Q) What is a Credit Union?
A) A credit union is a not for profit financial co-operative set up and run by its members, for its members. Over 1 million people in the UK are members of a credit union and this is growing all the time. Credit Unions are committed to providing affordable, flexible financial services to all members of their community or profession.
Q) Will Merthyr Tydfil Credit Union pay interest on my savings?
A) We pay an annual dividend on your savings. That means that any profits are used to grow the business and are passed back to the members, not to directors or shareholders.
Q) How can I pay money into my savings?
A) It has never been so easy to pay money into your credit union account. You can pay cash or cheque into one of our branches or service points or you can set up a standing order from your bank. Alternatively, if you work for approved employer you may be able to save direct from your pay each month.
Q) How do I withdraw money?
A) You can arrange for your savings to be withdrawn by registering for the Member's Area section on our site or by emailing us at email@example.com.
If you email us you must quote your member number, the amount you wish to withdraw, your bank sort code and the last 4 digits of the account number you wish the money to be deposited into. ( We must hold these details on file for you already )
You can also receive your money by cheque, cashable at your local post office free of charge or a cheque for depositing in to your bank account.
Alternatively, you can register for a pre-paid card and have your savings transferred over that way.
You have to leave a minimum of £2.00 in your account at any one time to keep it open.
Q) Will I get sent monthly statements?
A) We are serious about how we spend our members’ money and as a consequence we limit the associated costs of sending out statements to once a year. You can, however, follow your account online or find out your balance by phoning or calling into any one of our branches or service points.
Q) If I did need to borrow money at a later date, how would I go about applying?
A) We offer a wide range of flexible, tailored loans to suit every member. Unlike many banks and high-street lenders, we charge no fees for arrangement or early repayment and your interest payments are worked out on the reducing balance. We offer highly competitive rates of interest ranging from just 3.9% APR to a maximum of 42.6% APR.
Q) Can I save for my children/grandchildren?
A) Yes, you can open a child’s account and save in exactly the same way. As the nominated guardian you will have full control of the account until they turn 18.
Q) I’ve heard you do free life insurance, how do I register?
A) You don’t need to do anything to register for the free life insurance. As soon as you become a member with Merthyr Tydfil Credit Union you automatically receive life insurance on any savings and loans you have with us. For full terms and conditions, please contact a member of staff.