Entrust dividends are paid out to users in Auckland, Manukau, northern parts of Papakura and eastern Franklin. Photo / Michael Craig
Entrust dividends are paid out to users in Auckland, Manukau, northern parts of Papakura and eastern Franklin. Photo / Michael Craig
Entrust beneficiaries are being urged to check their details are correct to ensure they receive their dividend payout in September.
Entrust, formerly Auckland Energy Consumer Trust, owns 75.1 per cent of shares in lines company Vector.
The shares are held in trust for more than 380,000 energy consumer beneficiaries in Auckland, Manukau, northern parts of Papakura and eastern Franklin.
A map of Entrust district in Auckland. Photo / Supplied
Beneficiaries on the Entrust dividend are paid out each year, with last year's payment bagging them $360 plus an extra $15 from Vector for a total of $375.
Entrust chairman William Cairns said it's one of the largest dividend payouts in the country with more than $120 million delivered last year to beneficiaries.
"With many household budgets under increased pressure because of Covid-19's financial impacts, it's never come at a more critical time," Cairns said.
Entrust chairman William Cairns. Photo / Supplied
The dividend is paid to all customers connected to the Vector electricity network and located within the Entrust district at the roll date each year.
Payment preference forms are starting to be sent out to all households and businesses who met the criteria from this week.
"If that's you, we want to make the payment process as simple as possible, but we need you to make sure we have your correct information and preferred method of payment," Cairns said.
"This will ensure that you receive the payment with no delays in September."
He encouraged anyone who received their previous dividend via cheque to reassess their preferred method of payment.
Kiwibank is no longer accepting cheques, and BNZ, ANZ, ASB, and Westpac banks have announced they will do the same.
"This includes your Entrust dividend cheque. The easiest way to get the payment in cash is to provide us with your bank account details," Cairns said.
Entrust was talking to budget advice and support services to ensure that people who got the dividend payment knew to check their details and payment options.
"It can be paid via direct credit, credit on to electricity accounts or via cheque (if your bank still accepts them), to the named person or people on the power bill," Cairns said.
"But we need people to check their letterbox and carefully read the letter we're sending that gives them those options and to make sure we have the correct details to pay them."
Entrust beneficiaries must do the following to make sure their payment is received:
• Check the name on the Entrust form is exactly the same as the bank account that the cheque or direct credit will be paid into. If it's not, ask your electricity retailer to update your power account name to match.
