Organisation and Corporate Deposit Account – Terms and Conditions
These terms and conditions apply to Organisation and Corporate Deposit accounts hereafter referred to as organisation accounts.
Organisation 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 organisation 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. Organisations may forward a letter signed by both Nominated Contacts to provide a temporary substitute for periods not exceeding three months to allow for holiday cover etc.
Organisations will receive notice of the credit union Annual General Meeting and the Primary Nominated Contact will be entitled to attend as the representative of the organization.
Organisations other than sole traders which chose the online account access must ensure that all interested parties have access to the credit union e-Web portal.
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 debit and credit cards will be credited to organisation accounts after three working days. Cheques will be credited after they have been cleared by our bank.
ESLCU will process your data in accordance with the Data Protection Act 1988 and we will only disclose information outside the credit union in accordance with Category F of our Consumer Credit Licence.
Organisation accounts are provided for a period of 12 months and may be renewed subject to the agreement of the credit union.
Businesses that operate as sole traders must provide a headed letter with a written statement affirming that there are no other parties with a legitimate interest in the operation of the account.
Large organisations may not be protected by the Financial Services Compensation Scheme.
Dividend 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.