Frequently Asked Questions

Still like to know more about Southern Cross? For more information, click here to access the current Heartland Building Society Investment Statement.

If you can't find the answer you're looking for below, just drop us a line. Go to our Contact Us page, or call on us 0800 657 935 to talk to a friendly member of our team.

Investment FAQs

For information about the merger and how it affects your investment, please click here

Merger FAQs

• What has happened to Southern Cross Building Society?

  As part of the merger of the banking and financial services businesses of Canterbury Building Society, MARAC Finance Limited and Southern Cross Building Society, Southern Cross Building Society's business has been transferred to a new building society, currently named Heartland Building Society. For more information on the merger and on Heartland Building Society please click here.

• When did the change occur??

  As part of the merger of the banking* and financial services businesses of Canterbury Building Society, MARAC Finance Limited and Southern Cross Building Society, Southern Cross Building Society's business has been transferred to a new building society, named Heartland Building Society. For more information on the merger and on Heartland Building Society please click here.

  
  

  *Heartland Building Society is not a registered bank

• What has happened to Southern Cross Building Society's branches?

  Southern Cross Building Society's branches are operating as normal.

• Will the branch hours change?

  No, branch hours will remain the same.

• What has happened to my account with Southern Cross Building Society?

  Your Southern Cross Building Society account remains the same, however the entity name it's held under is now Heartland Building Society.

• How will the merger affect the operation of my account?

  The merger will not change the way you can operate your account.  It will be business as usual unless Heartland Building Society advises you of changes.

• Will my account number change?

  No, your account number will remain the same until further notice.

• Will phone and internet banking still be available?

  Yes, phone and internet banking* will be offered in the same way as before the merger.

  
  

  *Heartland Building Society is not a registered bank

• Has the phone banking number changed?

  You can continue to call the current phone banking* number 0800 656 800.

  
  

  *Heartland Building Society is not a registered bank

• Has the internet banking login changed?

  No, you can continue to log into internet banking* by visiting the www.building society.co.nz website and clicking on the Southern Cross Internet Banking* Log In link.

  
  

  *Heartland Building Society is not a registered bank

• Do I need to change my phone/internet banking password?

  No, your phone/internet banking* login details will continue as is.  Heartland Building Society will inform you in advance of any changes.

  
  

  *Heartland Building Society is not a registered bank

• Will my automatic payments from my Southern Cross Building Society account continue?

  Any automatic payments that you scheduled to come out of your Southern Cross Building Society account will continue in accordance with your existing instructions.

• Do automatic payment authorities for payments into my Southern Cross Building Society account need to change?

  No, a payment made under the existing automatic payment authority will still go to your Southern Cross Building Society account.

• What will happen to my salary that is currently paid into my Southern Cross Building Society account?

  As your account details have not changed, you do not need to change your current arrangements for your salary.

• Will scheduled direct debits from my Southern Cross Building Society account continue?

  Yes, scheduled direct debits will continue to be debited from your Southern Cross account in accordance with the existing direct debit authority.

• Do direct debit authorities for payments into my Southern Cross Building Society account need to change?

  No, a payment made under the existing direct debit authority will still go to your Southern Cross account.

• Can I continue to pay bills online?

  Yes, you can continue to access internet banking* and the online bill payment service by visiting the www.buildingsociety.co.nz website and clicking on the Southern Cross Internet Banking* Log In link.

  
  

  *Heartland Building Society is not a registered bank

• Will the interest rate on my term deposit change as a result of the merger?

  No, the interest rate currently payable on your term deposit will continue to apply until maturity of your deposit.

• Will the term deposit I made with Southern Cross Building Society be reinvested on maturity?

  You will be sent a pre-maturity letter prior to your term deposit maturing asking what you'd like to do, reinvest or have your term deposit repaid.  If we don't receive your maturity instructions, your term deposit will be automatically reinvested with Heartland Building Society.

• What will happen to the statements that I get from Southern Cross Building Society?

  You will continue to receive statements from Southern Cross at the same time and frequency as you currently do.

• Who can I contact about my account?

  You can continue to contact the branch and account representative that you dealt with before the merger. 

• If I also had an account with Southern Cross Building Society, has it now been merged with my Southern Cross Building Society account into a single Heartland Building Society account?

  No, both accounts will continue to be treated separately until the IT systems for both businesses have been consolidated.  Heartland Building Society will let you know when this happens.

• What will happen to my loan from Southern Cross Building Society?

  The only change is the name of your lender – which is now Heartland Building Society.  The operating terms of your loan remain the same.  You will also continue to enjoy the same level of service, and deal with the same people. 

• What will happen to the credit facility that I had from Southern Cross Building Society?

  The credit facility will be made available to you by Heartland Building Society on the same terms and conditions as before.

• Will the way that my loan operates change as a result of the merger?

  No, your loan will continue to operate in the way that your Southern Cross Building Society loan operated.  However, any new loan that you seek from Heartland Building Society will be on the terms and conditions applicable for Heartland Building Society loans.

• Do I need to change the way I make my loan payments?

  No, you should continue to make all payments at the same time and in the same manner they are currently made.

• Will the existing fees and charges for Southern Cross Building Society loan accounts be changed?

  All fees and charges will remain unchanged.  Heartland Building Society will keep you informed of any changes.

• Will the interest rate on my Southern Cross Building Society loan stay the same?

  The merger has not changed the terms and conditions applicable to your loan.  The interest rate payable on your loan will not change except in accordance with the current terms and conditions of the loan.

• What if I received a loan offer from Southern Cross Building Society prior to the merger?

  Loan offers made by Southern Cross Building Society will be processed by Heartland Building Society in the same way as before.  You should contact the representative that you were dealing with prior to the merger for further information.

• If I also had a loan from Southern Cross Building Society has it now been merged with my Southern Cross Building Society loan into a single Heartland Building Society loan?

  No, both loans will be administered separately for the present.  Heartland Building Society will contact you if this changes.

General FAQs

• What is a Building Society?

  A building society is financial institution that offers savings accounts and mortgages as its main business. Building societies in New Zealand offer a similar range of services to that of banks.*

  *Heartland Building Society is not a registered bank.

• Why is capital adequacy important?

  The term "capital adequacy" represents the measure of permanent capital in the Society relative to the Society's total assets.   A high capital adequacy ratio reflects a large capital "buffer" in the business which ranks behind depositors.

  The Reserve Bank of New Zealand has introduced minimum levels of capital required for all non-bank deposit-taking institutions (such as the Society).  The Society's capital adequacy position comfortably exceeds the minimum requirement of 8% required by the Reserve Bank. 

• Why is Southern Cross able to offer higher rates of interest than the banks?

  The Society keeps its business simple and maintains tight control over its costs - thereby enabling it to offer competitive rates to its depositors.

• Are there any loans made outside of New Zealand?

  No, all our loans may only be made in New Zealand.

• Is Southern Cross associated with Southern Cross Healthcare?

  No. Although the Southern Cross division of Heartland Building Society shares a similar name, the Society and Southern Cross Healthcare have absolutely no business association.

• What are your trading hours?

  Our Southern Cross branches are open Monday to Friday from 9.00 am to 5.00 pm. Alternatively you can email your local branch, or submit a "contact us" request.

• How can I open an account?

  You can open your account online, by post or at one of our seven branches or over 40 agencies.

  To apply online, please complete the New Account Application form and we will contact you to obtain your certified copy of current identification and opening deposit. For further information as to the types of identification that is required please call the Society on 0800 657 935.

  To apply by post, phone us and we'll send you the New Account Application form and all the information you will need to open an account. Complete the form and send it back to us with your cheque and certified copy of current identification.

  To apply at a Branch or at an Agency, please bring your appropriate current identification and we can open the account for you.

• How can I make deposits and withdrawals?

  You can make deposits and withdrawals in person at any of the Southern Cross Branches or Agencies. No withdrawals on a Current Account Saver or Maxi-Month Account are permitted without appropriate identification. You can also direct credit funds into your Southern Cross account from your trading bank account. Our Telephone Banking* and Internet Banking* services provide you with the facility to transfer funds to any nominated financial institution.

  *Heartland Building Society is not a registered bank.

• Why do I need to provide identification, and what type is required?

  In order to comply with the Financial Transactions Reporting Act 1996, Southern Cross requires identification from all customers prior to a new account being opened.

  Two forms of identifications are required. The primary Identification means a photo ID, generally the additional acceptable form is a passport and/or a NZ driver's license. The secondary form of acceptable identification is either a credit card, ATM (with the name and the signature of the owner), and other documents from a reputable and identifiable source. 

  If Southern Cross cannot view the original document(s), such as in the case of opening an account via the post, we require certified copies of all identifications. A Justice of the Peace, lawyer, banker may certify that the documents are a true copy of the original.

• I have accounts that need more than one person to operate - can I still access these accounts through Internet Banking*?

  No. To be able to transact on an account in Internet Banking, you must have an account that requires only one person to operate it.

  If you need joint or multiple people to operate your account, you will not be able to access the account via internet banking.

• Can I ask for an account balance over the phone?

  If you would like to be able to receive your account balance or other information over the phone, you will need to set up a password on your account. Please contact one of our branches for more information on how to do this.

• What happens if my passbook is lost or stolen?

  You must contact your branch or Agency to inform us so that we can register your passbook as lost or stolen. A warning is placed on your account prohibiting any withdrawals to be made until the lost passbook form is completed and a duplicate passbook is issued. Contact your local Branch on 0800 657 935.

• How do I change my address and contact details for my account?

  We will need notification of the change of address or any contact details to be completed on the signed copy of the Change Request form and sent or faxed to your branch. Southern Cross will make the requested changes in our records and send you confirmation if requested. To download a copy of the Change Request form click here.

• Can I set up a new automatic payment to commence today?

  No. Automatic payments can only be set-up to commence on the next working day.

• I want to change or cancel an automatic payment. What is the latest time that I can do it by?

  Automatic payments only get processed on working days. If the next payment date falls due on a working day, you can change or cancel the payment instruction any time up to 6.30 pm. If it is after 6.30 pm, the payment will be processed unchanged i.e. your changes will not take effect until the next payment date. Please note that you cannot change the date of the automatic payment to be today, it will need to be tomorrow.

  If you have any other questions please contact us on 0800 657 935 (8.30 am to 5.00 pm Monday to Friday) or submit a contact us request.

• What happens if an automatic payment falls due on a weekend or public holiday?

  Automatic payments only get processed on working days. If a payment falls on a non-working day, the payment will be made on the next working day.

• I'm expecting money to be deposited in my account today – will my planned payment that is supposed to go out of my account today go through?

  It is a good idea to plan future dated transactions for the day after you are expecting funds to be deposited into your account. Deposits into your account from other banks are processed after midnight each working day, and will therefore not be in your account in time to fund a planned payment due today.

• What happens if I don't have enough money in my account on a planned payment date?

  If there are insufficient available funds on the planned payment date to cover your payment, your payment will not be processed.

Internet Banking* FAQs

Click here for Internet banking* FAQS