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Credit Union Limited
Oddfellows House, 184-186 Deansgate
Manchester M3 3WB
Telephone: 0161 214 4629 Fax 0161 214 4628
Manchester Unity Credit Union Ltd is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the Prudential Regulation Authority,
Reg No 213401
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 retained within the membership, rather than paid to
Is my money safe?
We are authorised by Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority.
The Directors are designated as authorised persons by the FCA, which means they undergo
checks to protect you and your savings in the business.
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 £75.000. 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 claimed would be £75,000 each (making a total of £150,000). The
£75,000 limit relates to the combined amount in all of the 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 the eligibility to claim please ask at our office or 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.
You receive a share in the organisation’s profits rather than receive a fixed rate
of interest. This may vary from year to year.
What identification do I need?
Like any financial institution we need to have proof of who you are and where you
How do I Join?
Joining is simple. You can download an Application Form from this website. Fill
this in, sign it and send it in to the office together with your identification documents.
Rather than sending original documents, we accept photocopies certified by someone
listed on the form.
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 up to a limit
Do I have to give notice to withdraw money?
The Credit Union account is a no notice account, but we need time to process any
withdrawal request.. After you have filled in and signed a Share withdrawal Form,
we need to to check to ensure you have enough money in your account and then draw
up a cheque. We aim to get this done within 3 working days, but you should allow
5 working days.
We 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?
No. We send you a cheque.
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. You can enquire about your account by email, phone or letter.
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 history with
Oddfellows members of at least 2 years membership must have saved regularly with
the Credit Union for a period of 3 months. Oddfellows members of less than 2 years
membership will have to save regularly with the Credit Union for a period of 6 months
Do you Use Credit Reference Agencies?
We may use a credit reference agency to verify your identity and exposure to other
debts. If you repay according to the agreement this may help your credit rating
in 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 thing is to keep in touch. We always look at rescheduling loans
and coming to some 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 judgements.
Do you give debt advice?
No. The Oddfellows have referral arrangements with Citizens Advice Bureau via a dedicated
advice line. There are also links to other agencies on our Useful Links page.
Can Juniors join?
Junior Oddellows in their own right may join as members. Juniors who reside in the
same house as a member 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 in 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 the facility whereby new members can join both the Oddfellows and
the Manchester Unity Credit Union by paying a minimum of £7.50 per month, which entitles
you to the benefits of both the Oddfellows and the Credit Union. Contact us for details.
Members of the Ancient Order of Foresters are also eligible to join.