Safe savings - for small organisations
Our Community Account is an easy access deposit account for organisations. The account offers easy ways for clubs, societies, charities, social enterprises and small organisations (both incorporated and unincorporated) to pay in funds received from their members, supporters or customers, or to pay their suppliers. Just maintain a minimum of £1 in your account and you will receive a wide range of benefits, in addition to supporting your local, ethical financial co-operative.
You can apply for a Community Account online or over the telephone.
Step 1: Complete our online application form.
Step 2: Provide verification of your organisation and two or three acceptable items of identification for up to 4 signatories.
Speak to our friendly team on 01482 778753.
Who can open a Community Account?
Organisations based in or operating within our common bond area (see our Rule Book). This includes clubs, societies, charities, and small organisations both incorporated and unincorporated. Account holders are known as Corporate Members of the Credit Union, with a £1 share and voting rights at Members' Meetings.
How can we join?
Simply complete the Community Account application form, provide verification of your organisation and at least two proofs of ID for up to four signatories (minimum of two required).
To comply with the law, if you have any shareholders, directors or beneficial owners holding more than 25% of your organisation's shares (if not one of the signatories), we will also require details and proof of ID for them.
Membership will commence from the date your first deposit is received.
Are there any fees on the account?
If a cheque is unpaid we reserve the right to debit your account with any charges that we incur.
Any more than one postal statement per year will cost 50p.
Is there a maximum account balance?
At present, we are limiting members to £68,000 in total funds.
Is there a minimum amount we must have in the account?
You must maintain a minimum balance of £1 in this account to retain membership.
How can we deposit funds?
- by cash or cheque* at a branch
- by bank standing order, Direct Debit or direct transfer from a bank account
- at an East Riding of Yorkshire Council Customer Service Centre.
* If deposits are made by cheque, no withdrawal may be made against them until the funds have been cleared in the Credit Union’s bank account which usually takes 6 working days.
Can we deposit bags of change into the account?
Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as we cannot accept mixed change.
How can we withdraw money?
Applications for withdrawals must be made on a Community Account withdrawal form and posted, faxed, scan/emailed . They will be processed, provided they contain the required number of signatures matching those currently on our records.
Withdrawals can be made by:
- Bank transfer.
How many signatories do we need?
A minimum of two and a maximum of four signatories are required to act on behalf of your organisation.
How do we change signatories?
A form must be signed by the current registered signatories for the change to be made. If any signatures are unobtainable, please provide a letter of resignation or a signed copy of the minutes of the meeting where the individual’s removal was confirmed. If a signatory dies, a death certificate would be required.
Do we need a formal constitution?
If you don’t have one, a sample constitution is available on request. It should be completed by the office holders to verify the organisation’s existence.
What interest or dividend is paid?
We pay a yearly dividend on your account although the rate of dividend is not guaranteed. The final dividend paid may vary and it is possible that no dividend is paid at all. The dividend rate is proposed by the Board of Directors and voted on by the members at the Annual General Meeting (AGM).
Any dividend due will be paid to the account on the first working day after the AGM. Dividend is based on the balances held in the account throughout the year to 30 September prior to the AGM.
Do we need to make regular deposits to keep the account open?
If you make no deposits on your account for 12 months or more, the Credit Union may declare your account dormant in accordance with Credit Union Rules 30 to 34. No dividend will be paid on dormant accounts and, if you do not respond to our enquiry an annual administration fee of £5 may be deducted from your account balance. Therefore it is important to tell us if your address or contact details change so that we don’t lose touch with you.
What happens if money is paid into my account by mistake?
If we are told a payment has been made into your account by mistake and we reasonably believe this to be the case, we may return the money. We will tell you if this happens and give you the chance to dispute the claim. If asked, we may share your relevant personal information with other banks, building societies and credit unions so that the payer can trace money paid to an incorrect account.
Can we open two Community Accounts?
An organisation may only hold one Community Account.
How do we close the account?
Any request to close the account must be made in writing, or by using our closure form (downloadable from our website), giving 30 days’ notice before the money can be paid out. It must be signed by all registered signatories.
If you close your account, you will not qualify for any dividends declared after the account is closed.
"We use our Community Account to keep our cash reserves protected and away from our day to day banking, safe in the knowledge that withdrawals are always available together with statements for accounting purposes."
Steve, Ferriby Hall Squash & Racketball Club, Hull