FAQs | Eastern Savings and Loans

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.

A credit union is a community savings & loans provider that exists to provide financial services to a common group of members.  Unlike banks and other commercial finance providers, a credit union does not operate to generate a profit – it exists solely for the benefit of its members.
A credit union is a community of its members, whose aims are to promote their financial wellbeing through savings, affordable and appropriate lending opportunities, and through the promotion of greater financial awareness. Members are the owners of the credit union and the absence of third-party shareholders results in beneficial rates for depositors and borrowers. The pressure to generate profit for shareholder dividends is greatly reduced, and any surpluses generated by the credit union are redistributed among the members.

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.
You must meet our common bond in order to join us.
It costs £5 to join our Credit Union. (£2 admin fee and £3 towards your shares).
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.
Firstly, ensure you meet our common bond joining criteria.

If you do, you can join us quickly and easily online today.
Yes. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000.

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.
Once we confirm you are eligible to join we aim to process loan applications within three working days. We will send the money the following day when we receive a signed loan agreement and repayment confirmation if you are successful in your loan application.

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.
Yes, please see our contact us page.
You can pay into your account from a bank account or if your employer wants to pay wages into your account, you will need the following information:

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.
Yes they are, but during 2020 you may receive a warning that your bank cannot confirm the name of the recipient.

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.
Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02 and may be included in your call bundle.

Follow us!

Follow us on Facebook, Twitter and Instagram to stay up to date with the latest from us!

Members of ABCUL

Members of ABCUL

Your money is protected up to £85,000

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority

Authorised and Regulated by the Prudential Regulation Authority

Members of ABCUL

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority