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.
Step 2: Provide verification of your organisation and two or three acceptable items of identification for up to 4 signatories
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 of the first deposit.
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.
See ‘How can we withdraw money?’ for fees that may occur should you exceed withdrawal limits.
Is there a maximum savings balance?
At present, we are limiting members to £68,000 in total savings.
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 savings?
- 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 mixed change cannot be accepted.
How can we withdraw money?
Applications for withdrawals must be made on the appropriate withdrawal form and posted, faxed, scan/emailed or brought to a branch. 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 (4 free transfers per month free of charge. Additional transfers 50p each).
- Cash (up to £100 per day at Hull, Scunthorpe, Bridlington, or Goole. At other branches by special request). For larger amounts or at other branches, please give 7 days’ advance notice.
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 shuuld 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. The dividend rate is determined by the Board of Directors and ratified by the members in Annual General Meeting (AGM) in December.
Any dividend due will be paid to the account on the first working day after the AGM and will be based on the balances held in the account since throughout the year to 30 September.
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?
Apply in writing giving 30 days’ notice before the money can be paid out. It must be signed by all registered signatories.
Note that we may also declare your account dormant if there are no transactions for 12 months or more.
"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