Ten great reasons to join Salford Credit Union:
- We save together. Every member of Salford Credit Union is encouraged to get in the habit of regular saving.
- We lend that money back out. Members can borrow up to £10,000 (net of savings) at rates from 7.5% APR.
- Our loans are very competitive for many members- come to us rather than high cost lenders and keep more money in your pocket.
- We don’t charge early repayment fees. We don’t charge set-up costs.
- We can transfer funds direct to your bank account or to a credit union pre-paid debit card (with on-line balances, bill paying tool, cash back rewards and more!).
- We are not-for-profit: owned and run by our members with members’ interests at the heart of all we do. Every member counts, including those of modest means.
- We have no external shareholders so saving and borrowing with the Credit Union helps keep money in the local economy.
- Members from select employer partners can save and pay loans direct from salary.
- We promote education of members in the wise use of money.
- Together we can build wealth rather than debt. We help build a stronger community.
JOIN US TODAY! It takes about 5 minutes and make sure you have your National Insurance number and bank details to hand
The Credit Union Difference
Credit unions are unique in the financial services industry in the UK. They are member-owned co-operatives with a structure and culture built around the objects in the Credit Unions Act 1979:
- The promotion of thrift among the members of the society by the accumulation of their savings;
- The creation of sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest;
- The use and control of the members’ savings for their mutual benefit; and
- The training and education of the members in the wise use of money and in the management of their financial affairs.
Any profits made by a credit union, from the interest it charges on loans, is reinvested into the business or distributed to savers as a dividend. Most credit unions are now managed on a day-to-day basis by professional staff, and governed by volunteer directors elected from and by the membership.
Credit unions exist to meet the needs of their members, not to make profits for anonymous shareholders.
Savings Protection
IMPORTANT INFORMATION
Your eligible deposits with Salford Credit Union Ltd are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
Visit www.fscs.org.uk for more information
Regulation
Credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We take our responsibilities to ensure that we comply with all current regulations including Money Laundering regulations very seriously.
Auditors
We use professionally qualified external Auditors to carry out an annual audit. Our external Auditors, currently Lindley Adams Ltd, perform an annual inspection of the credit union’s business and report to the membership at the Annual General Meeting each year.
How are Credit Unions run?
The credit union is directed by a board of local volunteer directors who have been approved by the Financial Conduct Authority. Directors are elected to the board by members at the Annual General Meeting and have strategic responsibility to ensure that the credit union is run well on behalf of members. The manager and other employees are responsible for running the credit union on a day to day basis.
Need to Complain?
IF YOU NEED TO COMPLAIN
We do everything we can to make sure our customers get the best possible service. However, sometimes, we don’t get things right. When that happens, we always encourage you to tell us about your complaints, so that we can put matters right.
We want to:
• Make it easy for you to tell us about your complaint
• Give your complaint the attention it deserves
• Resolve your complaint without delay
• Make sure you are satisfied with how your complaint was resolved.
The following information explains what to do if you have a complaint about Salford Credit Union’s service. It also tells you how we will deal with your complaint and who to contact if you are not completely satisfied with our response.
HOW AND WHERE TO COMPLAIN
If you’re not satisfied with any aspect of our service or products, you can tell us about your concerns in the following ways:
In person – Visit our Brotherton House office and speak to one of our staff.
In writing – Address your letter to the Chief Executive Officer.
By telephone – Telephone 0161 686 5880
By E-Mail – info@salfordcreditunion.com
We have a form for you to complete to provide the details of your complaint.
HOW LONG WILL IT TAKE
We aim to solve your concerns as quickly as possible. Where possible we will try to resolve your complaint at the point you make us aware of it, however more complex problems may involve conducting an investigation.
Within 3 working days from the date your complaint was received we will EITHER write to confirm that we understand the complaint has been resolved OR if not satisfactorily resolved by then, will write to confirm that your complaint is being looked into and the likely timescale for a further response.
If your complaint is particularly complex, it may take longer to resolve.
We will aim to resolve your complaint within eight weeks and you will receive a copy of the resolution in writing for your records.
However if this is not possible within 8 weeks, we will write to you to let you know why we have not resolved your issues and when we expect to issue you with a final response.
YOUR RIGHTS- FINANCIAL OMBUDUSMAN SERVICE FOS)
Salford Credit Union is a member of the Financial Ombudsman Scheme. This is a free service where an independent review of your complaint will be made, but as we are committed to resolving your complaints quickly and simply, we hope that you will not need to use this service.
If you are unhappy with the resolution we offer, or we have not provided a resolution within 8 weeks from the date we received your complaint, you have the right to refer your complaint to the Financial Ombudsman Service. This is free of charge- but you must do so within six months of the date of this letter. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.
Further details regarding the FOS can be obtained from their website at www.financial-ombudsman.org.uk. Alternatively the FOS may be contacted at:
The Financial Ombudsman Service
Exchange Tower
London E14 9SR Tel: 0800 0234 567
Disclosure notice
DISCLOSURE: ABOUT OUR SERVICES
- What products do we offer?
We offer savings and loans.
- What will you have to pay us for our services?
We charge an initial £3.00 non-refundable membership fee when you first join the Credit Union. This covers the initial administration fees.
- Who regulates us?
Salford Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Our FSA registered number is 213304.
Our permitted business is: Deposit Taking.
You can check this on the FSA’s register by visiting the FSA’s website on www.fsa.gov.uk/register or by contacting the
FSA on 0845 606 1234
- What to do if you have a complaint
If you wish to register a complaint, please contact us:
In writing: Salford Credit Union Ltd, Brotherton House, 1 Loganberry Avenue Salford M6 5UX
By telephone: 0161 686 5880
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
- Are we covered by the Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Deposit taking is covered for 100% of the first £85,000 of member’s savings.
Further information about the compensation scheme arrangements is available from the FSCS.
- Cancellation Rights
Membership
You may cancel your membership of the Credit Union within 14 days of receipt of confirmation of your membership. You must inform us of this in writing to the branch where you applied.
The £3.00 membership fee is non-refundable and covers initial administration fees.
Any funds you have paid into the Credit Union will be returned to you no later than 30 days after the date the funds were paid in.
Loan Agreement
You may cancel your loan agreement within 14 days of its receipt without penalty. You must inform us of this decision in writing to the branch where you applied and return the money paid to you within 30 days.
Terms of Lending
Terms of Lending
All approved loans are subject to Terms and Conditions. The current Terms are available to download here
How we use Credit Referencing information
Credit Reference and Fraud Prevention Agencies
We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register. The agencies will record details of any search whether or not this application proceeds. We may use credit scoring methods to assist the application and to verify your identity. Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household.
This information may also be used for debt tracing and the prevention of money laundering as well as the management of your account. In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm you identity.
To prevent or detect fraud or to assist in verifying your identify we may make searches of group records and at fraud prevention agencies who will supply us with information. We may also pass information to financial and other organisation involved in fraud prevention to protect ourselves and our customers from theft and fraud. If you give us false or inaccurate information, details will be passed to fraud protection agencies.
This information may also be used for tracing and claims assessments and verifying identify. Information held about you by the credit reference agencies may already be linked to records relating to anyone with whom you have a financial relationship such as a joint account.
More information is available in our guide to how we use your personal data.
