What is a Credit Union?
A Credit Union is a financial cooperative owned and run by it's members.It is run on a not for profit basis. every credit union has a common bond which the mebers are drawn from ,in our case All members of the Communications Workers Union , employees of the CWU, employees in those companies were the CWU is recognised as a Trade Union and retired members of the CWU in the U.K.( excluding Northern Ireland) can now join our credit union.
What is the function of the Credit Union?
The Credit Union is here to offer a savings facility which, because of the wages deductions, makes it easier for people to save without the hassle of going to the bank. We have found that we have a considerable number of members who have now saved more with the Credit Union than at any other time. The Credit Union also offers a loan facility where you can apply for a loan at very reasonable rates of interest.
How much should I save?
The answer is up to you, but please save an amount which you are comfortable with.
What happens after my application to join is received?
Your application will be checked on line for identity verification, if it passes this then your wages section/Bank /Building society will be sent appropriate forms from us and as soon as we have your first wage/salary/directdebit you are a member.
What happens if my application fails identity verification?
We will contact you requesting whatever forms are needed.
How quickly can I have a loan?
The waiting period is usually 12 weeks (weekly paid) or 3 months (salary staff), but in some instances we can allow loans almost immediately.
How much of a loan can I get?
On your first loan application we will allow £1000.
Here is a list of terms used: -
| SHARES |
The amount you have in creit union i.e. £1=1 share. |
| WAGE AMENDMENT |
Completed form for increasing and decreasing deductions from wages. |
| LOAN APPLICATION |
To be completed when applying for a loan. |
| LOAN AGREEMENT |
Completed with the loan application which states that you agree to pay your loan. |
| SHARE WITHDRAWAL |
Withdraws money from your account. |
| SHARE TO LOAN TRANSFER |
Clears off existing loans with shares in your account. |
How do I get a statement ?
This is available on request, but we generally try to get at least one statement out per year.
Interest Dividends
These are calculated on a yearly basis and you will be advised when they will be added to your account. For the past two years we have paid a 4% dividend
Insurance
All shares and loans that meet the acceptable guidelines within the national rules qualify for free insurance cover in the event of death or disablement. | 
22 May 2013
