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SAVING WITH KILDRESS CREDIT UNION
Whether it’s a little or a lot it is always good to save, no one knows when that rainy day will happen. When you save with your credit union you are also adding to the community funds.
Interest will be paid on your savings and that interest, which we call a dividend, is declared at our annual general meeting, normally December. The amount of dividend is based on the performance of the Credit Union in the previous financial year. The more savings that you have the more dividend you will be paid. This dividend is paid directly into your savings account.
Please note that Kildress Credit Union are obligated to provide information in respect of a member’s shareholding to certain statutory bodies’ if requested to do so e.g. DSS, HMRC.
CAN I WITHDRAW MY SAVINGS?
You can withdraw your savings at any time providing that they have not been used as security on an existing outstanding loan. However we at Kildress Credit Union would encourage savers to maintain their savings so that the maximum dividend can be obtained and in addition the savings are protected through Life Saving insurance, at no cost to the member.
The staff at Kildress Credit Union will be happy to talk to you about suitable alternatives to withdrawing your savings.
ADDITIONAL SAVING ACCOUNTS
As a member of Kildress Credit Union you have the ability to open more than one account. These could be for any number of reasons e.g. holiday or school savings accounts, we call these “Sub Accounts”. Your “Sub Account” again allows you to save as much or as little as you wish and will be available when you need it. Note that only one loan account is permitted per member.
These second or third sub accounts allow you to deposit money for specific purposes and again this money is protected by loan savings insurance and no charges or hidden fees are attached to your transactions. These accounts will also attract a dividend at the end of each financial year where the dividend is dependent upon the financial performance of the credit union.
To open an additional saving account please contact one of our office staff who will be only too willing to advise.
MINOR ACCOUNTS
Kildress Credit union runs minor savings accounts and provides school collections on a weekly basis throughout the school year. This service is provided free of charge and endeavours to instil a culture of saving within our younger account holders.
A minor account must be opened by both the parent/legal guardian and the minor (if aged 7 or over).
Withdrawal from a minor account must be made by both the parent/legal guardian and the minor (if aged 7 or over).
To become a minor account holder the following criteria applies.
The member has to be within the common bond. (The civil Parish of Kildress)
The member has to be under 16 years of age.
The member cannot have savings in excess of £10,000.
The member cannot lodge any more than £2000 in any 12 month period.
The member cannot withdraw any more than £500 cash in any one day.
In order to become a minor account holder the following information is required:- Birth certificate of the minor
- Proof of address eg a utility bill/bank statement or official type document, dated within the last 3 months and for the address at which the minor lives
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
Kildress Credit Union is authorised and regulated by the Financial Services Authority, therefore our member’s shares are eligible for protection under the Financial Services Compensation Scheme (FSCS).
In the unlikely event that Kildress Credit Union stops trading or is declared in default your eligible deposits are now protected up to a total of £85,000, per member by the FSCS, the UK’s deposit protection scheme. Further information is available at www.fscs.org.uk
KILDRESS CREDIT UNION MANAGEMENT STRUCTURE
Kildress Credit Union is operated by a board of directors. This board is made up from those directors elected at the annual general meeting. The board operates other committees, which include; the credit committee, the credit control committee, membership committee, these committees oversee different aspects of the Credit Union. In addition, a supervisory committee exists which is elected at the annual general meeting.
The Board of Directors or supervisors of your Credit Union do not receive a salary for their work and are subject to the Credit Union rules the same as any other member.
As with all credit unions Kildress Credit Union has in place anti-money laundering procedures.
COMPLAINTS
Kildress Credit Union operates a complaints procedure so should you have a complaint in relation to your dealings with Kildress Credit Union please contact the office staff who will advise you of our procedures.
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