Following the merger between People’s Choice Credit Union and Heritage Bank, the two brands are operated by a single company, ‘Heritage and People’s Choice Ltd’. The FCS limit of $250,000 is applied to the combined total of an account holder’s deposits held with Heritage and People’s Choice Ltd (whether under the trading name ‘Heritage
Bank’ or the trading name ‘People’s Choice Credit Union’). For joint accounts, deposits are shared equally between the account holders. This will mean that if you hold deposits with both ‘Heritage Bank’ and ‘People’s Choice Credit Union’, you will no longer have two separate $250,000 guarantees and any amount you hold with the merged organisation, Heritage and People’s Choice Ltd, that is greater than $250,000 will not be guaranteed by the FCS.