Savings can be by regular or occasional cash paid in at the office  in Hatfield Road or at the Harpenden and London Colney collection points.  If paying in cash please ensure that you bring your passbook with you for updating.

Many of our savers pay by standing order on their banks.

Cheques to pay in savings may be sent by post. If sending cheques please be sure to record your membership number and preferably enclose your passbook. Normally cheques should be made payable to “St Albans District Credit Union” with a note of the saver’s membership number on the back.  We also accept third party cheques made payable directly to the member.

Funds  paid in by cheque will not be credited to a member's account until the  cheque has cleared the banking system (allow 4 working days). 

Regular Government benefit payments to a member can be directly paid into the Credit Union’s bank account and credited to the member. Please enquire at the office how you can do this.  

Under current legislation credit unions don’t pay interest on savings, but can pay a dividend to members when we are in profit and sufficiently strong in built-up reserves. St Albans District Credit Union is not in that situation yet.  Meanwhile we hope that those not so well off will regard prudent saving as a first step to getting a fair cost loan, and those better off will regard some saving with the Credit Union as a way of helping the less-well off avoid having to reply on high cost doorstep loans   

For our junior savers (not strictly members) we can offer interest and have paid 2% on their average savings balance in each of the last few years.

If you want to withdraw some or all of your savings the rules of the Credit Union provide that it can take up to 60 days. However we aim to pay withdrawals by cheque within a week (to allow for signatures on the cheque). We will normally pay out small amounts (up to £50) by cash on demand, but we aim to keep little cash at the office, and normally payment will be by cheque, unless we have accepted a clear prior arrangement. If you do not have a bank account, we can provide an "encashment letter" to be used at the local Lloyds Bank branches. Please ask for this letter, if you need it, at the same time as your cheque .

We do offer free life insurance, on savings as well as loans. If a “saving”member dies, their estate gets an extra payment – an extra 100% of their savings for those under 65, or 25% of their savings for those between ages 65 and 80, subject to the usual insurance conditions.

Independently from the record in a member’s passbook, a complete record of a member’s transactions is held in a separate computer record. Statements will be provided once a year, after the financial year-end on 30 September, but meanwhile you can request a statement record of savings and loans at any time.

Parents of children at the Treasure Chest schools and who are members of the St Albans District Credit Union may also pay in cash or cheques at those collections..

Funds  paid in by cheque will not be available to exchange for cash until the  cheque

has cleared the banking system (allow 4 working days).

Savings

 

Cash:

 

 

Standing Orders

 

 

Cheques

 

 

 

 

 

Benefit Payments

 

 

Interest

 

 

 

 

 

Withdrawals

 

 

 

Life Insurance

 

 

Statements

 

 

Treasure Chest

135 Hatfield Road, St Albans, Herts. AL1 4JX :

Phone 01727 859135 : Fax 01727 859135 :

Email: Office@stadcu.org