Virtual banking - How to make a deposit

What are virtual bank accounts?

When your profile is created on Consilium Wrap, a unique virtual bank account number is generated for each of your investment accounts. These accounts:

• Don’t hold money themselves but are linked to FNZ’s main bank account.
• Ensure that deposits are applied automatically and directly to your investment account.

Important things to know

Confirmation of payee service

From late 2024, banks began rolling out the ‘confirmation of payee’ service to verify account details for online payments.

NOTE: This service does not currently work with virtual bank accounts.

• You may see a message stating that the account details cannot be checked.
• This does not indicate a mismatch, only that the service cannot verify virtual accounts.

Ways to double-check your virtual bank account details:

• You can make a small test deposit between $1-$5 and confirm the amount shows in your investment account the same day.
• Contact your adviser for confirmation.

Deposits in branch

Virtual bank accounts are solely for use online. When doing an over-the-counter deposit in your bank branch you will need to use the main FNZ account and inform your financial adviser:

• Account number: 06-0507-0824711-00
• Account name: FNZ Custodians Ltd Client Funds
• Reference: Client name and CNZ account number (e.g. J Smith CNZ123456)

Other Exclusions

Some deposit types are unable to be done into your virtual bank account. If any of the following apply, contact your adviser to find out the correct way to make your deposit.

• Deposits exceeding your banks daily transfer limit (follow the in-branch instructions above).
• Foreign currency payments.
• NZD payments from offshore accounts.
• Contributions to the KiwiWRAP KiwiSaver Scheme (use the relevant scheme’s bank account).

Deposits to FNZ’s main account may take up to 3 days to process and require correct referencing.