Membership – Terms and Conditions

1. To become a member of Eastern Savings and Loans Credit Union a person must live or work within the common bond area at the time of application, be 18 years of age or over and have permanent UK Residency.

2. All members must pay £5 to join Eastern Savings & Loans Credit Union. Which consists of a £2 non-refundable admin fee, and £3 for minimum shareholding.

3. Members must maintain a minimum balance of £5 to retain membership of the credit union to a maximum of £20,000 (please note, that the maximum limit is reviewed regulary and will be updated here).

4. Members will be charged an annual membership fee by the deduction from their account of £1.00 every four-weeks.

5. A member’s collective savings balance is not permitted to exceed the FSCS limits in operation at the time. Deposits may be subject to Money Laundering Verification. Lump sum deposits may be made by bank transfer, debit card, cheque or postal order, subject to any applicable limits. Cheque deposits require ten days’ clearance from the date of deposit.

6. Members may make unlimited withdrawals, subject to the terms of any loan or other services. Notice of withdrawal must be made by telephone, the online banking service or in writing.

7. An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. ESLCU is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.

8. The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be backdated accordingly. Any dividend payable may be freely withdrawn by the member.

9. Any dividend due is calculated for the Eastern Savings & Loans Credit Union’s financial year. Dividends can only be paid to active members’ accounts. Accounts closed after the financial year’s end, but before the dividend is credited, will forfeit the right to any dividend due. Members who close their accounts during the financial year also forfeit the right to any dividend due. The dividend is not paid to any member that has a current bad debt within the credit union.

10. Members will be provided with a statement of account at least annually and on demand. Statements may be provided combined or singly. Statements may be provided electronically at the discretion of the credit union.

11. A member may leave the credit union at any time without penalty providing no debts are outstanding. All share accounts will terminate on closure of the membership.

12. The credit union reserves the right to apply certain charges to member’s share accounts. For details of these charges please refer to Tariff of Charges
Regulation.

13. Please note if your account is not used and has no balance, we will close the account after three months. We will make every effort to send you a text if your account balance falls below £2.00.

14. Eastern Savings and Loans Credit Union is authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213756.