Frequently Asked Questions / How to Join:
Who can Join?
For Southend Credit Union you need to live, work, study or volunteer within Southend-on-Sea. This is known as our 'common bond'.
How do I Join and become a member?
You will need to complete a membership form at our office and to open an account make a deposit of £1 and pay an initial joining fee of £2.00, your savings must reach £5 within three months of joining.
The FSA require that we confirm the identity of all new members and so we require that you bring three forms of ID with you, that are originals and not photocopies.
The ID required must be one of the following:
proof of National Insurance number (a must)
current passport
birth certificate
Home Office ID/HM Forces ID
Full Drivers Licence
Letter from DWP or Benefits Agencies/Benefits Book
Additionally, we require two documents that confirm your current address and that are no more than three months old, such as:
Utility bill/Council Tax Bill
Bank statement
Rent book
Medical card
Letter from an official body such as a Govt Agency, your employer, local college
How will becoming a member benefit me?
By saving regularly what you can afford, the Credit Union builds up funds to offer loans and in the future other services. We offer low interest rates on loans that are taken out, no regular bank charges, a friendly service and free life insurance* upon any savings or loans that you hold. (* conditions apply over the age of 70)
As a member you own the organisation and however much or little you have saved, you have an equal vote on how the Credit Union is run and your money managed.
Credit Unions are run on an ethical basis and by keeping your money local, you are helping to benefit the community as a whole.
How do I make deposits?
You may choose to deposit by the following means:
pay in by person at our office in Warrior Square set up a standing order from any Uk bank account have your benefits, wages or a regular fixed payment paid direct to your account.
How do I make a withdrawal?
You may withdraw your money from our office in Warrior Square.
How do I apply for a loan?
To qualify for a loan from the Credit Union, you must have been a regular saver with us for at least 8 weeks if you save on a weekly basis; or at least 3 months if you save on a monthly basis.
The maximum loan amount that we can offer is 3 times the amount that has been saved, so if you have saved £200, then the maximum loan application would be for £600.
Loans of under £200 must be repaid within twelve months and all loans will be subject to approval. We do carry out credit checks on loan applicants and any loans are subject to negotiation, co-operation and sensible money management.
Your loan is set an interest rate of 1% per month, or 12.68% APR. In addition, there are no hidden fees or penalties should you wish to repay the loan early-in fact you save on interest payments. Loans are covered by life insurance subject to conditions so that should anything untoward happen the loan will be repaid.
What if I wish to make a complaint?
You may initially make your complaint to the Office Manager and Board of Directors of the Credit Union. If however you cannot resolve a problem you are ultimately entitled to take your complaint to the Financial Ombudsman Service.
