPOS cards are here
Over the past few months, we've adopted a fresh new look to better reflect our brand and co-operative values.
This new look is now on our EFTPOS cards. As you'll see, the design highlights that PSIS is 100% customer owned and conveys that every customer owns a little part of PSIS.We hope you like our new look card as much as we do.
- 25 May 2009 - Customer update:
Stop your paper statements and help the environment
Now you can do your bit for the environment by stopping your paper statements being mailed.
Due to customer demand and our desire to reduce the amount of paper we use, we introduced a service to enable customers to stop their statements.
You can cancel statements for certain accounts by contacting your local branch or through your Internet Banking. Statements can be stopped on most accounts with exception to those with money owing such as overdrafts and loans.
Your last 99 transactions of an account can be viewed via Internet Banking. If you’d like to obtain past statements and tax certificates, these are available through your local branch.*
If you don’t have access to our Internet Banking service it’s provided free-of-charge and can be easily set up by one of our branch staff. It’s a convenient way to bank and to stop and/or reactivate your statements.
Paper statements can be stopped or reactivated at any time and at no cost.
For further information about stopping your statements login to your Internet Banking or contact your local branch.
*A small fee for past statements might apply.
- 12 March 2009 - Customer update:
Market conditions favourable for home buyers
Recent reductions in the Official Cash Rate (OCR) have resulted in falling home loan interest rates which, coupled with decreasing house prices, means houses are now more affordable than they’ve been for a long time.
Many economists are predicting further falls in interest rates and reductions of up to an additional 5% in house prices by the end of 2009, so purchasing a new home could be easier than you think.
We offer a full range of Home Loan options, including fixed and floating. This, combined with repayment terms of up to 30 years, means we can easily tailor a home loan solution to suit your situation.
If you’re wanting to save a deposit for your first home, we can help you put an achievable savings plan in place, to assist you to reach your goal sooner. We have an extensive range of savings and investment accounts.
So whether you’re looking to get into your first home, or at buying a new home, or if your mortgage is coming up for renewal, we can help find a solution that’s in your best interests – so come in and talk to us.
PSIS Limited lending and insurance criteria, and fees apply.
- 4 March 2009 - Customer update:
Our new look Internet Banking pages are here!
Following on from the refresh of the PSIS website in November, we’ve now refreshed the look and feel of our Internet Banking pages.
As with the main website, our new look truly reflects the PSIS personality and brand, with a friendly, fresh and modern look.
You’ll be pleased to know that the new look won’t affect the way that you do your Internet Banking. The navigation and menus throughout the site are just the same. We intend for your Internet Banking experience to remain just how you enjoy it – fast and simple!
Our Internet Banking security won’t be affected. It remains just as good as, if not better than, industry standard practice.
Handy tips:
- You’ll notice that the account balance(s) box is now on the right hand side of the page. So if your browser window is not fully maximised, you may have to simply scroll to the right to view it.
- Some people’s web browsers can experience distortion problems when a site, that they visit often, changes. This is called caching, and it happens because frequently accessed data from websites (for example images) may be stored on a person’s computer for quicker access next time they visit the web page.
- If you experience this when our new site is up and running, don’t worry, it’s easily fixed. If you're a Windows user, try simultaneously pressing the ‘Ctrl’ and ‘F5’ keys on your keyboard. If this doesn't work, or if you're a non-Windows user, simply follow the Resetting your web browser instructions on our website and it will restore to normal.
We hope you enjoy our new Internet Banking website look and feel!
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- 10 November 2008 - Customer update:
Our new look website is here!
As promised in early October, the refreshed PSIS website is now live!
Our new look truly reflects the PSIS personality and brand, with a friendly, fresh and modern look.
You’ll notice that our Internet Banking pages still look the same – these are also scheduled to change. As we’ve mentioned, there won’t be changes to the way that you do your Internet Banking. The look of the Internet Banking pages will be refreshed. However the navigation and position of the menus won’t change. We intend for your Internet Banking experience to remain just how you enjoy it – fast and simple!
Just as importantly, our Internet Banking security won’t be affected. It'll remain just as good as, if not better than, industry standard practice.
Update: The new look of the Internet Banking pages will now be changing in late February 2009, rather than early December 2008 as previously communicated.
Handy tip: Some people’s web browsers can experience distortion problems when a site, that they visit often, changes. This is called caching, and it happens because frequently accessed data from websites (for example images) may be stored on a person’s computer for quicker access next time they visit the web page. If you experience this when our new site is up and running, don’t worry, it’s easily fixed. If you're a Windows user, try simultaneously pressing the ‘Ctrl’ and ‘F5’ keys on your keyboard. If this doesn't work, or if you're a non-Windows user, simply follow the Resetting your web browser instructions on our website and it will restore to normal.
We hope you enjoy our new website look and feel!
- 28 July 2008 - Customer update:
PSIS Annual General Meeting (AGM) of Shareholders
This year's AGM held in Palmerston North on Wednesday July 23, marked a milestone as it was the first time PSIS has hosted the event outside of Wellington.
Despite the wintry conditions, a number of customers and staff from the Palmerston North, Levin and Wanganui regions attended the event.
The evening included an entertaining keynote address by Ian Grant from Parents Inc, about work/life/parenting balance.
All resolutions at the AGM were passed and the results of the Director Elections were announced. Rob Crozier and Tina Symmans were re-elected to the Board.
Some of the other key resolutions passed included:- Deloitte was re-appointed as PSIS' Auditor.
- The total maximum amount of fees payable to Directors remained unchanged from last year at $315,000.
PSIS is well placed in the current uncertain economic climate, with our strong governance structure, conservative risk management practices and strong customer relationships, for continued growth.
Girol KaracaogluChief Executive* This statement is an excerpt from the Standard & Poor's Ratings Report on PSIS. For a complete understanding of PSIS' rating, the full rating should be read.
Ratings are subject to change. For the latest ratings information please visit www.standardandpoors.co.nz Credit ratings issued by Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell or make any other investment decisions.
- 4 May 2008 - Customer update:
PSIS Internet Banking enhancements
PSIS now has two new services available within Internet Banking to help customers do their banking at their convenience.
Current Account and/or Smile On Call Account customers are now able to:
- establish automatic payments online
- make one-off bill payments without having to set up a new Payee
- if they use SafeKey, choose a higher daily Internet Banking payment limit.
Establishing Automatic PaymentsIn addition to being able to view, amend and cancel automatic payments online, these Internet Banking customers now have the added convenience of being able to set up automatic payments online. This is a great alternative to contacting the branch as it's fast, simple and has a lower service fee than having a PSIS staff member set them up ($2.00 instead of $4.00). To set up an automatic payment online, simply log on to Internet Banking, go to the automatic payments page and select the establish AP function.
One-off bill paymentsPSIS Internet Banking customers are now also able to make one-off bill payments to any external bank account in New Zealand. It's a fast and easy way to make a deposit into another bank account when you don't want a payee that stays in your Internet Banking profile e.g. to pay for something off Trade Me. Just log on to Internet Banking, and select the one-off payments function.
Daily online bill payment limitsInternet Banking customers have a daily limit on the total amount that can be transferred out via online payments.
Our daily online bill payment limits for new Internet Banking customers is now:
- up to $50,000 for customers with a SafeKey
- up to $1,500 for customers without a SafeKey.
The current limits in place for existing Internet Banking users will remain unchanged.
All of these changes are now reflected on the PSIS Internet Banking Terms < Conditions page.
What is Safekey?A PSIS SafeKey is a two-factor authentication process that is highly recommended to Internet Banking users to substantially reduce the risk of online identity theft and other online fraud. See our Safekey page for more information.
Other online security optionsFor added security, customers can select a daily bill payments limit that is lower than the maximum limit allowed by PSIS.
Customers can also choose to turn off online establishment of payees, establishment of automatic payments, and one-off payments altogether. This would make it impossible for a criminal to transfer funds out even if they obtained the customer's login details. See our Security page for further information on Internet Banking security at PSIS.
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PSIS is not a registered bank, but a very co-operative co-operative.
Interest rates are subject to change. All deposits are secured by First Ranking Stock and rank equally with all existing deposits with PSIS Limited. An Investment Statement and a current registered Prospectus are available from any PSIS branch or can be downloaded here. For all lending products, PSIS Limited lending and insurance criteria, and fees apply.
