"NZCU Steelsands is an institution owned by the “members” or "customers"
- Your deposits are called shares because they represent ownership in the institution.
- All profits (after providing for necessary Reserves and operating costs) are returned to our customers through top interest rates on savings, low cost loans, and reasonable fees.
- We achieve this through a professional approach and a prudent attitude towards our customer's investment.
Contrast this with banks where the customers are just customers. Banks answer to profitability – shareholders own a bank and expect financial performance from bank management.
NZCU Steelsands has the same types of staff as banks. Staff are employed to serve customers of NZCU Steelsands and help them succeed in life though fostering a culture of wise use of credit, thrift and money management.
Upper management consists of a board of directors who makes decisions on NZCU Steelsands operations. This board is composed of elected volunteers. They do not do it for pay – rather they are NZCU Steelsands customers who want a say in how the place is run.