4 February 2013
Staff in the Catholic Development Fund are contacting clients over the next few months to arrange alternative ways of managing their money in a drive to more directly target ways of supporting the Wellington Archdiocese financially.
Due to increased compliance and administrative costs because of law changes, the CDF will no longer be offering cheque and savings account facilities. The products and services the banks offer customers for these types of accounts are superior to what the CDF can afford to keep offering.
The archdiocese established the CDF (formerly ADF) in 1962 to provide ways of supporting the work of the archdiocese. This includes loans to parishes for major projects such as building work and for school developments.
The surplus income earned by the CDF is used to help fund a wide range of pastoral services including chaplaincies for the Maori, ethnic and deaf communities, Archdiocesan Pastoral Services, Youth & Young Adults Ministry, Catholic Social Services and Wel-Com.
Since the changes in legislation, the CDF has found that the best way it can generate income for the archdiocese is to focus on term deposits. The CDF is grateful to those who have supported the archdiocese in the past through depositing funds with the CDF and continues to welcome investments in the form of term deposits which can better serve archdiocesan needs.
The minimum investment is $5,000 and can be placed for periods of three months to 24 months. Interest on term deposits can be compounded or paid into a bank account and the CDF is planning to make other options available for investors to continue to donate their interest to the archdiocese and Catholic community.
An investment with the Catholic Development Fund is a tangible and ethical way to support the work of the archdiocese.
CDF staff will contact current CDF customers who hold cheque and call accounts over the next few months to discuss closing these accounts and transferring the funds to a term deposit.
During the review of CDF’s customer base it was found that many customers have changed their address without notifying the CDF. Last year the CDF wrote to all customers who have not used their account in the previous two years.
If you think you have funds with the CDF and haven’t received any communication, or if you would like to support the Church by arranging a term deposit, please email firstname.lastname@example.org or contact the CDF on 0800 423 3233. Go to www.cdf.co.nz for more information about the CDF.