Corporate Savings Account terms and conditions

  • The minimum account balance is £5. 
  • Regular payments can be made into the account by Direct Debit. 
  • Deposits can also be made by cheque or BACS.  A remittance advice slip should accompany any BACS payment.  Cheque deposits require 5 full working days for clearance from the date of deposit. 
  • Cash deposits can also be accepted.  Please contact the credit union office for further information.  
  • Withdrawal or transfer requests can be submitted at any time.
  • Daily cut off times are in place and, as long as you meet the deadline for a particular day, your withdrawal request will be processed that day and the funds paid into your nominated bank account, appearing as cleared funds within 2 working days.
  • An annual dividend may be paid, gross of tax, on all sums deposited in the Corporate Savings Account, subject to surplus.  Any dividend payment is based on your daily account balance. 
  • The dividend rate to be paid will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting each year.
  • Any dividend due will be paid into the account following the Annual General Meeting.
  • Should you cancel your membership of Capital Credit Union, the funds in your Corporate Savings Account will be paid out as part of our standard procedures.  In these circumstances, no dividend will be payable.

General terms and conditions which apply to Capital Credit Union corporate accounts

Deposit Limits
To remain a member of Capital Credit Union a minimum balance of £5 must be held in your corporate savings account at all times.  Following credit union regulations, a corporate member can hold a limit of £75,000 in their non-deferred shares.  Any deposits made may be subject to money laundering verification.

Direct Debit payments
There is a two day clearing system in place for all Direct Debit payments.  This is to ensure that the payment clears and is not returned unpaid by your bank.  Funds will be placed in your Corporate Savings Account for this period and as such will accrue dividend.

Fees and charges
Capital Credit Union reserves the right to charge fees.  Fees may be determined depending on how the corporate member wishes to use the account.  Any fees will be set by the Board of Directors.

Dividend payments and tax declarations
Dividend payments, as referred to in the product terms and conditions below, are automatically added to your account savings balance. Payments are made without the deduction of income tax and members should therefore declare dividend payments to Her Majesty's Revenue and Customs (HMRC) as part of any tax return submissions. Please contact HMRC for advice.