Cheque-free remittance for 344,500 residents
This story was updated at 11.35 am on Friday, June 25, 2021
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Auckland, July 24, 2021
About 344,500 Aucklanders living in the Entrust District will start receiving payment preference forms for the Entrust dividend in their mailboxes from today, June 24, 2021.
Many Aucklanders look forward to receiving their Entrust dividend in late September each year. A key change this year is that cheques will no longer be a payment option for receiving the dividend, due to the phasing out of cheques by banks.
Banks phase out cheques
Therefore, it is more important than ever that people check their forms carefully and choose their preferred method of payment for this year.
Entrust Chairman William Cairns said that the decision to phase out cheques was made by banks, not Entrust, and that Trustees were aware the change would be frustrating for a lot of beneficiaries who had historically opted to receive their dividend by cheque each year.
“After the unprecedented year that we have had and in these uncertain economic times, we understand many families and businesses will be relying on the Entrust dividend this year and need it more than ever,” he said.
Mr Cairns said that Entrust is keen to make it as easy as possible for dividend beneficiaries to receive their dividend. People who are used to receiving a cheque should inform Entrust how they would like to receive their dividend this year.
Alternative payment method
“It is really important that they send us their bank account details now, as it will slow down their payment if we have not received their details by August 6, 2021. By getting in touch with us now, we can start setting up payment methods ready for dividend day later in the year,” Mr Cairns said.
People have two payment options to choose from-direct credit to a bank account or a credit to their electricity bill. Even if people do not need to update their payment preference, it is important that they check their details are correct.
Mr Cairns said that there are two things to check on the forms to help make the dividend payment process as smooth as possible.
“Check the name on the Entrust form is exactly the same as your bank account. If it is not, ask your electricity retailer to update the name on your power bill to match. If you need to change the payment method, update the form and return it by Friday, August 6, 2021. The Entrust Dividend is New Zealand’s largest dividend pay-out,” he said.
Last year 340,500 households and businesses received $280, injecting $95 million into the Auckland economy. The annual dividend is paid to eligible Entrust beneficiaries in late September. The Entrust District encompasses Auckland, Manukau, northern parts of Papakura and eastern Franklin that are connected to Vector’s electricity network.
For further information, please visit www.entrustnz.co.nz or www.facebook.com/entrustnz
About Entrust
Entrust (formerly called the Auckland Energy Consumer Trust) is a private trust that owns the majority of Vector on behalf of its beneficiaries.
Entrust owns 75.1% of shares in Vector which are held in trust for energy consumer beneficiaries in Auckland, Manukau, northern parts of Papakura and eastern Franklin. These beneficiaries are paid a cash dividend each year, usually in late September.
The organisation was created in 1993 to make sure that power lines remained in the control of electricity consumers and was established under a trust deed on behalf of electricity consumers in the area previously served by the Auckland Electric Power Board.
Source: Entrust Press Release
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