An easy access deposit account for organisations
Safe savings - for small organisations
Our Community Account is an easy access deposit account for organisations. The account offers easy ways for clubs, societies, charities, social enterprises and small organisations (both incorporated and unincorporated) to pay in funds received from their members, supporters or customers, or to pay their suppliers. Just maintain a minimum of £1 in your account and you will receive a wide range of benefits, in addition to supporting your local, ethical financial co-operative.
Who can open a Community Account?
Organisations who are based or operate within our common bond area (see our Rule Book). This includes clubs, societies, charities, and small organisations both incorporated and unincorporated.
How can we join?
Simply complete the Community Account application form, provide verification of your organisation and at least two proofs of ID for up to four signatories (minimum of two required).
We also require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation if they are not one of the signatories.
Membership will commence from the date of the first deposit, which may be by cash, cheque, Direct Debit, or Bank Standing Order.
Are there any fees on the account?
If a cheque is unpaid we reserve the right to debit your account with any charges that we incur.
Any more than one postal statement per year will cost 50p.
See ‘How can we withdraw money?’ for fees that may occur should you exceed withdrawal limits.
Is there a maximum savings balance?
At present, we are limiting members to £68,000 in total savings.
Is there a minimum amount I must have in the account?
You must maintain a minimum balance of £1 in this account to retain membership.
How can we deposit savings?
* If deposits are made by cheque, no withdrawal may be made against them until the funds have been cleared in the Credit Union’s bank account which usually takes 6 working days.
Can we deposit bags of change into the account?
Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as mixed change will not be accepted.
How can we withdraw money?
Applications for withdrawals must be made on the appropriate withdrawal form and posted, faxed or brought to the Credit Union. They will be processed, provided they contain the required number of signatures corresponding with those currently on file.
Withdrawals can be made by:
* For larger amounts or at other branches, please give 7 days’ advance notice.
How many signatories do we need?
A minimum of two signatories are required to act on behalf of your organisation, with a maximum of four signatories permitted.
How do we change signatories?
A form must be signed by the current registered signatories for the change to be made. If any signatures are unobtainable, please provide a letter of resignation or a signed copy of the minutes of the meeting where the individual’s removal was confirmed. If a signatory dies, a death certificate would be required.
Do we need a formal constitution?
If you don’t have one, a sample constitution is available on request. It can be completed by the office holders to verify the organisation’s existence.
What is the interest rate or dividend on the account?
We don't currently advertise an interest rate, however we may pay a yearly dividend on your account.
The dividend rate will be determined by the Board of Directors and ratified by the members in Annual General Meeting (AGM).
Any dividend due will be paid to the account on the first working day after the AGM and will be based on the balances held in the account since throughout the year to 30 September.
What happens if money is paid into my account by mistake?
If we are told a payment has been made into your account by mistake and we reasonably believe this to be the case, we may return the money. We will tell you if this happens and give you the chance to dispute the claim. If asked, we may share your relevant personal information with other banks, building societies and credit unions so that the payer can trace money paid to an incorrect account.
Can we open two Community Accounts?
An organisation is only permitted to hold one Community Account at any one time.
How do we close the account?
Any request to close the account must be made in writing giving 30 days’ notice before the money can be paid out. It must be signed by all registered signatories.
Note that we may also declare your account dormant if there are no transactions for 12 months or more.
Steve, Ferriby Hall Squash & Racketball Club, Hull