What is a credit union?
We are a savings and loans co-operative. We aim to help our members save up money, but we also provide loans at affordable rates. After we meet our essential running costs our profits are given back to the membership through a dividend payment. As a co-operative, all our members are shareholders and so the benefits from successful growth of a credit union are more widely distributed than in traditional financial institutions, and whilst banks might invest in the arms trade; we invest in our local community.
Is my money safe?
We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our staff and Board of Directors are designated as authorised persons by the regulators, which means they undergo a range of checks to protect you and your shares in the business, which are also kept in a separate account. Your savings are 100% guaranteed by the Financial Services Compensation scheme.
How much interest do ESCU pay on savings?
You receive a share in the organisations profits, rather than receive a fixed rate of interest, although this is paid as a percentage of your savings. Initially the return you will receive may be less than the rates paid by the bank, but as the credit union grows so will your dividend. Our members also have a choice to invest any profits back into the business.
Do I have to give notice to withdraw money?
The credit union account is a 'no notice' savings account, but we need time to process any share withdrawal request so we are unable to process requests in less than 1 working day. After you have filled in and signed a share withdrawal form, we need to check to ensure you have enough money in your account and then draw up a cheque. We aim to get this done in 1 working day, but you should allow 2 working days. You must bring identification with you to receive your cheque.Download Share withdrawal request (241.1kb)
Can I withdraw cash from the Credit Union?
For security reasons we issue cheques only. These can be paid to you, a third party or for cash. Cheques payable for cash can be up to £500 in value and be cashed at a local post office. We can also do direct credit transfers direct to your bank account.
How do I pay into the credit union?
By cheque, via standing order, PayPoint card or bank transfer. If you are working for certain local employers you can also save directly from your pay packet. For a list of these employers, please click here.
What is my Share Account?
Savings accounts are called Share Accounts. You can have up to four Share Accounts. By default your payments are posted to your Share Account 1, but you could open separate accounts to help you designate your savings / save up for different things. For example, you could use Share Account 2 to save for Christmas or Share Account 3 to save for a holiday.
Do you give debt advice?
We offer a budgeting advice service for people who are members or who have been declined a loan.
How can I get more involved?
We are always looking for members with the right skills to volunteer at the offices and run regular recruitment rounds. All members are also eligible to stand for election to our board of Directors. Visit our website or ask at the office for more information. www.eastsussexcu.org.uk
Contact us: firstname.lastname@example.org
Tel: 0300 303 3188