Money exchange to close

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Maungaturoto’s long-serving money exchange is set to close.

The Maungaturoto Money Exchange was established in 1999 following the closure of the last bank in town.

Providing a banking service for residents three days per week, over the last 17 years the exchange has processed over 20,000 transactions per year, delivering over $20 million of banking per year to banks in Whangarei peaking at $30 million in 2007-08, but dropping to $10 million this year.

There has also been a corresponding drop in the number of transactions processed.

Up until the last couple of years the exchange has paid its way, but as electronic online banking increases or transactions decline, fee increases have reached their profitability limits.

The exchange has been operated through Maungaturoto Residential Care Ltd, the trading arm of Maungaturoto Community Charitable Trust (MCCT).

A teller is employed with oversight from a committee of two trustees and two elected community representatives.

A security firm tranships the cash to and from Whangarei.

In 2015 the money exchange made a loss of $6291 and this year is tracking to double that.

The final trading day will be Wednesday June 29.

MCCT acknowledges the many hours of time given willingly by many people over the last 17 years.

ANZ bank has been approached to consider locating an ATM with deposit facility in the town.