LOANS

Need a loan for up to £20,000?
Find out more about the Resourcer.

1. How can I make deposits into my account?
2. How do I make a withdrawal?
3. How is the withdrawal paid?
4. How do I know if my request has been processed?
5. Am I penalised for making a withdrawal?
6. How do I change my monthly savings?
7. When is the Rewarder dividend paid on my savings?
8. How is the amount of Rewarder dividend worked out for my account, once the dividend rate is decided?
9. How is the Rewarder dividend paid?
10. Do I have to declare the dividend earned on my savings account to HMRC?
11. Why am I not allowed to know details of the account of my wife/husband/partner, even though the contribution is coming from my salary?
12. Can my wife/husband/partner pay direct and not via my salary?
13. What happens to my savings in the event of death?
14. I have a lump sum of money to put into my account. Is there a maximum I‘m allowed to save in total with the Credit Union?
15. Can my spouse/partner/children hold savings accounts?
16. Can my wife/husband/partner hold a joint savings account with me?
17. Can I keep my account open if I retire or resign and will it affect my savings facilities?
18. Are my savings secure?

1. How can I make deposits into my account?
   Apart from your regular saving via payroll deduction, where available, you may send a cheque, payable to 'Police Credit Union Ltd'. Alternatively, you may pay in cash, by visiting a branch in person.
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2. How do I make a withdrawal?
   Withdrawal requests may be made by post (internal or external), fax, email via Force intranet or via the Secure Members' Area. Alternatively, you may wish to visit any of our branches in person.
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3. How is the withdrawal paid?
   We normally process any request the same day. Funds can be posted to your home address, by cheque, payable to you (as the member) or another individual or organisation at your request. Alternatively, funds may be transferred into a bank account in your name and this may take up to three working days for cleared funds to be available.
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4. How do I know if my request has been processed?
   We post a statement of the transaction first class to your home address.
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5. Am I penalised for making a withdrawal?
   No. There is neither a notice requirement nor penalty for withdrawing.
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6. How do I change my monthly savings?
   Please advise us in writing by post, fax or email or by calling in to a branch personally. If you save through payroll deduction, we will notify your payroll department on your behalf.
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7. When is the Rewarder dividend paid on my savings?
   Annually in arrears, very soon after the Annual General Meeting which is held early in the New Year. The Directors make a proposal for the dividend rate, based upon the income for the previous year (October to September) less operating costs and the allocation to reserves that we have to maintain at a regulated level. The dividend rate requires approval by the members attending the AGM.
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8. How is the amount of Rewarder dividend worked out for my account, once the dividend rate is decided?
   We monitor your savings balance throughout the financial year and allocate dividend to your Rewarder account in direct proportion to your balance over the year.
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9. How is the Rewarder dividend paid?
   It is credited to your Rewarder account, gross without tax deducted.
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10. Do I have to declare the dividend earned on my savings account to HMRC?
    It is your responsibility to declare gross income (but not returns from a Cash ISA) to HMRC.
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11. Why am I not allowed to know details of the account of my wife/husband/partner, even though the contribution is coming from my salary?
    We are subject to the rules of the Data Protection Act and are only allowed to provide details of accounts to the account holder, unless permission is given in writing.
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12. Can my wife/husband/partner pay direct and not via my salary?
    Yes. Our rules allow this.
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13. What happens to my savings in the event of death?
    If you are between 16 and 65, your savings balance (to a maximum per member of £25,000) is doubled in the event of a claim on our life policy, available at no extra cost but initially subject to satisfaction of conditions. The sum is then paid to your nominated beneficiary or estate, subject to legal requirements imposed on us.
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14. I have a lump sum of money to put into my account. Is there a maximum I’m allowed to save in total with the Credit Union?
    The maximum savings that any member may have with us is £35,000.
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15. Can my spouse/partner/children hold savings accounts?
    Yes, provided they live at home with the member.
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16. Can my wife/husband/partner hold a joint savings account with me?
    Unfortunately, we do not have this facility at present.
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17. Can I keep my account open if I retire or resign and will it affect my savings facilities?
    Yes, you may keep your account open and your savings facilities will not be affected. If pension payroll facilities are not available, you may continue by changing to direct debit.
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18. Are my savings secure?
    Police CU operates under the terms of the Credit Unions Act 1979. It is authorised and regulated by the Financial Services Authority, the same body that covers banks and building societies.
    
    The Police Credit Union is a member of the Financial Services Compensation Scheme. The Scheme guarantees to pay 100% of a maximum £50,000 should the Credit Union fail.
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