The Membership Account is a basic savings account that all members of the credit union receive when they join (aged 16+). It can be used as a savings account although some members choose not to use it in this way but as a gateway to access our other services.
Step 2: Provide two or three acceptable items of identification
What happens next?
We will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753.
Once you are a member, you will have access to the rest of our services.
Who can open a Membership Account?
Anyone within our common bond area over the age of 16.
How can I join?
Simply complete the Membership application form and provide at least two proofs of ID at the same time. Your Membership will commence from the date of the first deposit, which may be by cash, cheque, payroll deduction, 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.
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 and access to other services.
How can I 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 I 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.
Do I need to make regular deposits to keep the account open?
If you make no transactions on your account for 12 months or more, the Credit Union may declare your account dormant in accordance with Credit Union Rule 30 to 34. No dividend will be paid on dormant accounts and, if you do not respond to our enquiry an annual administration fee of £5 may be deducted from your account balance.
Do any other deposits go through the account?
All deposits for the repayment of loans or for Budget Accounts (to pay for insurance services or other direct payments) will be deposited to your Membership Account and transferred to the loan or Budget Account on the due date.
How can I 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 are fully legible and contain the member’s signature corresponding with that currently held on file.
Withdrawals can be made by:
* For larger amounts or at other branches, please give 7 days’ advance notice.
You may also apply to set up a standing authorisation to make telephone transfers to a designated bank account. Any requests made by telephone, upon proving your identity, may only be made to that account.
What is the interest rate or dividend on the account?
We don't currently advertise an interest rate, however we do 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 annually on the first working day after the AGM. Dividend will be based on the balances held in the account throughout the year to the 30 September prior to the AGM.
Do I have to pay tax on my dividends?
Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.
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 I open two Membership Accounts?
A member is only permitted to hold one Membership Account at any one time.
How do I close my account?
Any request to close the account must be made in writing giving 30 days’ notice before the money can be paid out. If you close your account, you will not qualify for any dividends declared after the account is closed.
Note that we may also declare your account dormant if there are no transactions for 12 months or more.