Welcome to our help section. Please select a category below
to find answers to some of the most common questions.
 | Are my savings secure? |  | Yes as of 1st July 2002, the Financial Services Authority has taken over responsibility for regulating credit unions.
All credit unions will have to operate under the same rules as the banks and building societies and will be part of the Financial Services Compensation and Complaints Scheme.
This should give you even more confidence in the knowledge that your credit union is regulated just like your own bank or building society. | |
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| Can I withdraw my shares if I have a current loan? | | You can only withdraw your shares if the balance of your shares is larger than the balance of your loan. Therefore you would be able to withdraw the difference. | |
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| Can I withdraw my shares at any time? | | Yes, you can withdraw your shares at any time you like, just remember to bring some form of identification with you to prove your name and address. | |
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| How do my shares affect my borrowing power? | | The more shares you have the more power you have when it comes to borrowing from the credit union. This is based on regular saving deposits and not on share loading. | |
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| How much can I save and how often? | | You can save as much as you want whenever you want, from £10 a month to £200 a month. There is no set limit and what you pay in is your own choice. The maximum amount you can save in a credit union account is £40,000. | |
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| What is a shares 2 account? | | You can have a second savings account called shares 2. It is not possible to take a loan out against this account. It is simply for saving and means that you have access to savings when your shares 1 is held as collateral for any current loan you mave have. Annual dividend is received on your shares 2 account as well as your shares 1. | |
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