Membership Terms & Conditions

Eligibility & minimum membership requirements 

  1. Anyone meeting the common bond membership criteria of the credit union as agreed by the credit union membership from time to time and set down in the credit union’s rules may join the credit union.  A summary of eligibility is maintained at: www.co-operativecreditunion.coop/who-can-join  
  1. The credit union may request reasonable evidence of an applicant member’s eligibility upon application before granting membership.  
  1. In order to maintain membership, a minimum £5 deposit must be made into a Regular Share account in the member’s name.  
  1. To remain an active member, a regular deposit of at least £10 per month must be made into the Regular Share account.  

Democracy & dormancy 

  1. Active Members of the credit union have the right to vote at general meetings of the credit union and to stand for election to the Board of Directors of the credit union.  All members have a single vote, regardless of their level of investment in the credit union.  
  1. Any member who does not maintain either the £10 minimum monthly deposit or the £5 minimum Regular Share balance or both shall, after at least 1 year’s account inactivity, be deemed Dormant. Reasonable attempts will be made to make contact with Dormant Members, upon being declared Dormant and periodically thereafter.  Such attempts will be conducted in accordance with the Dormant Accounts Policy agreed from time to time by the Board of Directors.  
  1. Any Dormant Member’s account will not attract the annual dividend and a Dormant Member forfeits their rights to vote at General Meetings of the credit union.  The account must be either reactivated by the resumption of regular monthly payments or closed and funds withdrawn upon the Member making contact with the credit union.  

Shares, dividend & borrowing 

  1. All shares held in the credit union attract a dividend which is declared annually by the board at its Annual General Meeting and ratified by a member resolution at that meeting.  The dividend is not guaranteed and is subject to the performance of the credit union, its plans for internal investment and prevailing market conditions.  
  1. The dividend is calculated retrospectively based on share balances during the previous financial year (1 October to 30 September).  The declared dividend rate will be applied to the lowest balance of each share account in each month of the year and this amount is credited to each eligible share account shortly following the Annual General Meeting. 
  1. For any Member with an active loan balance, their Regular Share account will be “attached” to the loan meaning that funds cannot be withdrawn until the outstanding loan balance falls below the Regular Share balance.  Thereafter, only the Regular Share balance exceeding the loan balance can be withdrawn.  Regular Shares will be used as security in the event of a member defaulting on their loan agreement.  These restrictions will be explained to you upon taking a loan and contained in your loan agreement. The credit union retains discretion over whether to permit the withdrawal or use of attached Regular Share deposits outside of this restriction.  
  1. Under normal trading circumstances, share deposits held in the credit union are withdrawable without restriction, unless they are attached to a loan or otherwise pledged according to the terms of a specific savings product.  However, the credit union reserves the right, in accordance with the Credit Unions Act 1979, to require up to 60 days’ notice of a share withdrawal.  Such notice will only be required in circumstances of extreme financial stress and any such requirement will be subject to advance disclosure by the credit union and exceptional individual withdrawals without the requisite notice will be permitted in circumstances of vulnerability or hardship at the credit union’s discretion.  
  1. Members may open additional Special Share accounts in addition to their Regular Shares, balances of which may be withdrawn at any time.   
  1. You can fund your account(s) through payroll deduction, Standing Order, recurring card payment or Direct Debit.  Your regular payment amount will remain until you instruct us to change it – therefore, if you fully repay a loan, the whole amount will roll into your Regular Shares account as a default until you instruct us to do otherwise.  

Financial Services Compensation Scheme 

  1. The maximum aggregate share balance across all accounts held in the credit union is set at the Financial Services Compensation Scheme (FSCS) limit, currently £85,000 (July 2022).  For information on how the FSCS protects your deposits with the credit union see: www.co-operativecreditunion.coop/fscs_information/  

Complaints 

  1. Members may complain about any aspect of their membership by contacting us by any of our communication channels and making clear that you wish to make a complaint, the reasons for the complaint and the resolution you would like to see.  Where you remain dissatisfied with the response to your complaint, you have the right to refer it to the Financial Ombudsman Service (FOS).  For details of how to complain to FOS, please call 0800 023 4567 or visit: www.financial-ombudsman.org.uk/consumers/how-to-complain  

Data protection 

  1. We manage your data in accordance with data protection legislation.  For details of how we manage your data and with whom we may share it and your data rights, please refer to our privacy policy: www.co-operativecreditunion.coop/privacy-policy  

Frequently Asked Questions 

  1. For information about the day-to-day management of your account with us, please see our Membership Frequently Asked Questions (FAQ) or simply ask us a question via any of our communication channels: www.co-operativecreditunion.coop/contact 

Amendment  

  1. These terms and conditions are subject to periodic amendment by the credit union at its own discretion or where regulatory changes require it.  In some cases amendments will arise from changes to the credit union’s rules ratified by a General Meeting.  Wherever terms and conditions are proposed to change, all members will be informed in advance of the change. 

The Co-operative Family Credit Union Limited, trading as The Co-op Credit Union, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.  

Credit facilities provided by The Co-op Credit Union, are subject to status and only available to those aged 18 or over and resident in the UK. The Co-op Credit Union is a member of the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS). FCA & PRA Firm Reference No 213649. Registered Co-operative Society Number: 558c. 

Registered office address: 1 Angel Square, Manchester, M60 0AG