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Cambrian Credit Union Terms and Conditions

This document contains important information about your membership of Cambrian Credit Union Ltd, (CCU). It explains our obligations to you and your obligations to us. A large print version of this leaflet is available on request.

Your agreement with us is contained within these terms and conditions, together with any additional terms and conditions that are specific to a particular account or facility. Details of any additional terms will be provided to you on applying for the relevant account or service.

In this agreement, “you” and “your” mean any member operating an account with us and include, (where appropriate), any person you authorise to give instructions on your accounts. “We”, “us” and “our” refer to Cambrian Ltd.

We may use the term ‘Shares’ to refer to as savings deposits you hold with CCU. As the credit union is a democratic organisation, you are said to be buying shares when making deposits. Members of the credit union have the same rights regardless of their shareholding, (savings balance).

In this agreement, working days means Monday to Friday, except public holidays.

1 Section One – General Terms

1.1 Membership

1.1.1 Membership of CCU is open to anyone either living or working in the counties of Anglesey, Gwynedd, Conwy, Denbighshire, Flintshire, Powys or Wrexham.

1.1.2 To become a full Adult Member of CCU, you must be at least 16 years of age.

1.1.3 CCU offers Junior Membership to young people under the age of 16. At the end of the month when a Junior Member achieves the age of 16, they are automatically transferred to Adult Membership.

1.1.4 CCU also offers Corporate Membership. Please ask at your local office for details of organisations that qualify for this type of membership.

1.1.5 On applying to become a member of CCU, we will require proof of your identity and evidence of your current address.  To safe guard your account, we will take your photograph and ask for an account password.

1.1.6 If you are applying for membership by post, or if you are unable to provide the necessary identity documents in person, we will conduct an online identity check as part of your application. Please note that this is an identity check only and not a credit check.

1.1.7 We have the right to decline to accept your money or your application to open an account with us.

1.1.8 A copy of the Cambrian Rule Book is available on request from any of our offices.

1.2 Deposits

1.2.1 Deposits may be made by the following methods;

  1. Cash (at certain offices), cheque or postal order over the counter.
  2. Cheque by post, (you must not send cash to us by post).
  3. Standing Order or manual electronic transfer from a bank account.
  4. Payroll Deduction, (only available at participating employers).
  5. Electronic transfer from a third party, (i.e. salary or benefits payments).

1.2.2  A signed deposit slip must be completed for each deposit that you make into your account(s) at the Credit Union office.

1.2.3 You can request a receipt for each deposit that you make in to your account(s) at the Credit Union office, signed by the cashier serving you.

1.2.4 Cheques will only be accepted if they are made payable either to “Cambrian Credit Union Ltd” or to yourself.

1.2.5 When sending cheques by post, you must write your full name, address and credit union membership number on the reverse of the cheque.

1.2.6 Standing Orders will generally be credited to your credit union account within one working day after the payment has been received from your bank or building society account, provided the membership number has been quoted.

1.2.7 Under the new banking system, faster payments credits will be allocated to your share account, by the close of the following working day.

Deposits made by Payroll Deduction may take some time to reach your account(s) due to the time taken by some employers to notify us of deductions made. You will be notified of the estimated time scale when you sign up for Payroll Deduction. Your accounts will only be credited once the Credit Union has received the money from your employer.

1.2.8 Please ensure that you include your membership number, surname and initial as a reference on any payments that you arrange to send to us. Failure to include this reference may result in a delay in the payment being allocated to your Credit Union account.

1.3 Disbursements

1.3.1 CCU uses the term ‘disbursements’ to refer to the issuing of share withdrawals and loan payments.

1.3.2 Disbursements can be issued using the following methods;

  1. Cash, at some CCU offices (cash limits apply depending on which office you visit – please check before travelling)
  2. Cheque, made payable to you
  3. Cheque, made payable to a third party
  4. Electronic transfer to your bank account by close of business that same day, if instructions have been received by 4pm Monday to Friday on a working day.

1.3.3 From time to time you will be notified of the maximum withdrawal limits for each type of account that we provide and the notice period required for such withdrawals. Notification will be put on our website and be available in the local office of the Credit Union. You may also check current withdrawal limits by telephoning any of the Credit Union offices.

1.3.4 The maximum disbursement available per cash encashment at offices that provide this service is £10,000 provided 7 days prior notice is given.

1.3.5 The maximum disbursement available by BACS is £10,000 per transaction. For amounts over this limit, multiple transactions will be required.

1.3.6 A share withdrawal form must be completed prior to disbursement.

1.3.7 Loan disbursements will be issued only upon receipt of a Loan Agreement Form, signed by the Borrower.

1.3.8 All disbursements are subject to the availability of funds in your CCU account(s).

1.3.9 Funds deposited by cheque may not be withdrawn until the cheque has been cleared by our bank. This is usually 15 working days from the date you deposit the cheque into your Credit Union account.

1.3.10 CCU may, in exceptional circumstances, decide to waive requirements relating to notice periods and size of cash disbursements. Such instances will be entirely at our discretion and will not establish any precedent for future decisions.

1.3.11 You may nominate up to four bank accounts to receive electronic disbursements remotely, by providing the bank name, branch, sort code and account number(s). We will only accept nominations for accounts in your own name.

1.3.12 You will need to provide evidence of the account(s) that you wish to send payments to, such as a recent bank statement or a letter from your bank that shows the account details.

1.3.13 A form is required to be completed for payments to third parties for security reasons.

1.3.14 You cannot cancel a disbursement made by BACS or cheque to a third party after we have processed your instruction. You will be liable for any charges incurred by the credit union in attempting to cancel an instruction made by you.

1.3.15 CCU reserves the right to stop any disbursements on your Share Account(s) in the event of you having an outstanding secured loan balance or being in arrears on a loan with the credit union.

1.3.16 In normal circumstances you have instant excess to your shares, however in extraordinary circumstances; CCU reserves the right to require a maximum of 60 days notice of withdrawals.

1.4 Charges

1.4.1 A joining fee of £2 will be deducted from your first deposit to CCU. We reserve the right to waive or change our joining fee from time to time.

1.4.2 An annual fee of £2 will be deducted from your Share 1 account on the anniversary of your joining the Credit Union. We reserve the right to waive or change our annual fee from time to time.

1.4.3 If you make a deposit by cheque that fails to clear into our bank account, you will be liable for any charges incurred by us, which is currently £10. Such charges will ordinarily be deducted from your Share 1 Account.

1.4.4 You will be liable for all charges incurred by CCU in recovering any debt owed by you to the credit union that has fallen into default.

1.5 Accessing Account Information

1.5.1 You will receive a Statement of Account from CCU at least annually, showing all recent transactions on your Share 1 account.

1.5.2 You can request a statement on your other accounts at any time.

1.5.3 You may request a regular balance of your Accounts be sent to you via SMS.

1.5.4 You may check your balances at any time by telephoning us during office opening hours.

1.5.5 Account information is also available through CCU’s website, (www.cambriancu.com). You will need to register and obtain a PIN number through the website prior to being able to access your account details.

1.5.6 You should tell us, as soon as possible, if you believe that your statement or account balance includes something you believe to be incorrect or not made in accordance with your instructions.

1.5.7 We will rectify any incorrect entries on your account as soon as possible after you tell us about them or we notice them.

1.5.8 Before providing any information about your account, either in person or over the telephone, we will follow our standard security procedures, in order that we are satisfied about your identity.

1.5.9 These procedures will include such steps as verifying your full name, address details, date of birth, account password and your account photograph, (if enquiring in person).

1.5.10 We may not be able to assist you if we decide that we are unable to identify you using our security procedures.

1.6 Dividends

1.6.1 Any dividend shall be declared on all full shares held during the preceding financial year. New members joining CCU will be entitled to a proportional part of the dividend on any shares held for less than the full year on every full month of membership.

1.6.2 The credit union’s financial year runs from October 1st to September 30th.

1.6.3 Dividends shall be paid to those in membership of CCU on the date that the dividend is declared at the credit union’s Annual General Meeting. Each ‘share’ account that you have with CCU will be eligible to receive dividend payments.

1.6.4 Any dividend declared by CCU will be credited to your account(s) on the date the declaration is agreed at the credit union’s Annual General Meeting.

1.6.5 Dividends will be credited to your account(s) gross, that is without deduction of tax. It is your responsibility to notify Her Majesty’s Revenue and Customs (HMRC) of any such receipt.

1.6.6 CCU has to send an annual return to HMRC for members who receive in excess of £250 dividend in total per annum. This amount may vary at the discretion of HMRC.

1.7 Free Life Insurance on Savings

Full terms and conditions for the free Life Insurance on Savings are available separately.

1.8 Free Life Insurance on Loans

Full terms and conditions for the free Life Insurance on Loans are available separately.

1.9 Miscellaneous

1.9.1 We can act on instructions, where they are given;

  1. In writing, including your original signature, (or that of an authorised third party);
  2. Verbally, where you, (or your authorised third party), have satisfied our security procedures.

1.9.2 When using our offices and other facilities, we require that you treat our staff and other members with respect and courtesy. If you breach this requirement, we reserve the right to close your account in accordance with the Rules of the Credit Union.

1.9.3 We may use any contact details you provide to us for service related reasons. Statements of Account and other general information about CCU will be sent to your home address unless you tell us otherwise.

1.9.4 It is your responsibility to notify us of any changes to your contact details. We will continue to send information to you at the last known address that we have for you. If you do not inform us promptly of any changes to your details, the security of your personal information could be put at risk.

1.9.5 You can authorise another person to operate your account(s). You will need to sign a third party mandate in respect of those account(s). If you authorise another person to operate your account(s) then you will be responsible for their actions or omissions as if they were your own.

1.9.6 You may make transfers between your credit union accounts. Such transfers will normally be actioned on the day we receive your instruction.

1.9.7 If there is no activity on your account in a twelve month period, we may make your membership dormant.

1.9.8 The maximum amount that you may save in your CCU account(s) is £30,000.

1.9.9 We may, at our discretion, vary or add to our Terms and Conditions. Variations or additions will be to reflect a change in;

  1. Market conditions;
  2. The cost of our providing our services to you;
  3. Technology, or our facilities and/or services;
  4. Good credit union practice;
  5. The law.

1.9.10 Except for changes in any interest rate. We will give you at least 30 days notice of any variation or addition to our Terms and Conditions. We may give you notice by post; email, placing a notice on our website; or advertising in one or more local newspapers.

2 Accounts

2.1 Share 1 Account

2.1.1 Each new adult member of CCU will automatically have a Share 1 Account opened in their name.

2.1.2 Your first deposit into your Share 1 Account should be at least £7. This covers your joining fee, (see term 1.4.1), plus a minimum of £5 to open the account.

2.1.3 The minimum required balance in the Share 1 Account is £5 at all times.

2.1.4 If the minimum level is not obtained within six months, CCU will close the account.

2.1.5 You may close your Share 1 Account at any time, (subject to the conditions in term 3.1.5), by completing a Closure of Account form. In extraordinary circumstances, CCU reserves the right to require a maximum of 60 days notice of the account closure. Please note that closing your Share 1 Account will end your membership of CCU.

2.2 Christmas Saver Account

2.2.1 Withdrawal can only be made between our first working day in October and the last working day before Christmas, subject to the notice periods in operation at the time.

2.3   Rent Direct Account

2.3.1 Allowance, (LHA) and have the Credit Union pay their landlord will have a Rent Direct Account opened for them.

2.3.2 Withdrawals from this account will be made by direct bank transfer to your landlord.

2.3.3 Cash withdrawals are not permitted from the Rent Direct Account.

2.3.4 Transfers from the Rent Direct Account in to another CCU account are not permitted.

3 Borrowing From Cambrian

3.1 General Information

3.1.1 You must be a member of CCU before you can take out a loan.

3.1.2 You must be aged 18 or over to borrow from CCU.

3.1.3 CCU will, from time to time, decide on the maximum size of loan that it will offer. You should check the maximum amount before making a loan application.

3.1.4 The maximum repayment period for CCU loans is five years. The actual maximum repayment period will vary according to the type and size of loan that you apply for.

3.1.5 CCU may decide to conduct a Credit Reference Agency, (CRA), search in connection with your loan application. If this occurs, the CRA will record details of the application on your credit report. This will form part of your credit history whether or not you proceed and if you make several applications for credit within a short period of time, this may temporarily affect your ability to obtain credit.

Full details of how Credit Reference Agencies may use your information are available separately.

3.1.6 If the loan is declined, wherever possible we will give an indication as to why, and where appropriate direct you to an organisation that can help with your finances.

3.1.7 Before you can end your membership of CCU, all outstanding loans must be paid off in full.

3.2 Interest Charges

3.2.1 The maximum interest rate that CCU may charge on your loan account is 42.6% Annual Percentage Rate (APR). The actual interest rate charged by CCU varies according to the loan agreed.

3.2.2 Interest is calculated daily on the reducing balance of your loan.

3.3 Defaults

3.3.1 We may use any balances held in your saving account(s) to reduce or repay any loan held by you that falls into default. You will be notified by us that this may happen and given the opportunity to make the necessary repayments.

3.3.2 We may share details of how you manage your borrowing from us with CRAs. If you fail to respond to default notices sent by CCU, we may register the default with the CRAs. The registration of a default notice may affect your ability to obtain further credit.

3.3.3 CCU will take all necessary steps, including legal action, to recover loans in default. If you fail to respond to default notices sent by CCU, we will pass the loan to a debt recovery agency.

4 About Us

Cambrian Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with the Firm Reference Number 213672.

Our member’s savings are protected under the terms of the Financial Services Compensation Scheme, (FSCS). This guarantees 100% of the first £85,000 you have saved with us.

The registered office of Cambrian Credit Union Ltd is 144 Conway Road, Llandudno Junction, Conwy, LL31 9ND.

5 Complaints

We aim to provide our members with a first class service. However, we appreciate that mistakes can happen and we therefore welcome the opportunity to put things right. We will investigate your concerns as quickly as possible, and take steps to rectify the situation and, where appropriate, prevent a recurrence. Please allow your local Office Manager the first opportunity to address your concerns.

However, if you remain dissatisfied, a full copy of our complaints policy and procedure is available on request from our offices. You may also be able to refer your complaint to the Financial Ombudsman Service, (FOS), once the credit union has had the opportunity to respond to your complaint.

6 Data Protection Statement

6.1 How The Credit Union Will Use And Share Your Information

This credit union will process your data in accordance with your rights under the Data Protection Act 1998. Your information may be processed by this credit union in any form and on any database used by us for the following purposes;

  1. To consider any applications made by you;
  2. To help us to make credit decisions about you and anyone to whom you are linked financially or other members of your household;
  3. To deal with your account(s) or run any other services we provide to you;
  4. To undertake statistical analysis; financial risk assessment; money laundering checks, (which may include telephoning you), compliance and regulatory reporting, fraud prevention and debt tracing;
  5. To help us identify products and services that may be of interest to you. You may tell us at any time if you do not wish to receive marketing communications from us, by writing to us providing your full name, address and account details.

6.2 Sharing Information

We hold an appropriate Consumer Credit Licence and will disclose information outside the credit union only;

  1. To our agents or subcontractors for operational reasons;
  2. To any persons, including, but not limited to, insurers, who provide a service or benefits to you or for us in connection with your account(s);
  3. To licensed credit reference agencies in accordance with the Data Protection Act and the terms of the Consumer Credit Act;
  4. To fraud prevention and other agencies to help prevent crime or where we suspect fraud;
  5. If compelled to do so by law;
  6. For the purpose of compliance and regulatory reporting and to confirm your identity for money laundering purposes, which may include checking the electoral register.

6.3 Subject Access Rights

You have a right of access to your information held by us.

You have a right of access to your information held by credit reference agencies on payment of a fee to them. If you ask us we will tell you the name and address of the credit reference agencies that we may use.

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