Organisation and Corporate Deposit Account Terms and Conditions

General

These terms and conditions apply to Community and Corporate Deposit accounts, hereafter referred to as Community accounts.
Community accounts are only available to organisations based in Suffolk, Cambridgeshire, Norfolk, the North and Central Essex districts and any other geographic area defined in the ESLCU Rule Book.
Any charges incurred arising from the use of services provided as part of the Community account maintenance fee will be deducted from the account at the end of each month or 4-week period.
Organisations are required to provide signed copies of the authority to establish the account and for the Nominated Persons to operate the account.
If the organisation has indicated that two Nominated Contacts are required to authorise a transaction, no transaction will be enacted unless both contacts have approved the transaction via email.
Organisations can email minutes with details of temporary nominated contacts to provide a temporary substitute for periods not exceeding three months to allow for holiday cover, etc.
The Primary Nominated Contact will receive notice of the credit union Annual General Meeting, and a nominated representative is entitled to attend as the representative of the organisation.
It is the responsibility of the organisation to advise ESLCU of any changes to details such as the operating name, address and contact information.
Deposits made by Cheque will be credited after they have been cleared by our bank, which is normally within a maximum of 10 working days.
ESLCU will process your data in accordance with the GDPR 2018 and we will only disclose information outside the credit union in accordance with Category F of our Consumer Credit Licence.
Community accounts are provided subject to fair usage. which is defined by unlimited deposits and a maximum of four withdrawals via Faster Payment per three calendar months.
Dividends may be paid on the share account annually, where approved by the Annual General Meeting in the year following the year in which a surplus has been generated.