Savings - Frequently Asked Questions
Q:Why are savings important?
A: Savings are vital for each member. Savings give you independence, peace of mind and security, and in your Credit Union, unique insurance benefits and borrowing powers.
Q:When should I save?
A: Saving should be a regular habit, save as much as you can afford. Important Remember other credit union members will be borrowing from the money saved by you.
Q:Is my money safe?
A: Credit Unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Credit Unions are registered in accordance with the Credit Unions Act 1979 and the Industrial and Provident Societies Act 1965-1978. Important The Credit Union’s Fidelity Bond that protects members’ money from theft or fraud covers all volunteers. At the Annual General Meeting the members elect a Supervisory Committee as Independent Internal Auditors and also a Chartered Account as an External Auditor to carry out checks on financial accounts and administrative systems. Financial returns have to be sent to the Financial Services Authority every quarter and our audited annual accounts have to be approved by our members at the AGM before they are sent to the Prudential Regulation Authority.
Q:Can I withdraw my savings at anytime?
A: Our credit union policy state that a member can be asked to wait up to 7 days for a share withdrawal from their account.
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