FAQs

MEMBERSHIP

Q: How do I become a member of the Credit Union?

A: You can complete an on-line form from the website, or by following the link below.

 https://cuforms.co.uk//runform.php?article_id=6659&htmltype=html5

Q: What happens if I leave the Brigade or retire?

A: Once you are a member of the credit union, you can remain a member for the rest of your life. If you are in receipt of a pension then you complete a Pension Deduction Form and return it to the office. If on the other hand you leave without a pension provision then on this occasion we allow the member to set up Standing Order so they can continue saving with the Credit Union.

PAYROLL

Q: How do I change my deduction from payroll/pension?

A: You can either request an Amendment to Payroll form from the office or you can download one from the website. Once completed you return it to the office so amendments can be made to your records and then it is forwarded to the relevant payroll department. Amendments have to be received at least 2 weeks before the next deduction is made, otherwise it will be the following month before the amendment is made.

WITHDRAWALS

Q: How do I make withdrawals from my savings?

A: If you have completed the Transfer Authority Form then all you need to do is either telephone your request through to the office during office hours (9.00 a.m. - 3.00 p.m. we also have an answer machine), email your requirements (available 24 hours a day, 365 days a year) or text the word FLAMES together with your name, membership number and amount you wish to withdraw to 66777.

If you wish to transfer funds to a different account, other than the one authorised on the Transfer Authority Form, or you haven’t completed this form, then you can download a Share Withdrawal Form, and once completed and signed forward to the office at Hanley Fire Station, where it will be processed upon receipt. This form can be sent by either post or by attaching to an email, saving as a PDF file.

Q: When will I received the money into my bank account?

A: If the request is received during office hours (9.00 a.m. – 3.00 p.m.) then the money is usually in your bank account within 2 hours of making the BACS payment. If it is received out of hours then it will be done immediately the office is next open.

Office is open Monday – Friday 9.00 a.m. to 3.00 p.m. Annual leave does affecting the opening times occasionally, so please check the website for this information.

DEPOSITS

Q: How do I make a deposit into my credit union account, in addition to my deduction?

A: To make a deposit into your account  please make an  internet banking  payment into the following bank account:-

Flamesavers Credit Union Ltd

12-20-29

06022514

Ref: Membership number and surname.

IT IS VERY IMPORTANT that you quote your membership number and surname as the reference on the BACS transaction, i.e. 1234 Smith. Failure to do this will mean that there will be a delay in depositing this into your account until you can provide proof of the transaction. Once the deposit shows in our account with the correct information then the money is credited to your credit union account.

Q: Do I receive interest on my savings?

A: Technically the answer is no, we don’t pay interest. However, what we do is pay a dividend which is based on the financial success of the credit union in the previous year. The dividend is calculated when the accounts have been audited and approved at the Annual General Meeting and is paid after the AGM has taken place, which is usually in the latter part of each year.

Q: Is there a limit what I can deposit into my credit union account in addition to my monthly contribution?

A: A member can deposit up to £1,000.00 in any one financial year in addition to their monthly contribution. Our financial year runs from 1st October through to 30th September.

Q: Is there a limit as to how much I can have deducted each month?

A: There is no limit on how much you can have deducted each month but the minimum is £5.00 a month.

Q: Is there a limit as to how much I can have in my account?

A: The maximum amount every member is allowed to have in their savings is based on a percentage of our total shareholding. This figure changes every month but the board have set the figure at £15,000.00 maximum.

LOANS

Q: How much can I borrow?

A: Our loan policy allows a member to borrow up to five times what they have in their savings, less the outstanding balance of any existing loan, but no more than £20,000.00 in total.

Q: Can I clear my loan early?

A: You can repay your loan at any time after the first month’s interest has been added, without incurring any early repayment fees. Please bear in mind that if you use your savings to do this, it can affect the amount you can borrow in the immediate future.

Q: I have a loan but can I withdraw any of my savings?

A: When you take out a loan with the credit union we attach a quarter of the loan balance to your savings as security against the loan until your loan is repaid. This means as your loan reduces it releases a portion of your savings that can be withdrawn. For example if you had £1,000.00 in your savings and had a loan of £4,000.00 once your loan reduced to say £3,200.00 you would only have to leave £800.00 in your savings, which leave £200.00 (plus any money saved) available to be withdrawn. During the course of your loan, whilst making repayments, you still have to save at least £5.00 a month.

Q: If I reduce the balance of my loan, will the monthly repayment amount change?

A: The short answer is no. However any overpayments or additional repayments will shorten the term of the loan, which will save you interest, as we only charge interest on the outstanding balance at the end of each month. If you are concerned over the repayments at any time, then a member of staff will always be willing to discuss your individual situation.