Corporate Membership is better described as a Community Account as it is for organizations rather than individuals. Businesses, charities, sole traders, clubs, societies, social enterprises and voluntary groups in Coventry and Warwickshire can become Corporate Members of New Central Credit Union (both incorporated and unincorporated) They can then place sums on deposit with the credit union. Sums on deposit will attract the same dividend rate as individual members. By depositing funds with us rather than a high street bank you know that the organisations’ money is helping the local community. Deposits may be withdrawn upon request.
How to open a Community Account
- Complete the application form
- Provide verification of your organization i.e. letterhead
- Provide two or three acceptable items of identification for up to 4 signatories
- Drop into our Head Office
Incorporated organizations can download the application form and submit to the credit union with the required documentation.
For unincorporated organizations, a sample constitution can be downloaded and completed by the office holders to verify the organization’s existence.
Once the account it open, changes of signatories can be made. Download the appropriate form and submit with the correct ID.
FAQ’s – Community Account
How long does it take to open the account?
The account can normally be opened the same day as you apply providing the correct documentation is submitted.
Do we have to have good credit to open a Community Account?
No. We don’t undertake a credit check for savings and deposit accounts.
Is there a maximum account balance?
At present we are limiting members to £15,000.
Are our savings safe in the Community Account?
Credit Unions are authorized by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organizations are protected by the Financial Services Scheme up to £75,000.
Is there a minimum amount we must have in the account?
£1 at all times.
How can we deposit savings in the account?
- By cash or cheque* at the office (*cheques will take 14 days to clear)
- By bank standing order or direct debit
- By bank transfer
How can we withdraw money from our account?
- You don’t need to give us notice to withdraw
- Applications for withdrawals must contain the required number of valid signatures corresponding with those currently held on file, i.e. two signatories on the account.
What is the maximum amount we can withdraw each day from the account?
- Up to £300 in cash
- Up to £3000 in a cash cheque (i.d. required)
- Cheque made payable to the organization
- Bank transfer
What is the interest rate or dividend on the account?
We don’t currently advertise an interest rate. The dividend rate will be determined by the Board of Directors at the Annual General Meeting.
How often will we get a statement?
One statement per year may be sent by post free of charge (more frequently may incur a charge). You can also register on the Members Area of our website to view your balances and transactions on line.
Is our business kept private?
Yes. Everyone at the credit union with access to members’ personal date must act confidentially at all times. We observe the Data Protection Act 1998 and use the personal data you have supplied for the purpose of managing your credit union accounts.