Freemasons Deposit Scheme

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Q&A with Heartland Bank and Freemasons CE (video)

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WBro Russell Pratt (member of the Board of General Purposes) requested brethren in the Wellington region for questions to ask the CE and Heartland Bank in a proposed video interview.

He was surprised at the number of people who put pen to paper. In total 16 readers submitted questions for him to pose. They ranged from simple questions on how Grand Lodge spends the money it receives from its fund commission through to questions on the Heartland Bank’s credit rating.

He was pleased to say that all questions were answered openly and honestly, and that as a result he has a new respect for the thought that went into the decision to move to Heartland Bank. Click on the picture to read the disclaimer and view the video. Make a coffee, sit back and enjoy the interview.

Freemasons Deposit Scheme FAQ’s

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Frequently Asked Questions

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1. Who is Heartland Bank?
With roots stretching back to 1875, Heartland Bank has a proud history of supporting small-to-medium sized businesses, farms and families in New Zealand.
Heartland Bank is 100% New Zealand controlled, operated and managed, with its parent company (Heartland New Zealand Limited) listed on the NZX Main Board1.

2. Why Heartland Bank?
Heartland Bank has a very similar ethos to Freemasons, being focused on local communities and driving prosperity in New Zealand as a whole. Heartland Bank offers competitive interest rates, efficient and personal customer service and a wide range of products and services.

3. We have not heard of Heartland Bank, are they a real bank?
Yes, Heartland Bank was registered by the Reserve Bank of New Zealand in December 2012.

While Heartland is a new bank, it was formed through the merger of CBS Canterbury, MARAC Finance, Southern Cross Building Society and PGG Wrightson Finance, and has roots stretching back to 1875.

4. What is the Freemasons Deposit Scheme?
The Freemasons Deposit Scheme is a three-way partnership between the depositors, Freemasons NZ, and Heartland Bank – and all three will benefit. We are excited about this move, and we are very positive about the partnership we have reached with Heartland Bank.

5. What accounts are Heartland Bank offering to Freemasons Depositors?
The Freemasons deposit scheme provides simple, flexible and competitive investment options. You can choose to have your money in an on-call savings account, or in a term deposit with terms ranging from one month to five years. Over time Freemasons NZ and Heartland Bank are going to work together to offer more financial products and services.

6. What interest rate is Heartland Bank offering?
The rate for the on-call Heartland Saver account will be based on Heartland Bank’s top on-call personal savings rate with interest calculated daily and compounded monthly. For the current interest rate for the Heartland Saver account click here.

7. Should I move my Freemasons Deposit to Heartland Bank? Are you recommending Heartland Bank?
We can only provide general information that does not take into account your particular objectives, financial situation or needs. We are not providing financial advice nor are we providing an opinion or recommendation to move to Heartland Bank. We recommend that before acting you consider the appropriateness of the Heartland Bank offer having regard to your own situation.

8. What’s in it for me?
The on-call rate for the Heartland Saver account will be based on Heartland Bank’s top on-call personal savings rate (for the current interest rate for the Heartland Saver account click here). However, the good news does not stop with an improved interest rate. Heartland Bank offers Freemason Deposit Scheme depositors dedicated service, internet and telephone banking, ability to use Heartland’s branches, and, over time, you will have full access to all of Heartland Bank’s products.

9. What’s in it for Freemasonry?
Freemasonry in New Zealand will continue to benefit from the Freemasons Deposit Scheme through a commission that Heartland Bank will pay to Freemasons NZ, which will be used to support the development of the Craft.

10. Does this commission come from my funds or reduce the interest rate I receive on my deposit?
Commission is paid to Freemasons NZ direct from Heartland Bank and does not affect your funds or interest rate in any way. The commission is tied to the total amount of funds deposited, so the larger the total of all deposits the more money is available for Freemasons NZ.

11. Can I stay with the ANZ Bank?
The current Freemasons Deposit Scheme with ANZ will continue to operate as normal until 8 May 2013. During this transition period you can choose to remain with ANZ, by notifying them, or you can switch your account to any other bank. On 8 May 2013, unless you have elected to remain with ANZ, all Freemason Deposit Scheme accounts with ANZ that have not been switched to the Freemasons Deposit Scheme with Heartland Bank, or to another bank, will be closed and the funds in those accounts together with any owed interest will be paid to you.

12. I am not very computer literate and I don’t go out much, will I be able to phone the Freemasons Deposit Scheme as I do now?
Yes, Heartland Bank has provided a dedicated Freemasons free phone, 0508 FREEMASONS (0508 37 33 62). This number will be answered by Heartland Bank staff and not by someone at Grand Lodge Office. Heartland Bank staff will know that you are phoning about the Freemasons Deposit Scheme when you call this number. You will also be able to use the regular Heartland Bank Investments contact number 0800 85 20 20, although in that situation Heartland Bank staff will not know you are a Freemasons customer until you provide them with your account number.

13. Will I be able to get a transactional account with a cheque book and an EFTPOS card?
On the launch of the new Freemasons Deposit Scheme, Heartland Bank will be offering only on-call savings accounts and term deposits. However, as the year progresses the range of products available will be expanded and it is certainly the intention to offer transactional accounts.

14. I am ready to transfer my accounts now, how do I do that?
Forms for switching your accounts from the Freemasons Deposit Scheme with ANZ to the Freemasons Deposit Scheme with Heartland Bank will be available by mid-March and will be mailed to all current account holders. However, if you would like to transfer your account to Heartland Bank sooner, feel free to contact them on 0508 FREEMASONS (0508 37 33 62), email them at freemasons@heartland.co.nz, or visit your local Heartland Bank branch.

15. I have never had an account with the Freemasons Deposit Scheme. Can I open an account with the Freemasons Deposit Scheme now that it is moving to Heartland Bank?
Yes most definitely, and by doing so you will be helping Freemasonry in New Zealand. Feel free to contact Heartland Bank on 0508 FREEMASONS (0508 37 33 62), email them at freemasons@heartland.co.nz, or visit your local Heartland Bank branch.

16. Other than Freemasons and Lodges, who else can open a Freemasons Deposit Scheme account?
The immediate family of Freemasons to two generations can open an account. This means wives, partners, your children and grandchildren and also your parents and grandparents. Widows of course are most welcome, as are all Masonic Trusts, Masonic building owners and any other Masonic order.

17. Will I be able to use Heartland Bank’s branch network?
Yes, participants in the Freemasons Deposit Scheme will be able to open accounts and conduct transactions through Heartland Bank’s branch network.

18. Where are Heartland Bank’s branches located?
Heartland has 10 branches across the country located as follows:

LOCATION NUMBER OF BRANCHES
Ashburton 1
Auckland 3
Christchurch 1
Hamilton 1
Rangiora 1
Rotorua 1
Tauranga 1
Wellington 1

For street locations please visit the Heartland Bank website: www.heartland.co.nz/contact.aspx

19. Heartland Bank has fewer branches than ANZ. What will this mean for Freemasons depositors?
Depositors can operate their account using the dedicated Freemason telephone service, internet banking or Heartland’s branch network.

For depositors with access to a Heartland Bank branch, the differences will largely be positive. Your local Heartland Bank branch will provide a full range of services, including transactional services. Heartland Bank branches will also provide account balances and transaction histories, which under the ANZ scheme were not available.

20. How can I make deposits into my account with Heartland Bank?
You can deposit funds in to your account by:
• Cheque
You can mail cheques Freepost to:
Freemasons Deposit Scheme
Heartland Bank
PO Box 9919
Newmarket
AUCKLAND 1149
Heartland Bank’s Freepost Authority Number is 4040.
• Online
You can transfer funds directly to your Heartland Saver account from your existing bank account.
Phone banking
You can set your Heartland Saver account up as a payee on your phone banking and transfer funds.
Cash
You can make a deposit at any Heartland Bank branch.

Heartland Bank’s transactional accounts offer even greater flexibility, and will be made available through the Scheme soon.

21. How can I make withdrawals from my account with Heartland Bank?
The Heartland Saver account offers unlimited transfers to your nominated bank account.
Withdrawals can be made via:

  • Online banking
  • Telephone banking
  • Contacting the Freemasons free phone: 0508 FREEMASONS (0508 37 33 62)
  • Heartland Bank branches.

Heartland Bank’s transactional accounts offer even greater flexibility, and will be made available through the Scheme soon.

22. What is the Heartland Saver account?
The Heartland Saver account is a high-yield savings account. The key features of the Heartland Saver account are:

  • Interest calculated daily and paid monthly – for the current interest rate click here
  • Online access
  • Telephone access
  • No fees
  • Unlimited withdrawals to one nominated bank account

The Heartland Saver account will be offered to all account holders in the Freemasons Deposit Scheme when they are given the opportunity to switch to the new Freemasons Deposit Scheme with Heartland Bank in mid-late March.

23. What should I do if I have further questions?
Please contact Heartland Bank on 0508 FREEMASONS (0508 37 33 62) or freemasons@heartland.co.nz
IMPORTANT INFORMATION: For a copy of Heartland Bank’s Disclosure Statement and Term Deposits Investment Statement (if applicable) call us on 0508 FREEMASONS (0508 37 33 62) or click here. Freemasons NZ is not a promoter of the offer of Heartland Bank deposits, and does not guarantee the obligations of Heartland Bank. Interest rates subject to change without notice.

1. Heartland New Zealand Limited (HNZ) does not guarantee the obligations of Heartland Bank in relation to deposits. HNZ shares are listed on the NZX Main Board. The NZX Main Board is a registered market operated by NZX Limited, a registered exchange, regulated under the Securities Markets Act 1988. NZX Limited accepts no responsibility for any statement in this advertisement.