Frequently Asked Questions

Welcome to our help section and FAQ’s. Please select a question below to find answers to some of the most common questions. We have tried to create the answers to most questions, however if you do not find what you are looking for then please contact us.


Are my savings secure?
Like the banks, we are also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are part of the Financial Services Compensation Scheme that guarantees up to £85,000 of individual saving in the event that the credit union is unable to meet its financial obligations.
Can I withdraw my shares if I have a current loan?
You can only make a withdrawal if the balance of your shares is greater than the balance of your outstanding loan. If this is the case, you would be able to withdraw the difference between the two balances.
Can I withdraw my shares at any time?
Yes, you can withdraw your shares at any time you like as long as you do not have an outstanding loan with us. Just remember to bring some form of photographic identification with you such as a passport or driving licence.
How do my shares affect my borrowing power?
Your shares are your borrowing power with the credit union. All loans are based on your savings balance and history of regular deposits as well as ability to repay, income and expenditure and previous history.
How much can I save and how often?
You can save as much as you want whenever you want. There is no set limit and what you pay in is your own choice. The maximum amount you can hold in East Kilbride Credit Union is currently £10,000.
What is a shares 2/shares 3 account?
You can have a second or third savings account called shares 2 or shares 3. It is not possible to take a loan out against these accounts. They are simply for saving and means that you can have access to savings when your shares 1 is held as collateral for any current loan you may have outstanding.


I am not a member of the credit union, can I borrow money?
No. You would need to be a member before you could apply for a loan. If you are a resident or work in one of the four areas covered by our common bond, why not join online today.
How do I repay the loan?
The same way that you make deposits to your shares. You can pay at the office, through your bank or if you work for South Lanarkshire Council, David Urquhart or Micron you can pay by payroll deduction. You can also repay your loan by Debit Card over the phone.
How much interest do I pay?
Interest is generally charged at 1.2% per month on the reducing balance of your loan. Other rates may apply. Pay your loan off quickly and you pay less interest. For example, if you borrow £100 over 12 months you will pay back £107.97 in total.
Are there any penalties if I pay my loan off early?
There are no admin or set up charges or hidden fees.
Who can apply for loans and how?
Anyone who is a member, is over 18 and has been saving regularly with the credit union may apply for a loan. Just pop into our office and speak to a loan officer or apply online.
How much can I borrow and when?
For your first month of membership you can only borrow the same amount as you have saved; this is called a secure loan. After one month the amount you can borrow depends on regular deposits, previous loan history and income and expenditure details. Call into our office and speak to a loan officer for more details.
In the event of a death, what happens to an outstanding loan?
All members are covered by 100% free loan protection insurance up to the age of 74. Terms and conditions apply; please ask staff for more details.

Credit Unions

What is a credit union?
A credit union is a member-owned financial cooperative, democratically controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates and providing other financial services to its members.
What is so different about them?
Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.
What if I no longer live or work within South Lanarkshire, North Lanarkshire, Renfrewshire or East Renfrewshire?
As long as you lived or worked within our common bond when you joined the credit union, you are still eligible to remain a member even if you move away. There is no need for you to transfer your account to another Credit Union in your new area.


What insurance does EKCU offer?
All savings and loans are covered by our FREE Life Insurance and Loan Protection which is only available to members of the credit union. Terms and conditions apply so please ask for full details.
Does the insurance cost me anything?
No, nothing. This LPLS insurance is completely free of charge to every member of the credit union.
Why are my next of kin details so important?
Some of you have now been members for several years. During that time your circumstances may have changed, e.g. you may have moved house or married or divorced. The credit union needs accurate information in order to claim any insurance due. It is therefore vital to keep us updated with all changes.

Proof of Identity

What kind of identification do financial firms need to see?
You will need to show that you are who you say you are, and that you live where you say you live.
Usually, the best documents to prove your identity are your passport, driving licence, bank statement, utility bill or insurance renewal. We will normally ask for one address proof dated within the last three months and one photo proof.
Why am I asked to prove my identity?
Businesses and particularly financial institutions need to know who they are interacting with and to prove that individuals are who they say they are. The law governs what the credit union must ask you to verify.


How do dividends work?
East Kilbride Credit Union pays a dividend to members. At the end of each financial year, once the business costs have been assessed, the auditor will recommend to the Board of Directors the amount of surplus available as dividend. This is then agreed by the member at the Annual General Meeting.
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Annual Membership Fee

What is the AMF deduction showing on my statement?
On the 30 September an annual membership fee is due from all active members.  This fee is deducted automatically at the close of business and you will notice this appears on your annual statement as AMF.  Please note new members are not charged an AMF in their first year of membership.
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Mobile App

I've downloaded the mobile app but I can't log in?
In order to access your account via the app you must first register for online access through our website. You can do this here.
How do I download the app?
The app is available to download from the AppStore and GooglePlay.
What can I do on the app?
The mobile app gives you access to your account 24/7. You can check your balance, update your details, withdraw money to your bank and apply for a loan. Unfortunately at this time the app does not have the facility to pay into your account, however this can be done via the members area of our website or by calling 01355 224771.