Carlisle and District Credit Union – Membership Booklet A Credit Union is a financial co-operative which promotes savings and offers affordable loans. It is owned and run by its members. Credit Unions are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority which ensures that they are being run according to safe financial guidelines. Credit Unions, like banks, are covered by the Financial Services Compensation Scheme (FSCS) which means that if a credit union is forced to close for any reason all savings are completely secure. A copy of the Credit Unions Policies and Procedures is available to read at our head office at any time. We aim to give a high standard of customer service at all times. However, if you do have a complaint about the Credit Union a complaints leaflet is available at our head office. Free life cover is offered on all savings and loans. If a member dies any loan will be paid by the insurers (providing the loan repayments are up to date). The beneficiary will receive the member’s savings plus 50%. Life cover is applicable up to the age of 80 years. MEMBERSHIP In order to join you must live, work or volunteer within the Carlisle and District area. You will need to provide 2 pieces of evidence to confirm who you are and where you live, contact the office to confirm which identification we can accept. Or you can apply online to join, go to our website and click on ‘Membership’ and follow instructions. If you live outside the Carlisle and District area but work/volunteer within, you will also need to provide evidence of your employment. A membership fee of £1 is payable on joining. A savings balance of not less than £5 must be maintained. The Credit Union reserves the right to terminate a membership if the member does not abide by the policies and procedures of the organisation. CHILDRENS ACCOUNTS To open an account for a child we would need to see the original birth certificate, if the person opening the account is not a member with the Credit Union we would need ID and residency for them too. SAVINGS Members are encouraged to make regular savings, no matter how small. There is an upper savings limit of £10,000. Savings may be made by standing order, cash or cheque payable to Carlisle & District Credit Union Ltd, or over the telephone. (Telephone number 01228 371210, there is a £1 charge for telephone payments). Lump sum payments may be made but these cannot be used against securing a loan. Withdrawals can be made at any time, just pop into the office to sign for the money, if we do not have cash available the payment will be transferred to your bank account the same day as cleared funds (2pm is our deadline for same day transfers). A member cannot withdraw savings while they have a loan unless the balance of the savings is above the outstanding loan balance. For example on an outstanding loan balance of £100 and savings of £150, a member may withdraw up to £45 (£5 must be left in the account at all times). LOANS Standard Loans: The interest rate on a standard loan is 12.68% APR. Members must save for 8 weeks (2months). A regular pattern of savings and loan repayments on existing loans must be seen. A member may apply to borrow double the amount held in savings. For a first loan the maximum which can be borrowed is £500. For a second loan the maximum which can be borrowed is £1,500. For a third loan the maximum which can be borrowed is £5,000. For a fourth loan the maximum which can be borrowed is £7,500. All loans over £5,000 will require a credit check, the £2 fee being payable by the member. All loans are dependent on regular savings and repayment records. The Credit Union reserves the right not to grant a loan. A member cannot touch their savings while they have a loan unless the balance of the savings is above the outstanding loan balance. An appointment maybe required to ascertain whether the loan is affordable. Instant Loan:Up to £2,000 The interest rate on instant loans is 26.82% APR. A customer who has not built up savings with the credit union may join and apply for an instant loan. The member will be required to save regularly whilst repaying any loan granted. A member cannot touch their savings while they have a loan unless the balance of the savings is above the outstanding loan balance Evidence will be needed to confirm identity and address. Proof of income and two months of recent bank statements will also be required. A credit check may be applied. The customer will need to attend an assessment interview to ascertain whether the loan is affordable. The customer may be offered the full amount applied for, they may be offered less or the loan may be refused. The Credit Union reserves the right not to grant a loan. Instant Loan: Between £2,000 - £5,000 Interest rate on the loan is 7.9% APR A customer can apply for our new loan for between £2,000 and £5,000. The customer will need to attend an assessment interview to ascertain whether the loan is affordable. Evidence will be needed to confirm identity and address. Proof of income and two months of recent bank statements will also be required. A credit check will be applied. The member will be required to save regularly whilst repaying any loan granted. A member cannot touch their savings while they have a loan unless the balance of the savings is above the outstanding loan balance. The customer may be offered the full amount applied for, they may be offered less or the loan may be refused. The Credit Union reserves the right not to grant a loan. Loans – General Information On receipt of a loan the member will receive a copy of the loan agreement, including a repayment schedule. This is a legally binding document. Loans are paid out via a BACS payment directly in to the members bank account, by cheque or in cash for smaller amounts. Loans may be repaid by standing order, cash, cheque or over the telephone with a Debit Card. (Telephone number 01228 371210, there is a £1 charge for telephone payments). A member cannot touch their savings while they have a loan unless the balance of the savings is above the outstanding loan balance If a member has difficulty in making repayments they must contact the Credit Union immediately to discuss. The credit union is strongly committed to dealing with any bad debts and has a strong record on the recovery of money owing. For further information please contact: 95 Lowther Street Carlisle CA3 8ED Tel: (01228) 594007 E-mail: development.cadcul@btconnect Web site: carlislecu Follow us on Facebook and Twitter Carlisle& District Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Company Registration 712C. Reference Number 401116. Registered address: as above. OPENING HOURS Monday to Wednesday 10.00am – 2.00pm Thursday and Friday 10.00am – 4.00pm Saturday 9.30am – 12.00pm Or call for an appointment Monday – Friday between 9-5pm.
Posted on: Sat, 13 Dec 2014 12:00:01 +0000
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