A credit union working for you not for profit

Policy for Membership & Savings

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Blues & Twos Credit Union

Policy for Membership and Savings

November 2020

This credit union is a non profit making organisation, based upon the belief that a group of individuals, bound together within a Common Bond, would provide a more loyal and secure environment for the provision of financial services. The Common Bond is related to employment and locality.

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Blues & Twos Credit Union

Eligibility to Join

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For eligibility to join – please refer to the Credit Union rules approved by the regulator; Rule 7, Qualifications for Membership. Details can also be found on our website under Membership – www.bluesandtwos.org.uk

A person who joins the credit union as a qualifying member must be at least 16 years. To become an indirect qualifying member but if he/she ceases to fulfil the membership qualification criteria at a later date.  Such a member will be invited to become a ‘non-qualifying member’. They will be encouraged to continue saving and borrowing from the credit union provided that suitable arrangements are made for regular depositing and account transactions.

The membership of the credit union must be made up of at least 75% of qualifying members.  If the number of non-qualifying members exceeds the 25% limit, the Board of Directors must take action to expel sufficient non-qualifying members until the threshold is retained.  In such an instance, the last non-qualifying members will be expelled first.

Your Data & ID Verification

The credit union has a duty of care to its Members and is committed to protecting members’ privacy – Please see our Privacy Notice.  This is available on the website www.bluesandtwos.org.uk  or from the credit union office.

Applicants applying for membership of the Blues and Twos credit union must complete an approved application form. On submission of this form either online, by post or in person, the applicant gives consent by way of the application contract (declaration) for the credit union to control and process the data contained within.  The credit union has lawful and legitimate business reasons to collect this member data in order to run the account and comply with anti-Money Laundering legislation and Credit Union legislation.  More information on how we protect your data and how we may share it are detailed within the credit union’s Policy for Data Security.  A copy of which can be downloaded at www.bluesandtwos.org.uk or obtained from the credit union office.

All applicants must provide sufficient evidence for their identity to be verified.  This will include but not be exhaustive to, evidencing their name, permanent address and date of birth.  Applicants will be asked to confirm if they are politically exposed See latest Credit Union Policy for Politically Exposed Persons (PEP’s).

To confirm identity electronically the credit union will need to share data with the ID Verification company and details on when we do this and why are within the Privacy Notice.

If you prefer you can supply documents to confirm your identity.  The most common documents used to verify an applicant’s name and/or date of birth are a current passport or driving licence.  Other documents may be accepted if you are unable to provide these or do not hold these.  Original documents must be produced and will be returned.  Copies are not acceptable.  If two separate forms of evidence cannot be produced or if you would prefer for your identity to be confirmed electronically you should indicate this on the Membership Application form.

No person may be admitted as a member unless they have agreed to make share subscriptions and loan repayments by direct payroll deduction, or by standing order/direct debit.

Regular Saver

All adult members must deposit a minimum of £10 per month into their Regular share Savings account but may increase this to a maximum of £500 per month.  Adult members may hold a maximum of £20,000 with the credit union.

Prior to the Annual General Meeting (AGM), the Board will consider the recommendations of the credit union’s accountants, the Treasurer and the Chief Executive Officer, before deciding on the level of Dividend payable on members’ share accounts for the previous year. That dividend, will be recommended to the AGM and, if agreed, will be paid into members’ accounts as quickly as possible.

If a member has a loan with the credit union the monthly repayment and any savings contribution for their Regular Saver account will be paid into this account and the agreed loan repayment transferred to the loan account inline with the Loan Agreement.

Annual Statement

All members receive an Annual Statement of Account around the date of their birthday.  Members have the option to “opt-in” for statements by email, receiving their statement into the email address given.  Members that do not prefer their statement by email will receive this by post annually.

Junior Savers

A member over the age of 18 may open a Junior Saver account in respect of children who are under the age of 16 years and who live with them, on completion of a Junior Saver application form and production of the said child’s birth certificate.

Junior Saver accounts do not demand a regular minimum payment by the member.  Whilst payments into the account can be made from the payroll of the member opening the account, alternatively the member, the child or any other person may make periodic payments into the account whenever they wish.

Junior Saver may deposit a maximum of £10,000 with the credit union and a dividend will be paid annually on savings.

The member opening the account will act as the “Trustee” until the Junior Saver reaches the age of 16 years. The Trustee may close the account at any time up until the Junior reaches 16 years.  When the Junior reaches 16 years they will become a full member provided they continue to save by regular monthly payment (minimum of £10 per month).  If a regular contribution is not made, the account will have to be closed.

If a member defaults on a loan provided by the credit union their share balance may be offset against the outstanding loan.  If, after transferring a member’s share balance to pay off a loan, the member remains in debt to the credit union, they will cease to be a member by virtue of not holding at least one fully paid share.    For details more details a copy of the credit union’s Lending Terms and Conditions can be found on the website loans page at www.bluesandtwos.org.uk

Corporate Accounts

Please see Policy for Corporate Accounts

Mandates – Another person having access to your account

We understand that some members may wish to give authority to another member, partner or child (over 18 years) to have access to their account.  We do allow this providing details are confirmed by the member using the standard ‘Mandate form’.  Please ask a member of our team if you require this form.

Fixed Address outside of the UK

A member that moves their permanent address outside of the UK will be asked to close their account as soon as practicable or when their loan is repaid in full.  For savers only this will be within one month of the fixed address change.

Closing a Credit Union Account

A member wishing to close their account can do this at any time and should contact the office for a closure form.  Savings will be refunded as soon as possible.  Any subsequent contributions via payroll will be reconciled as soon as practicable and on receipt of such funds from the payroll / pension providers and returned to the member (it should be noted that this can be up to four weeks after the account is closed and is dependent on the payroll / pension provider). Members who close their account relinquish their right to any unpaid dividend.

Joint Accounts

The credit union may offer a joint account facility for members who each qualify for, obtain and continue to hold individual membership.  In the event of the death of one of the holders of a joint account, the joint account shall, subject to any contrary written agreement, become the property of the surviving member.

Membership Suspension

A member may be suspended from participation in the credit union for any grave or sufficient reason, pending the completion of an investigation. The investigation may recommend the member’s subsequent expulsion from the credit union.

A member may be expelled from the credit union for any grave or sufficient reason but only following a resolution of a majority present at a joint meeting of the Board of Directors and the Supervisory Committee.

A grave or sufficient reason includes those described in the Credit Union Rule book under item ‘Expulsion from Membership’.  The notice of expulsion shall be sent to the last known address of the member by special delivery and shall include details of the appeals procedure.  A member shall have 14 days from the receipt of the expulsion notice to request an appeal in writing.  The Board of Directors shall convene a special general meeting of the members to consider the matter. Such meeting shall be held not later than 60 days after the date on which the notice of expulsion was served on the member. The member shall have the right to be represented and heard at the meeting.  The special general meeting has the power, by majority decision, to confirm or overturn the expulsion notice.

Withdrawal or expulsion from the credit union does not relieve member from any existing liability he or she may have for loans.  No monies will be repaid to such member until any liabilities to the credit union have been repaid.

Visiting the Credit Union Office

Any member wishing to visit the Credit Union Office at Lancashire Police Headquarters should contact the office in advance to ensure they are added to the visitors’ system.

Any member who is registered disabled or finds it difficult to attend the office and would like a meeting in person, should bring this to the attention of the credit union.  The member will be offered a meeting with a representative from the credit union at a more suitable location either at the Credit Union Head Office at Hutton or the Lancashire County Council office, County Hall, Preston.  This policy will be reviewed annually.