Manchester Unity Credit Union Limited
Abbey House.32 Booth Street, Manchester M2 4QP
Telephone 0161 233 2569
Fax 0161 233 2568
Abbey House.32 Booth Street, Manchester M2 4QP
Telephone 0161 233 2569
Fax 0161 233 2568
Authorised and regulated by the Financial Services Authority
Web Master rjbarlow@aol.com
Office hours Monday to Friday 9am -
Frequently Asked Questions (FAQ)
Are you like a bank?
As a cooperative all our members are shareholders and so the
benefits from successful growth of a Credit Union are more
widely distributed than in traditional financial institutions.
Is my money safe?
We are authorised and regulated by the Financial Services
Authority (FSA), just like any other bank. Our staff and Board of
Directors are designated as ‘authorised persons’ by the FSA
which means they undergo checks to protect you and your
shares in the business, which are also kept in a separate
Account.
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme
(FSCS) The FSCS can pay compensation to depositors if a credit
union is unable to meet its financial obligations. Most depositors –
including most individuals and small businesses – are covered by
the scheme. In respect of deposits, an eligible depositor is entitled
to claim up to £50,000. For joint accounts each account holder is
treated as having a claim in respect of their share so, for a joint account
held by two eligible depositors, the maximum amount that could be
claimed would be £50,000 each (making a total of £100,000).
The £50,000 limit relates to the combined amount in all the eligible
depositor’s accounts with the credit union, including their share of
any joint account, and not to each separate account.
For further information about the scheme (including the amounts
covered and eligibility to claim) please ask at your office, as above,
refer to the FSCS website http://www.fscs.org.uk/
or call 0800 678 1100.
What rate of interest do you charge?
We charge 1% per month (12.7% Annual Percentage Rate
(APR)). There are no hidden fees and we do not penalise you for
repaying a loan early. Our speciality lies in offering the size of
loans that the banks do not usually sell - those under £3,000.
Please click here for a loan calculator.
How much interest do you pay on savings?
You receive a share in the organisation’s profits, rather than
receive a fixed rate of interest. *This is paid as a percentage of
your savings. Initially the return you receive may be less than
The rates paid by the bank, but as the Credit Union grows so will
your dividend.
What identification do I need?
Like any financial institution we need to have proof of who you
Are and where you live. More information can be found by
downloading a copy of our Application Form. These details are
required by all financial institutions.
How do I Join?
Joining is simple. You can download an Application Form from
this web site. Fill this in, sign it and send in to the office,
together with your identification documents. Rather than sending
Original documents, photocopies certified by you r District or
Lodge secretary are acceptable.
Does it cost money to join?
There is an annual charge of £2 to cover our administration
costs. You then need to make an initial share deposit. This could
be as little as £5 or as much as £5000.
Do I have to give notice to withdraw money?
The Credit Union account is a no notice savings account, but we
Need time to process any share withdrawal request. After you
Have filled in and signed a Share Withdrawal Form, we need to
check to ensure you have enough money in your account and
then draw up a cheque. We aim to get this done in 3 working
days, but you should allow 5 working days.
We would draw your attention that withdrawing shares
loses the life insurance cover on them. You may find it
preferable to apply for a loan instead, retain the cover on
your shares, and your loan will also be protected by life
Insurance.
Can I withdraw cash from the Credit Union?
At the moment ,no. For security reasons we issue cheques only.
How do I pay into the Credit Union?
You can pay in by standing order, cheque, or if there is a
collection point in your area, by cash.
How much can I borrow?
Loans are based on your ability to repay. The Credit Committee
will take into account your savings record, your income and
expenditure and any previous loan repayments.
Oddfellow members of at least 2 years membership must have
saved regularly with the Credit Union for a period of 3 months.
Members of less than 2 years membership will have to save
regularly with the Credit Union for a period of 6 months before
Qualifying.
Do you use Credit Reference Agencies?
A past difficulty repaying a loan or credit card will not prevent you
from borrowing from us. We may use a credit reference agency
to verify your identification and exposure to other debts. If you
repay according to the agreement this may help your credit rating
Ii the long term.
What if I can’t repay my loan?
We realise that things happen that make it difficult to keep up
with repayments. The most important issue is to keep in touch -
sort of arrangement . As you are borrowing from other members
we are obliged to protect their investment. We do take people to
court to ensure that this money is repaid and we do enforce
County Court judgments.
Do you give debt advice?
No. The Oddfellows have referral arrangements with Citizens
Advice Bureau via a dedicated advice line. There are links to
other agencies on our Useful Links page.
Can juniors join?
Junior Oddfellows in their own right may join as members.
Juniors who reside in the same house as a member of the Credit
Union, and are related to that member, may also join.
We expect a regular deposit in respect of Junior members. This
may not necessarily be monthly as is the case with adult
members, but could be quarterly or annual lump sums, the stress
being on regular deposits. It would help if this was indicated
when making the first deposit.
I am not a member - how can I become eligible to join?
We currently have a facility whereby new members can join both
the Oddfellows and the Manchester Unity Credit Union by paying
A minimum of £7 per month, which entitles you to the benefits of
Both the Oddfellows and the Credit Union. Contact us for details.
Contact us if you have any further queries:
Email: info@manchesterunitycu.co.uk
Telephone: 0161 233 2589
Are you like a bank?
As a cooperative all our members are shareholders and so the
benefits from successful growth of a Credit Union are more
widely distributed than in traditional financial institutions.
Is my money safe?
We are authorised and regulated by the Financial Services
Authority (FSA), just like any other bank. Our staff and Board of
Directors are designated as ‘authorised persons’ by the FSA
which means they undergo checks to protect you and your
shares in the business, which are also kept in a separate
Account.
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme
(FSCS) The FSCS can pay compensation to depositors if a credit
union is unable to meet its financial obligations. Most depositors –
including most individuals and small businesses – are covered by
the scheme. In respect of deposits, an eligible depositor is entitled
to claim up to £50,000. For joint accounts each account holder is
treated as having a claim in respect of their share so, for a joint account
held by two eligible depositors, the maximum amount that could be
claimed would be £50,000 each (making a total of £100,000).
The £50,000 limit relates to the combined amount in all the eligible
depositor’s accounts with the credit union, including their share of
any joint account, and not to each separate account.
For further information about the scheme (including the amounts
covered and eligibility to claim) please ask at your office, as above,
refer to the FSCS website http://www.fscs.org.uk/
or call 0800 678 1100.
What rate of interest do you charge?
We charge 1% per month (12.7% Annual Percentage Rate
(APR)). There are no hidden fees and we do not penalise you for
repaying a loan early. Our speciality lies in offering the size of
loans that the banks do not usually sell -
How much interest do you pay on savings?
You receive a share in the organisation’s profits, rather than
receive a fixed rate of interest. *This is paid as a percentage of
your savings. Initially the return you receive may be less than
The rates paid by the bank, but as the Credit Union grows so will
your dividend.
What identification do I need?
Like any financial institution we need to have proof of who you
Are and where you live. More information can be found by
downloading a copy of our Application Form. These details are
required by all financial institutions.
How do I Join?
Joining is simple. You can download an Application Form from
this web site. Fill this in, sign it and send in to the office,
together with your identification documents. Rather than sending
Original documents, photocopies certified by you r District or
Lodge secretary are acceptable.
Does it cost money to join?
There is an annual charge of £2 to cover our administration
costs. You then need to make an initial share deposit. This could
be as little as £5 or as much as £5000.
Do I have to give notice to withdraw money?
The Credit Union account is a no notice savings account, but we
Need time to process any share withdrawal request. After you
Have filled in and signed a Share Withdrawal Form, we need to
check to ensure you have enough money in your account and
then draw up a cheque. We aim to get this done in 3 working
days, but you should allow 5 working days.
We would draw your attention that withdrawing shares
loses the life insurance cover on them. You may find it
preferable to apply for a loan instead, retain the cover on
your shares, and your loan will also be protected by life
Insurance.
Can I withdraw cash from the Credit Union?
At the moment ,no. For security reasons we issue cheques only.
How do I pay into the Credit Union?
You can pay in by standing order, cheque, or if there is a
collection point in your area, by cash.
How much can I borrow?
Loans are based on your ability to repay. The Credit Committee
will take into account your savings record, your income and
expenditure and any previous loan repayments.
Oddfellow members of at least 2 years membership must have
saved regularly with the Credit Union for a period of 3 months.
Members of less than 2 years membership will have to save
regularly with the Credit Union for a period of 6 months before
Qualifying.
Do you use Credit Reference Agencies?
A past difficulty repaying a loan or credit card will not prevent you
from borrowing from us. We may use a credit reference agency
to verify your identification and exposure to other debts. If you
repay according to the agreement this may help your credit rating
Ii the long term.
What if I can’t repay my loan?
We realise that things happen that make it difficult to keep up
with repayments. The most important issue is to keep in touch -
sort of arrangement . As you are borrowing from other members
we are obliged to protect their investment. We do take people to
court to ensure that this money is repaid and we do enforce
County Court judgments.
Do you give debt advice?
No. The Oddfellows have referral arrangements with Citizens
Advice Bureau via a dedicated advice line. There are links to
other agencies on our Useful Links page.
Can juniors join?
Junior Oddfellows in their own right may join as members.
Juniors who reside in the same house as a member of the Credit
Union, and are related to that member, may also join.
We expect a regular deposit in respect of Junior members. This
may not necessarily be monthly as is the case with adult
members, but could be quarterly or annual lump sums, the stress
being on regular deposits. It would help if this was indicated
when making the first deposit.
I am not a member -
the Oddfellows and the Manchester Unity Credit Union by paying
A minimum of £7 per month, which entitles you to the benefits of
Both the Oddfellows and the Credit Union. Contact us for details.
Contact us if you have any further queries:
Email: info@manchesterunitycu.co.uk
Telephone: 0161 233 2589