Savings

ST ALBANS DISTRICT

CREDIT UNION

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

Phone: 01727 859135 : Fax: 01727 859135

Email: office@stadcu.org

Web site and design ©St Albans District Credit Union 2011

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 are not permitted to pay interest on savings, but can etc when they are in profit and sufficiently strong in built-up reserves. The decision whether to pay a dividend, and the size of the dividend, is taken by members annually at the Credit Union’s AGM, based on a recommendation by the Management Board

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.

Withdrawal of some or all savings can be made by a member at any time. Whilst Credit Union rules provide a maximum period of 60 days, we aim to pay withdrawals by cheque within a week. We can normally pay out small amounts, up to £50, by cash on demand. However, this is subject to availability at the Main Office or collection point, unless the member has made a prior arrangement for the money to be set aside. 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 . Unless an account is specifically closed, a member must retain a minimum of £1 in his/her account.

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 during the year a member 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..