FAQs

General FAQs

1) What is a credit union?

Since 1964, credit unions have existed to provide loans, savings and other financial services to their members on a not-for-profit basis.

2) How is a credit union different to a bank?

Unlike a bank, a credit union doesn't operate to generate a profit - any surplus funds earned are used to pay running costs and provide benefits such as dividends on savings for their members.

Our members are our owners and have one share each in the Credit Union.

We believe that credit unions provide a credible and responsible alternative for loans and savings. Focusing on what people can afford, we put our members in control of their finances and encourage them to accumulate savings that improve their financial well-being.

3) Are my savings safe?

Credit Unions are authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

4) Is my business kept private?

Yes. Everyone at the credit union with access to members personal data must act confidentially at all times. We observe the Data Protection Act 2018 (GDPR) and use the personal data you have supplied in strict compliance with our Privacy Policy.

5) What is the AGM?

Every December, we hold a Annual General Meeting (AGM) for our members.

As our members are also our owners, this is their chance to hear how the Credit Union is progressing, vote on dividends, and decide who will serve on the Board of Directors.

Joining Us FAQs

1) Who can join?

To join, you must live or work within our common bond area.

2) How do I join?

You can join us online or at a branch. If you have any questions, or want to talk about the application process, please feel free to contact us.

4) How long does it take to open an account?

The account will normally be opened the same day that we receive your application.

We will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753.

Loans FAQs

1) Who can apply for a loan?

You must be:

a) a member of Hull & East Yorkshire Credit Union/ Northern Lincolnshire Credit Union*,

b) aged over 18,

c) registered on the voters roll**,

d) have your own bank account that allows standing orders.

 

* When completing a loan application form, you will also be applying for Membership if you're not already a member.

** Doesn't apply to our Matched Loan.

2) How can apply for a loan?

You can apply online or in branch. Full instructions are supplied on each loans product page.

5) Do you do a credit check on loans?

Yes, for all loans other than our Matched Loan. Loans are assessed on an individual basis, taking into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Credit Union, credit history and so on.

Information on how we use Credit Reference and Fraud Prevention Agencies to check your credit history can be found here.

6) How long does it take to make a decision on loans?

Normally it will take just a few days, much depends on how busy we are at the time. Please only contact us to chase your application if you haven't had a response within 10 working days.

Our Matched Loan offers a same-day instant-decision.

7) How much can I borrow?

We have many types of loan available ranging from £100 to £20,000+. See our loan pages for further information on the product suitable to you.

9) How do I repay my loan?

All loans are to be repaid through your own bank account by bank standing order or direct debit, direct from Child Benefit or by payroll deduction.

10) How often must I make repayments on my loan?

We'll match your repayments at the same frequency you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).

11) How do I collect my loan money?

We can transfer money to your bank account (often the same day as the loan agreement is signed), or by prior arrangement you may be able to collect cash from a branch. If the loan money is to pay particular bills, we can arrange to pay it direct.

With our Swap & Drop Loan the funds will be paid direct to the credit card or other bill that the loan is paying off.

12) What interest do I pay on my loan?

Rates differ according to the loan product. See our loan pages for this information.

13) How is interest applied on my loan?

It is applied to your loan daily and calculated on the outstanding balance. This means that if you settle your loan early you will pay less interest.

14) What term do I pay my loan over?

Our loan terms range from one to ten years according to which rate your loan is on. See our loans for more info.

16) How often will I get a loan statement?

Statements are provided upon request, or you can check your transactions through your account online.

17) Can I access my loan account online?

Yes. If you don't already have access to your account online, you can register. You can also register for our Mobile App.

19) What if I cannot afford my loan repayments?

Get in touch with our Credit Control or Member Solutions team (01482 778 753) to discuss a reduced payment plan. Failure to keep up repayments could have a serious affect on your credit report.

Savings FAQs

1) How do I open a savings account?

When you join the Credit Union, you'll be given a standard Membership account which doubles up as a savings account. We also have other Savers that you can open in addition.

If you're not already a member, you can join us online or at a branch.  If you have any questions, or want to talk about the application process, please feel free to contact us

2) Are there any fees on the savings accounts?

There are no joining fees.

If a cheque is unpaid we reserve the right to debit your account with any charges that we incur. 

3) Do I have to have good credit to open a savings account?

No. We don't undertake a credit check for our savings or deposit accounts.

4) How long does it take to open a savings account?

The account will normally be opened the same day that we receive your application.

We will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753.

5) Are my savings safe? 

Credit Unions are authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme*.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

*See question 6 for the current maximum savings balance allowed with Hull & East Yorkshire Credit Union.

6) Is there a maximum savings balance?

 At present, we are limiting members to £68,000 in total savings.

7) What is the minimum balance I need to have in my savings? 

Just £1 must remain at all times in your standard Membership account.

8) How can I deposit savings?
  • by cash or cheque* at a branch
  • by bank standing order, Direct Debit or direct transfer from your bank
  • by payroll deduction (check with us first to see whether your employer is a HEYCU Payroll partner)
  • direct from your State benefit
  • 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 Unions bank account which usually takes 6 working days.

9) Can I deposit bags of change into my savings?

Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as mixed change will not be accepted.

10) How can I withdraw money from my savings?

Its easy, subject to any restrictions in the terms and conditions of your savings account(s).

If you have set up a standing facility (by providing us with your bank details in advance) you may request a withdrawal (minimum £10) by telephone, email or via the HEYCU Mobile App. Identity checks will be made.

In all other cases, a signed withdrawal request form must be posted, faxed or brought to the Credit Union. The form must be legible and the signature must correspond with that held on our records.

Withdrawals can be paid:

  • Direct transfer to your designated bank account (if requested before 2.30 pm Mon to Fri, the funds will normally appear in your bank account the same day);
  • Cash, up to the daily limit for the branch (Hull Central £500; Bridlington and Goole £300; Scunthorpe £250; Driffield and Withernsea £50; others do not issue cash) 
  • Cheque - a fee of £5 per cheque applies and all cheques are issued from Hull Central.
12) Do I get a cheque book?

No. However, you may ask for a withdrawal by cheque at our Hull Central Branch.

A charge of £5 will be applied per cheque.

14) How old do you have to be to open a Membership or Saver account? 

16. Anyone under the age of 16 can open a First Saver account.

15) What interest or dividend is paid to savers?

We pay a yearly dividend on your account. The dividend rate is determined by the Board of Directors and declared by the members in Annual General Meeting (AGM). 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 throughout the year to the 30 September prior to the AGM (other than the Christmas Saver which is 31 October).

This table shows what the dividend has been in previous years. 

Year

2013

2014

2015

2016

2017

2018

  Membership and Instant Access Account,               & First Saver  

0.25%

0.25%

0.25%

0.25%

0.25%

 1.00%

  Loyalty Saver, & Child Trust Funds

1.5%

1.5%

1.5%

1.25%

1.25%

1.00%

  Christmas Saver

 0.75%

 0.75%

 0.75%

 0.5%

 0.25%

 1.00%

 

16) Can I have my wage, salary or pension paid into my savings account(s)?

You can have a payroll deduction, provided your employer or pension provider has a payroll arrangement (payroll partnership) with the Credit Union.

17) Can I have my benefits paid into my savings account(s)? 

Yes. You would need to set this up by contacting your Benefits Office and providing them with our bank sort code and account number and your National Insurance Number as a reference.

18) How often will I get a savings statement?

Statements for savings accounts can be provided free of charge upon request. You can also register on our website and/or for our Mobile App to view your balances and recent transactions online.

19) Do I have to pay tax on my dividends?

Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.

20) How do I close my Membership or Saver account(s)?

Any request to close your Membership or a Saver account must be made in writing giving 30 days notice before the money can be paid out. If you close your account, you will not qualify for any dividends declared after the account is closed.

Corporate FAQs

1) Who can open a Community Account?

The organisation must be based or operate within our common bond area. This includes clubs, societies, charities, social enterprises and small organisations both incorporated and unincorporated.

2) How can we open a Community Account?  

Full instructions are supplied on our Community Account page.

3) Are there any fees on the Community Account?

There are no joining fees.

Fees may apply if certain limits on the account are exceeded as stated in the Terms and Conditions.

4) Do we have to have good credit to open a Community Account?

No. We don't undertake a credit check for deposit or savings accounts.

5) How long does it take to open a Community Account?

The account can normally be opened the same day as you apply.

7) Are our deposits safe in the Community Account?

Credit Unions are authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme*

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

*See question 8 for the current maximum deposit balance allowed with Hull & East Yorkshire Credit Union.

8) Is there a maximum deposit balance?

At present we are limiting members and organisations to £68,000 in total deposits.

9) Is there a minimum amount we must have in our Community Account?

Just £1 at all times. This represents your share in the Credit Union.

10) How can we deposit into our Community Account? 
  • by cash or cheque* at a branch
  • by bank standing order or Direct Debit
  • by bank transfer
  • 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 Unions bank account which usually takes 6 working days.

11) Can we deposit bags of change into our Community Account? 

 Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as mixed change will not be accepted.

13) How can we withdraw money from our Community Account? 

Applications for withdrawals must be made on a Community Account withdrawal form and posted, faxed, scan/emailed or brought to the Credit Union. They will be processed, provided they contain the required number of signatures that correspond with those currently on file.

Withdrawals can be made by:

  • Bank transfer (4 free transfers per month free of charge. Additional transfers 50p each).  If requested before 2.30 pm Mon to Fri, the funds will normally appear in the recipient's bank account the same day;
  • Cheque - a fee of £5 per cheque applies.  Cheques may be requested at any branch, but can only be issued by Head Office in Hull;
  • 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.

15) Do we get a cheque book? 

No. However, you may ask for a withdrawal by cheque at our Hull Central Branch.

A fee of £5 will be applied per cheque issued.

16) What is the interest rate or dividend on the Community Account?

We pay a yearly dividend on your account. The dividend rate is determined by the Board of Directors and declared by the members in Annual General Meeting (AGM). 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 throughout the year to the 30 September prior to the AGM. The dividend on the Community Account was 0.25% from 2013 to 2017, and 1.00% in 2018.

17) How often will we get a Community Account statement? 

One statement per year may be sent by post free of charge. If postal statements are required more frequently a charge of 50p per statement will apply. You can also register on our website to view your balances and recent transactions online.

18) What if our organisation doesn't have a formal constitution? 

Sample Constitution is available that can be completed by the office holders to verify the organisations existence.

© Hull & East Yorkshire Credit Union | Registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213620.