Your Questions Answered
Our most commonly asked questions are listed below. If you have a question that is not answered here, please contact us and we will be happy to help.
The structure and nature of a credit union frequently enables it to help those who are currently excluded from access to ordinary bank products. It can become a lifeline for people who may otherwise have to resort to payday loans or doorstep lending which often carry incredibly high interest rates.
We have a 25p a week membership charge, charged to all members by a £1.00 deduction 4-weekly from your share account.
The minimum shareholding is £5.00.
If your account goes below £2 we will text you to ask you to top-up your account to at least £5.00.
Accounts with a zero balance will be closed and you will need to join again.
We are also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means that we meet strict conditions for trading, we are required to submit information on our financial performance to the regulators every three months and our directors and senior staff are vetted by the regulators.
Note that the working week is Monday to Friday. If you are joining us and applying for a loan on the same day we may require a little longer to check your membership eligibility.
name as: Eastern Savings & Loans CU LTD,
sort code: 089250,
account number: 50000788,
Reference: Please use your four or five digit membership number.
Please ensure this information is correct, it will help us to identify and process credits to your account accurately and as quickly as possible.
Having trouble? See the next FAQ.
The big six banks have implemented a scheme to reduce fraud which checks the name of the account holder matches the sort code and account number. However our bank (The Cooperative Bank), has yet to make its business accounts respond to these requests.
To send funds to your credit union account (loan payment or share deposit) see the previous FAQ.
If you want more reassurance about this process, please see this Which?Money story.
Deposits are protected by the Financial Services Compensation Scheme.