Frequently asked questions
About UDC Finance
Is UDC covered under the New Zealand Retail Deposit Guarantee Scheme?
Does UDC have branches across New Zealand?
How do I become a UDC customer?
Does UDC invest overseas?
Is UDC covered under the New Zealand Retail Deposit Guarantee Scheme?
Yes, UDC Secured Investments are covered by this scheme. The guarantee is available until 12 October 2010 and covers deposits up to $1,000,000. If you are a Related Party, a person who is neither a New Zealand citizen nor New Zealand Resident, or Financial Institution (unless you are and hold the UDC Secured Investment as a bare trustee), you will not receive the benefit of the Crown Guarantee.
UDC Maximiser (PIE) investments and deposits made by other financial institutions or by people who aren’t either New Zealand citizens or residents are not currently covered. For more information visit www.treasury.govt.nz
Does UDC have branches across New Zealand?
No, but you can visit your local ANZ branch to make deposits.
How do I become a UDC customer?
Simply complete the application form for the relevant investment product, attach a certified copy of your identification, and then send it to the following address:
UDC Investments
PO Box 91145
Victoria Street West
Auckland 1142
You can also call us on 0800 652 832 or visit your nearest ANZ branch for a copy of an application form and investment statement.
Does UDC invest overseas?
No, UDC does not invest overseas.
About UDC Investments
What is the requirement for an early redemption of an investment?
What is the penalty for early redemption of an investment?
Can I have my investment repaid to an overseas bank account?
Can UDC repay my investment by cheque?
How do I deposit money into my UDC Secured Investment?
What are the account numbers for electronic transfer or Internet banking payments?
How do I withdraw money from my UDC Secured Telephone Call Account?
How do I withdraw money from my UDC Secured Term Investment?
How do I withdraw funds from my UDC Maximiser Fund?
Can I use a joint account as my nominated account?
Can I make cheque deposits?
How do I change my nominated account?
Can I view my transactions online?
What are UDC’s investment terms?
How can I receive interest from a UDC Secured Investment?
How can I receive a distribution from a UDC Call or Term Maximiser Fund?
Is my interest/distribution taxed?
What happens at the end of the investment term?
What are the minimum deposits?
What is the requirement for an early redemption of an investment?
The pricing of UDC’s fixed interest rates assume for the UDC Secured Term Investments that your invested funds will remain with us until their maturity date. You are not entitled to withdraw your invested funds prior to maturity. However, in certain circumstances, such as the death of the investor or financial hardship, UDC may (but is not obliged to) consider written applications for early redemption.
Please note that if UDC does permit redemption in these circumstances, it has the right to amend the interest rate on the investment. Any such interest adjustment will be deducted from the balance of the investment as at the day it is repaid.
An investor in the Call Maximiser Fund can withdrawal all or part of their investment at anytime. The minimum withdrawal is $500. Unless all of an investment is withdrawn, an investor must maintain a minimum investment in the fund of 5,000 units ($5,000).
An investor in the Term Maximiser Fund does not have the right to make an early withdrawal before the maturity date. UDC will only consider such requests in special circumstances and retains an absolute discretion as to whether or not to accept a request (in whole or part). If UDC does permit an early withdrawal, it has the right to charge the Fund or Pool an Early Repayment Fee which will be allocated to the investor. Any such fee will be deducted from the balance of the investment as at the day it is redeemed (by cancelling Units).
What is the penalty for early redemption of an investment?
For UDC Secured Term Investments, there may be a reduction of up to 50% of the amount of interest earned on the investment you are redeeming. For details of this reduction you will need to discuss the matter with one of our Investor Services Team. Proof of hardship may also be required.
As an investor in the Term Maximiser Fund, you do not have the right to make an early withdrawal before the maturity date. UDC will only consider such requests in special circumstances and retains an absolute discretion as to whether or not to accept a request (in whole or part). If UDC does permit an early withdrawal, it has the right to charge the Fund or Pool an Early Repayment Fee which will be allocated to you. Any such fee will be deducted from the balance of your investment as at the day it is redeemed (by cancelling Units).
Can I have my investment repaid to an overseas bank account?
Yes, however we prefer to repay your investment to a New Zealand bank account. Dealing with international banks takes much longer and can cause a delay in receiving funds, and international transaction fees may be incurred.
Can UDC repay my investment by cheque?
UDC is unable to provide a cheque. It is much quicker to have funds paid directly into a bank account.
How do I deposit money into my UDC Secured Investment?
UDC Term Investment
Electronic transfer
All electronic transfers should be made to UDC’s bank account 01 0505 0128966 00. Please ensure you put your Inland Revenue number in the ‘payee reference’.
Telephone and Internet Banking transfers
Telephone or Internet Banking transfers can be arranged through your bank as a bill payment option for immediate clearance of funds.
Cheque Deposits
Cheques can be fixed to the application form. Cheque deposits may also be made at any ANZ branch of ANZ National Bank Limited. Five working days clearance is required for cheques.
Cheques for UDC Secured Investments must be made out to ‘UDC Finance Limited’.
For Maximiser (PIE) Investments, cheques must be made out to ‘TEA Custodians Ltd - on account UDC’.
Cash Deposits
These may be made at any ANZ branch of ANZ National Bank Limited to UDC’s account 01 0505 0128966 00. Remember to ensure that your deposit is “payee referenced” with either your investor or Inland Revenue number.
UDC Telephone Call Account
Electronic transfer
All electronic transfers should be made to UDC’s bank account: 01-0564-0070266-00. Make sure your UDC Telephone Call Account number is loaded as the “payee reference”.
Telephone or Internet Banking transfers can be arranged through your bank as a bill payment option for immediate clearance of funds.
Direct Debits
Once this is set up, you can call us directly and ask for funds to be transferred from your nominated bank account to your UDC Telephone Call Account. Deposits require three working days clearance. Complete the direct debit form available in the application booklet or call us on 0800 652 832 to request a direct debit form.
Automatic Payments
You can contact your bank to set up an automatic payment ensuring your UDC Telephone Call Account number is loaded as the “payee reference”. Once you automatic payment is set up, three working days are required for clearance.
Cheque Deposits
Cheques can be affixed to the application form printed from this website and posted to UDC Finance Limited, PO Box 91145, Victoria Street West, Auckland 1142. Cheque deposits may also be made at any ANZ branch of ANZ National Bank Limited using a personalised deposit book. Simply request a deposit book from us to enable this option. Please note, five working days clearance is required for cheques.
Cash Deposits
These may be made at any ANZ branch of ANZ National Bank Limited to UDC’s bank account 01-0564-0070266-00. Remember to ensure that your UDC Telephone Call Account number is included to enable immediate clearance of funds.
What are the account numbers for electronic transfer or Internet banking payments?
Secured Investments
Telephone Call Account 010564 0070266 000
Term Deposit Account 010505 0128966 000
UDC Maximiser (PIE) Investments
UDC Call & Term Maximiser Account 010505 0279203 00
How do I withdraw money from my UDC Secured Telephone Call Account?
Phone us on 0800 652 832 on business days between 8am and 4:30pm. The funds will be available in your nominated account the next business day.
Alternatively, put the instruction in writing and either post the original instruction to UDC Investments (PO Box 91145, Victoria Street West, Auckland 1142) or fax it to 0800 655 832 from your nearest ANZ branch.
How do I withdraw money from my UDC Secured Term Investment?
On maturity, you can either complete the repayment section of your maturity advice or put the instruction in writing signed by all account holders and send it to UDC or fax it to 0800 655 832 from your nearest ANZ branch.
How do I withdraw funds from my UDC Maximiser Fund?
An investor in the Call Maximiser fund can withdrawal all or part of their investment at anytime. The minimum withdrawal is $500. Unless all of an investment is withdrawn, an investor must maintain a minimum investment in the fund of 5,000 units ($5,000).
Can I use a joint account as my nominated account?
Yes you can.
Can I make cheque deposits?
Yes, you can either send the cheque to us to bank it, or you may bank the cheque at your nearest ANZ branch quoting the account number and reference number of your deposit.
Cheques for UDC Secured Investments should be made out to “UDC Finance Limited”.
Cheques for UDC Term or Call Maximiser investments must be made out to “TEA Custodians Ltd – on account UDC”, ensuring correct application reference is used.
How do I change my nominated account?
You will need to put the instruction in writing signed by all account holders and send the original instruction to UDC at PO Box 91145, Victoria Street West, Auckland 1142.
Can I view my transactions online?
No, however, you can always contact us on 0800 652 832 on business days between 8am and 5:00pm. We’ll be happy to provide you with details of your account transactions.
What are UDC’s investment terms?
UDC Secured Term Investment range from 1 month to 5 years.
For UDC Maximiser Funds, the minimum term is 12 months and there is no maximum term.
For details, please refer to our investment rates.
How can I receive interest from a UDC Secured Investment?
For your Secured Term Investments you can choose to have your interest compounded back into your investment or paid out to one of your nominated bank accounts. Some variations will apply depending on the term chosen.
How can I receive a distribution from a UDC Call or Term Maximiser Fund?
As Unit Holders in a unit trust, investors in a Call Maximiser or Term Maximiser Fund will not receive “interest” on their investment. Instead receive distributions. A distribution can be made to an investor either by the allocation of additional units to the fund or distribution of units to a specific account.
Is my interest/distribution taxed?
Secured Investments
Interest earned on UDC Secured Investments is taxable. Tax or Levy is deducted before interest is paid or compounded.
Maximiser Funds
The tax rules relating to PIEs effectively allow each fund to pay tax on behalf of each investor’s PIR (Prescribed Investor Rate). Each investor must determine his or her PIR and notify the Manager of that rate and provide his or her IRD number to the Manager.
What happens at the end of the investment term?
For the UDC Secured Term Investments a maturity advice form will be sent to you. You can then choose to reinvest, repay or add additional funds to your investment.
For the Term Maximiser Fund, you will be sent a maturity notice advising you of your options. Your investment can either be switched into a new term investment, switched to the Call Maximiser Fund or paid to a nominated bank account.
What are the minimum investments?
Secured Investments
UDC Secured Telephone Call Account $5,000
UDC Secured Term Deposit $5,000
Maximiser Funds
UDC Call Maximiser Fund $5,000
UDC Term Maximiser Fund $5,000