FREQUENTLY ASKED QUESTIONS
WHAT IS A CREDIT UNION?
Croydon, Merton & Sutton Credit Union Ltd (trading as Your Community Bank) is a savings and loans co-operative. We are authorised to take savings deposits and to administer loans. We aim to help our members save money, but we also provide loans at affordable rates.
After we meet our essential running costs our profits are given back to the membership through a dividend payment.
ARE YOU A BANK?
No. We are a regulated financial co-operative.
All of our members are shareholders and so the benefits from the successful growth of Your Community Bank are more widely distributed than in traditional financial institutions. Whilst banks might invest internally; we invest in our local community and our profits are given back to our members.
IS MY MONEY SAFE?
Yes. We are authorised by the Prudential Regulation Authority (PRA – Firm Reference Number 213603) and regulated by the PRA and the Financial Conduct Authority (FCA). We are covered by the Financial Services Compensation Scheme (FSCS), meaning that savings of up to £85,000 are protected – just like with any other bank. Our staff and Board of Directors are approved as ‘authorised persons’ by the FCA and PRA, which means they undergo a range of checks to protect you and your shares that are held by Your Community Bank. to the membership through a dividend payment.
WHO RUNS YOUR COMMUNITY BANK?
Your Community Bank is a ‘member-led’ Organisation. The Board of Directors is accountable to the members.
All Directors must be members, as are all other members of the team.
DOES IT COST MONEY JOIN?
Yes, there is a one-off charge of £5 to cover our administration costs. Upon receipt of your initial deposit of a minimum of £10, £5 will be taken as the one-off fee and the rest will be deposited to your Savings Account. A minimum balance of £5 must be maintained to keep the account open.
WHAT IDENTIFICATION DO I NEED TO BECOME A MEMBER?
To become a member you must either live, work or study in the borough of Croydon, Merton or Sutton.
Like any financial institution, we require proof of who you are (identity) and where you live (residency). Unlike high street banks we will be flexible with these needs, so long as our legal obligations are being met.
HOW DO I JOIN?
Joining is simple. If you are eligible to become a member, joining online is the quickest way.
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You could also contact us to request a paper application form by sending us by using our Contact Form here.
Once you have completed this, please send it to the office, along with photocopies of identification (see FAQ on Identification). Once we have processed your application, we will contact you to let you know if there is anything else we require to validate your account.
Yes. We are always happy to welcome new members. So long as they live, work or study within the borough of Croydon, Merton or Sutton OR if they live at the same address as you.
CAN MY FAMILY ALSO JOIN?
CAN I HOLD A JOINT ACCOUNT WITH A FRIEND OR RELATIVE?
Sadly, we do not currently operate Joint Accounts.
HOW SECURE IS MY ACCOUNT?
We will always ask you to provide your unique membership number and other account information, to verify your identity and we will only discuss the account information with the named account holder. You may be asked to provide identification when withdrawing money or receiving a loan payment.
WHAT IS MY 'SHARE' ACCOUNT?
A ‘share’ account is another name for your Savings Account. For every £1 you have saved with Your Community Bank, you own one share.
By default, your payments are posted to your ‘share 1’ account but you can open separate accounts to help you designate your savings into separate pots. More information on the different types of savings accounts available, can be found on our Savings Page.
DOES YOUR COMMUNITY BANK PAY INTEREST ON SAVINGS?
As a co-operative, we do not pay interest on savings. Your Community Bank can make a dividend payment to members; once annual accounts are approved and if there is sufficient profit after setting aside the required reserves. If a dividend payment is agreed then this is paid into your Your Community Bank Account, usually annually, as a percentage of your savings.
HOW DO I PAY MONEY INTO MY ACCOUNT?
You can pay into your account by Standing Order or Bank Transfer and on occasion, we are able to take payment via Debit Card over the telephone.
If you are employed by a local employer that has enrolled onto our Salary Savings Scheme, you can also save directly from your salary.
We are also able to receive payment directly from Child Benefit and Universal Credit. If you would like to do this, please contact us and we can help you.
In addition, you can also make a payment by clicking here:
CAN I SET UP BANK PAYMENTS MYSELF?
Yes. All you need are our account details and your membership reference number and you can set this up directly with your bank using the details below. Remember to use your Individual Payment Reference, which is formed by your account number and name, followed by the share account you would like your money paid into. (for example: 78947.John.Smith S1)
Sort Code: 08-92-99
Account Number: 67005750
Reference: MemberNumber.FirstName.Surname ShareAccount
CAN I MAKE WITHDRAWALS IN CASH?
No, for security reasons this is not possible. We can transfer funds to a nominated UK bank account (details will need to be provided in writing by the member including Account Name Sort Code Account Number and Reference), transfer funds to a Suits Me card, or other prepaid card, or issue a cheque.
Cheques are limited to £500 per cheque and can only be cashed at the East Croydon Branch of COOP Bank. Please note there is a charge of £3.00 per cheque (although first cheque is free of charge).
DO I HAVE TO GIVE NOTICE TO WITHDRAW MONEY?
No. Your Community Bank offer savings accounts, which do not require notice to be given before making a withdrawal. However, we do need time to process any withdrawal requests within our usual opening hours.
All withdrawal requests received before 3pm, will usually be processed the same working day. Any requests made after this time, or at the weekend, will be processed on the next working day. You can request withdrawals, by using your online account, via the YourCB Mobile App, by phone, email, or in person.
Please note that while we aim to process all withdrawals as quickly as possible, some withdrawal requests may prompt the need for contact from a member of the Your Community Bank team to request further information from you. This may delay the withdrawal processing time.
CAN I WITHDRAW MONEY FROM MY SAVER ACCOUNT?
The savings in every member’s account with us, belongs to them. Members can request to withdraw their savings at any time, subject to not having an outstanding loan balance. All withdrawals will be subject to our processing times.
You can check your current balance by using our online members area, by using the YourCB Mobile App, by telephone on 020 3468 8568, or by emailing us at: info@yourcb.org.uk
We are required to send all members a written statement annually. You can also request a statement at anytime throughout the year.
HOW CAN I CHECK MY ACCOUNT BALANCE?
WHERE CAN I FIND OUT MORE INFORMATION ABOUT THE JUNIOR SAVER ACCOUNT?
We have created a list of answers to the frequently asked questions on the Junior Saver Account and this can be found here
WHAT RATE OF INTEREST DO YOU CHARGE ON LOANS?
Our interest charge varies from 5% to 42.6% Annual Percentage Rate (APR) depending on the type of loan. There are no hidden fees and we do not penalise you for repaying a loan early. More information on this can be found on our Loans Page
WHEN CAN I BORROW?
There is a minimum period of savings for most of our loans. These vary based on the chosen loan option and repayment method. See our Loans Page for more information.
Members in receipt of Child Benefit can apply immediately for a small loan of up to £750, subject to the ongoing Child Benefit payment being paid into your Your Community Bank Account.
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Sometimes members may need to ‘top up’ an existing loan. This is possible; however, it would be subject to an additional application and review process. Applications for a ‘top-up’ loan will only be considered once a period of three to six months (depending on the specific loan option) has passed since the last loan was issued, and all payments are up to date.
HOW MUCH CAN I BORROW?
You can apply to borrow as little or as much as you need, within the limits of our loan options (up to max. £15k exposure).
All loan applications will be reviewed, based upon your individual circumstances, how long you have been a member and your ability to repay. As an ethical lender, we would never loan more than you can afford to repay. More information on this can be found on our Loans Page.
HOW LONG DOES IT TAKE TO PROCESS A LOAN APPLICATION?
At peak times, a loan application may take up to 10 working days to process however, we are normally able to process this with 5-7 working days.
DO YOU USE CREDIT REFERENCING AGENCIES?
Yes, we use Credit Reference Agencies, to enable us to verify your identification and exposure to other debts. We also use the agencies to report on repayments of our loans. If you repay according to the agreement, this will help your credit rating in the long term.
Previously having difficulty repaying a loan or credit card, will not necessarily prevent you from borrowing from us - so long as this was declared at the time of application.
DO YOU USE CREDIT SCORING?
Yes. As an ethical lender, we must ensure that we only lend what you can afford to repay.​
We have our own loan assessment process when considering loans. This takes account of members savings and repayment history, disclosed and undisclosed loans, and any debts with other lenders.
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Because we are lending other members’ money as loans, we have a responsibility to do our best to ensure that all loans are repaid in full.
WHAT IF I CANNOT REPAY MY LOAN?
We understand that sometimes individual circumstances can change unexpectedly, and an agreed loan repayment plan may become unrealistic. We are sympathetic and encourage members to talk to us about their change in circumstances.
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We will always consider ways to help and can often reschedule loan payments to make things more manageable. However, we do operate a strict Credit Control Policy and all non-authorised defaults will be taken seriously and pursued.
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Members must be aware that missed payments on a loan may be taken into account in the consideration of any future loan applications and will be reported on, as part of our agreement with Credit Reference Agencies.
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It is always best to speak to our Credit Control Team, if you are having difficulty with paying your loan.
HOW DO I COMPLAIN?
Should you not be satisfied at any time with the service you have received, we welcome you to contact us to discuss your concerns.
You can do this by telephone on 020 3468 8568 or send us an email at: info@yourcb.org.uk
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For full details on our Complaints Policy, click here
HOW CAN I HELP SUPPORT YOUR COMMUNITY BANK?
Everyone who becomes a member of Your Community Bank and sets up monthly savings arrangements, is helping our Credit Union to grow. By doing this, YOU are helping local people to get out of debt.
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Spread the word about us, so that more people learn about ethical savings and loans, and so that we can help more people take control of their finances – meaning more money in their pockets!
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If you want to do more, you can also help us by becoming a volunteer, more information on this can be found on our Join the Team Page.