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Terms and conditions

Membership

1. To become a member of Keep Credit Union you must:

  • Be over 16 years of age

and

  •  work for one of the employers listed in our common bond.

or

  •  Be a close relative of an existing member who is employed by one of the employers listed in our common bond, and live at the same address as that relative.

2. We are required by law to verify the identity and address of all new members, and sometimes existing members. We will usually do this by requesting that you send a copy of statements,
driving licence etc. by e-mail or post or upload to your online account.

3. Members must promptly notify KCU of any changes to their personal or contact details, including their name, address, email address, telephone number or employment status where relevant to membership eligibility.

Savings

4. Members must make regular payments at least monthly by payroll deduction or standing order into their KCU Saving account.

Funds received by payroll deduction will be credited to accounts as soon as we are in receipt of both the funds and confirmation list from employers.

5. Members must maintain a minimum balance of £1 to retain membership.

6. Members may hold shares up to the maximum permitted by law and the credit union’s rules. Eligible deposits are protected by the Financial Services Compensation Scheme up to the applicable limit.

7. Members may make withdrawals at any time, subject to the terms of any loan or other services.

KCU operates a flexible withdrawal policy to give members easy access to their savings, but the account is intended primarily for long-term saving rather than regular withdrawals. Where a member makes frequent withdrawals, KCU may contact them to discuss their use of the account and whether their savings arrangements remain appropriate.

8. Notice of withdrawal must be made by in writing via the website, mobile app, or post.

Withdrawals are usually paid out within 24 working hours of receipt. However, in exceptional circumstances the Board may by law request that you provide up to 60 days’ clear notice to withdraw your shareholding.

Dividend

9. An annual dividend may be paid. The divided is recommended by the Board of Directors at the Annual General Meeting and approved by the members.

Any dividend is paid gross, without deduction of tax, on all deposits up to £10,000.

Keep Credit Union is not responsible for tax declarations. Please contact HMRC for advice.

Any dividend due is calculated for the credit union financial year which is 1st October to 30th September.

Dividend will only be paid on accounts of members deemed active members on the day of the AGM.

Members who close their account during the financial year forfeit the right to any future dividend.

Dividend is not paid to any member that has a loan in arrears within the credit union or who is not making regular monthly deposits into their savings account.

Loans

10. Members will be eligible to apply for their first loan following a period of at least three months of regular deposits to their savings account.

11. We may use the money in your savings account towards payment of any money that you owe us (for example, under a loan) which is due for payment but has not been paid. This is known as
a lien, or our right to set off.

Separate terms and conditions relevant to each loan will be provided at the point of application and on the loan agreement. Please ensure you read them carefully.

Cancellation

12. A member may leave the credit union after six months’ membership without penalty providing no debts are outstanding. Within six months, a £10 admin fee will be charged.
All accounts will terminate on closure of the membership and receive no further dividend.

13. We have the discretion to close an account, but members have the right of appeal to the Board of Directors.

Charges

14. Keep Credit Union may apply administration charges, including a £20 annual fee for dormant accounts and a £10 administration charge for closing an account within 12 months of starting membership.

Complaints

15. If members want to make a complaint, they can do so in any of the following ways:

If we are unable to immediately resolve your complaint, a full copy of our complaints procedure will be provided.

If we have been unable to resolve your complaint within eight weeks, or you are not satisfied with our final response, you can refer the matter to the Financial Ombudsman Service.

16. A copy of the credit union’s rulebook is available upon request.

Terms & Conditions – Referral

  Scheme

The Keep Credit Union Referral Scheme rewards existing members for introducing colleagues to Keep. These terms explain how the scheme works.

 

  1. The referral scheme is open to existing Keep Credit Union members only.
  2. The new member must enter the name of the existing member who recommended them when completing their online application form.
  3. The new member must successfully complete the membership process and meet all eligibility requirements, which include being an employee of the Co-operative
  4. To qualify for the bonus, the new member must save for a minimum of £5 per payday by payroll deduction for three calendar months from the date of joining.
  5. Once the qualifying period has been completed, both the existing member and the new member will each receive £20, credited directly to their Keep Credit Union savings accounts.
  6. Existing members will receive £20 for every Co-op colleague who joins Keep Credit Union through their recommendation and meets these qualifying conditions. There is no limit to the number of referral bonuses that can be earned.
  7. Referral bonuses will normally be credited to the member’s savings account within 14 days of the qualifying period being completed.
  8. The existing member must still be saving regularly at the time the referral bonus is due to be paid.
  9. Employees and Directors of Keep Credit Union are not eligible to receive referral bonuses under this scheme.
  10. Keep Credit Union reserves the right to amend, suspend or withdraw the referral scheme at any time.
  11. Eligibility to apply for a loan usually begins after three months’ membership and is subject to Keep Credit Union’s lending policy and assessment.

 

If you have any questions about the referral scheme, please get in touch—we’ll be happy to help.