Terms of Membership
Welcome to Advance Credit Union. By becoming a member, you agree to the following terms.
Eligibility
Anyone aged 18 and over and live or work in the B postcode.
Membership Fee
We do not charge a membership fee for members joining the Credit Union. Under the provisions of the Advance Credit Union rule book, a membership fee may be levied from time to time. Details of any fees or charges will be communicated to all members and displayed on the Advance Credit Union website.
Opening A Savings Account
Applications can be made online at www.advancecu.org.uk or by completion of a paper application form. If your application is successful, we will confirm your membership by email as soon as possible. As part of the application process, an automated ID check will be performed to provide information about you to check your identity. As part of our KYC (know your customer) regulations, you will be asked to provide proof of your identity and your current address. We reserve the right to decline to accept your application to open an account with us if necessary.
A minimum deposit of £5 is required to activate your account. Your deposit of £5.00 will be held in your shares account. We will not deduct any fees from your share account. A minimum of £5.00 is required to keep your account open. All new members will automatically be allocated a share 1 account and you can deposit and withdraw from this account at any time. Payments of shares are paid Monday – Friday (excluding public bank holidays).
Deposits
You can deposit money into your account at any time. The minimum share balance must not be less than £5.00. The maximum amount you can have deposited with Advance Credit Union is £18,000, which is subject to periodic reviews in compliance with Rules 47-50 of the Advance Credit Union rule book.
Deposits can be made using any of the following methods:
- Standing Order
- Payroll Deduction
- Bank Transfer
- Directly from your benefit payments
- Cash deposited at the Erdington counter
Withdrawals
Withdrawing your savings can be made on our app, or you can request withdrawals to a bank account in your name. Alternatively, withdrawals can be requested via internet banking or by completing and returning a withdrawal request form. You will need your membership number to withdraw funds.
For your security, we will not send money to a bank account that we have not verified. Once we have verified your bank account details, they will remain in place for your use until you or your bank instructs us otherwise. We do not allow withdrawals to third-party accounts. Share withdrawals are paid to your nominated bank account the same day if your request is received before 4.00 pm. If received after this time, your withdrawal will be paid into your bank account the next working day by 4.30pm. Please note that payments are not made over the weekend and on public bank holidays. Share withdrawal requests exceeding £5,000 may take up to 7 days, subject to internal due diligence checks
Where you do not use your account for a period of twelve months or more, we will contact you to confirm if you wish to continue saving with us. We recognise that some of our members wish to set aside savings for a ‘safety net’ and there is, therefore, no obligation to make regular savings. However, we will periodically update you on the balance of your savings account. In some circumstances, we may close a dormant savings account and hold the money in suspense pending further contact from the saver. An annual charge will be made on dormant accounts (currently £5).
The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. It gives a level of cover for your money if anything happens to your bank, building society or credit union. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, and not to each separate account.
You must email us at info@advancecu.org.uk or call us on 0121 350 8883 on any change of name or address, change of email address or change of mobile number or bank account details. If you do not do this, we may charge your account with the cost of locating you. Proof of change of name/ change of address/ change of bank account will be required. Statements are available at any point by registering for our online account services. You must inform us immediately of any incorrect item on your statement.
You do not give us any notice period to close your savings account. When an account has a £0.00 share balance with no outstanding loan balance, your account will automatically be closed.
We are committed to providing excellent service, but if you are dissatisfied, we encourage you to raise your concerns. Further information can be found here complaints.
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