25 June 2021
344,500 Aucklanders living in the Entrust district will start receiving payment preference forms for the Entrust dividend in their mailboxes from today.
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. So it’s more important than ever that people check their forms carefully and choose their preferred method of payment for this year.
Entrust Chairman, William Cairns, says 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 we’ve 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.
Mr Cairns said Entrust wants to make it as easy as possible for dividend beneficiaries to receive their dividend. People who are used to receiving a cheque need to let Entrust know how they would like to receive their dividend this year.
“It’s really important they send us their bank account details now, as it will slow down their payment if we haven’t received their details by August 6th.
“By getting in touch with us now, we can start setting up payment methods ready for dividend day later in the year,” says Mr Cairns.
People have two payment options to choose from: direct credit to a bank account or a credit to their electricity bill. Even if people don’t need to update their payment preference, it’s important they check their details are correct.
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’s 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 6 August 2021.
The Entrust dividend is New Zealand’s largest dividend pay-out.
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.
Payment preference forms for the Entrust dividend will be appearing in mailboxes from today.