Membership

General Terms and Conditions

Membership is open to anyone living or working in our Common Bond, employed by one of our Employer Partners, or a member of Community Trade Union.

• All members of Capital Credit Union must have an Instant Access Savings Account and maintain a minimum balance of £1 in it at all times. The £1 is held as a non-refundable deposit. The non-refundable deposit will be used to: contribute to the alleviation of poverty within the community; and/or to contribute towards the economic regeneration of the community, upon you leaving Capital Credit Union. There is no minimum duration for this account.
• You can save any amount from £1 up to the maximum covered by the FSCS which is £120,000. For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0131 225 9901 or ask at our office, visit the FSCS website www.fscs.org.uk or call 0800 678 1100. Any deposits made may be subject to money laundering verification.
• We have the right to suspend your account if we suspect fraudulent activity.
• Your account is for personal use only. If you need an account for business purposes please request details of the appropriate business account from us.
• You must call us on 0131 225 9901 or write to us at Capital Credit Union Ltd., 31 Dunedin Street, Edinburgh, EH7 4JG immediately on any change of name or address, change of e-mail address or change of telephone or mobile number. If you do not do this we may charge your account with the cost of locating you. Proof of change of name or address may be required.
• Statements are available on request. We will provide statements either by post or via the secure login area of our website. You must inform us immediately of any incorrect item on your statement.
• You have a right to cancel your account 14 days from our receipt of your signed agreement or when you have started to transact on the account. You can cancel by writing to us at Capital Credit Union Ltd., 31 Dunedin Street, Edinburgh, EH7 4JG. You will have to repay us any amount you owe us including any interest and charges.

Capital Credit Union is now required by law to obtain additional information and documentation from members, in order to correctly identify a person’s residence for tax purposes. We are required to report any members with overseas status to HMRC.

Deposits

Money can be paid into your accounts in the following ways:

• By Direct Debit (it is your responsibility to ensure that the bank details provided are correct)
• By Payroll Deduction (from participating partner employers)
• By Benefit payments
• By Debit Card

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 Instant Access Savings Account for this period and as such will accrue dividend. It is your responsibility to ensure that the bank details provided are correct.

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.

• The dividend will be paid annually and gross of tax and is subject to surplus and approval by members at the AGM (not guaranteed).
• The dividend is declared at the Annual General Meeting, to which all members aged 18 and over are invited.
• Dividend or interest will only be paid to those in membership at the time the dividend is declared or when interest is due to be paid.
• You are only eligible for a dividend or interest if the dividend or interest value is over £1.
• Accounts may include dividend or interest but not both.
• Dividend payments are not taxed at source, therefore you may be liable for taxes or costs that are not paid by or via us e.g. higher rate tax.
• For accounts that may attract interest additional terms and conditions may apply.

Withdrawals

Money can be withdrawn from your accounts in various ways:

• By BACS transfer to another bank account – Please note that a BACS transfer to another account may take up to 3 working days
• By transfer to another Capital Credit Union account
• By loading onto a pre-paid card and withdrawing at an ATM or ‘cash back’ in a shop

Stopping payment or changing your deposit

If you want to cancel or change a direct debit or similar arrangement, you are required to maintain any loan or budget payment arrangements that you hold with us.

For your protection, we reserve the right to suspend access if:

• We suspect fraud or money laundering
• Incorrect customer security details are used to attempt to access your account.

We may make changes to this agreement at any time. If any changes are made, we will notify you personally via letter or email at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or forfeit any dividend for doing this.

Instant Access Savings Account Terms and Conditions

• The Instant Access Savings Account is the primary savings account operated by the credit union. Under the terms of membership, all members of Capital Credit Union must open an Instant Access Savings Account. The minimum account balance is £1.
• Regular payments must be made into the account by payroll deduction if you work for one of our sponsoring employers, by Direct Debit or by Benefits. A minimum of £3 per week (£15 per month) must be paid into the account.
• The requirement for regular savings into the account is waived for members who have set up regular payments into a Capital Credit Union Cash ISA or Premier Savings Account. Additional deposits can be made into the account by debit card deposit.
• 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 two to three working days.
• Loans from Capital Credit Union will be secured against the savings held in this account.
• An annual dividend may be paid, gross of tax, on all sums deposited in the Instant Access Savings Account, subject to surplus. Any dividend payment is based on your lowest monthly balance.
• The dividend rate to be paid will be recommended by the Board of Directors and approved 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 before our AGM is held in January, the funds in your Instant Access Savings Account will be paid out as part of our standard procedures. In these circumstances, no dividend will be payable.

Complaints

If you are not satisfied with any aspect of our service or products, you can tell us about your concern in the following ways:

• Visit our office and speak to a member of staff. For details of the opening times, please call us on 0131 225 9901 or visit our website www.capitalcreditunion.com
• Write – address your letter to Complaints, Capital Credit Union, 31 Dunedin Street, Edinburgh, EH7 4JG.
• Telephone – Please call 0131 225 9901 to speak to a member of our Member Services Team who will be pleased to help you.

You MUST give the Credit Union chance to resolve any complaint before taking your issue further.

Capital Credit Union is a member of the Financial Ombudsman Scheme. If you’re not satisfied with our response you may contact the Financial Ombudsman.

• Write to The Financial Ombudsman Service, Exchange Tower, London E14 9SR
• Call 020 7964 1000 (switchboard), +44 20 7964 1000 (for calls from outside the UK), 020 7964 1001 (main fax)
• Email: complaint.info@financial-ombudsman.org.uk

Data Protection

Capital Credit Union is a data controller of the information provided on application and other forms in terms of the Data Protection Act 1998 as amended. This information will be used internally by the credit union in order to process your membership and other entitlements.

In order to comply with money laundering regulations, before we provide any service, we may search the records of one or more registered credit reference agencies who will provide us with information from the Electoral Register and any other data appropriate to the search. The agency will keep a record of that search. This may be used by other lenders when processing future applications for credit you may make.

Information held about you by the credit reference agencies may already be linked to records relating to one or more of your partners. Where appropriate, any loan applications submitted may be treated as financially linked and your application may be assessed with reference to any ‘associated’ records.

In addition, if the application is successful, details of how you repay the agreement may be provided to the credit reference agency who will make this available to other lenders who may use the information for credit assessment, tracing of absconders and fraud prevention.

If your loan application is successful, your details will be held by Capital Credit Union to enable your loan to be managed. Details of any financial transactions involved (such as payroll deduction) will be made to the company/organisation concerned.

In the event that you default on your loan or any terms and conditions in relation thereto, details of such default or defaults be passed to debt recovery agencies and courts. In such circumstances, it is understood that the lender may disclose details of the borrower’s account and any matters relating to the account to any credit reference agency and to any individual, individuals or organisations for this purpose registered by the lender with the Data Protection Registrar.

Members of Capital Credit Union can opt in to receive information about the credit union, its products, services, promotions and developments as well as account statements.

Members will receive an annual statement delivered via post or soft copy, whichever is their chosen method of communication.