Pollok Credit Union. Members Information Pack

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1 Members Information Pack Pollok Office Pollok Credit Union Silverburn Shopping Centre Barrhead Rd Glasgow G53 6QR Tel: Shawlands Office Pollok Credit Union 17 Kilmarnock Rd Shawlands Glasgow G41 3YN Tel: North Glasgow office Pollok Credit Union (Located next to North Glasgow Housing Association offices) 264 Saracen Street Possil, Glasgow G22 5HJ Tel:

2 Savings Pollok Credit Union encourages its members to save you never know when you might need some extra cash! Members savings are protected by the Financial Services Compensation Scheme. Shares Account You opened a shares account automatically when you became a member of Pollok Credit Union. It is the money in your shares account that largely determines how much you can borrow (see loans section of this document for more information on borrowing). If the Credit Union makes a profit at the end of the financial year, a dividend may be paid on your shares. You may withdraw your shares at any time provided you do not have a loan balance which is higher than your shares balance. Savings Account Pollok Credit Union also offers an additional Savings Account to eligible members with a competitive interest rate. Terms and Conditions apply, please enquire at our offices. Christmas Savings Account Always running out of money to buy your Christmas presents? We ve got a safe and reliable way you can save for the festive period and prevent those New Year credit card bills! Open a Christmas savings account with Pollok Credit Union! By paying a little into this account each time you pay into the Credit Union, you will be able to relax in the lead up to Christmas knowing you have money put by and you will not have to run up huge credit card bills or take out a high interest loan. We will even credit your Christmas account with 10 if you don't withdraw any money each year until November 1st! Ask a member of staff for an application form, and start saving for Christmas today! Junior Accounts Junior Accounts are available for members aged up to 16 years. The junior accounts receive up to 4% annual dividend. It is not possible to borrow against a junior account.

3 The responsible person for the account must provide photographic ID before a withdrawal can be made. When juniors reach the age of 14 they can make withdrawals independently. When the junior reaches age 16 they are required to provide photographic ID and proof of address in order to open up an adult Credit Union account. Methods of Payment We know that many of our members are busy, and can t always make it into our offices to deposit money. We make it easy for you to pay into your account. See below some of the methods of payment we offer: Direct Debit You can set up a direct debit so that money will come out of your bank account. Simply ask a member of staff for a form to set this up. PayPoint Card You can also apply for a PayPoint card which allows members to pay in to their Credit Union account using this card at any outlet which provides this facility. Many convenience stores, supermarkets, newsagents and post offices provide this facility as well as many others. This is a great easy option to have to pay in to the Credit Union simply ask a member of staff for a form. Standing Order You may set up a standing order to pay money into the Credit Union. Please ask a member of staff for an application form. Withdrawals Withdrawals can be made at either of our branches. Photographic ID will be required when a withdrawal is made.

4 Loans Whether you are looking to borrow for a holiday; to redecorate your house; to purchase a new car; cover Christmas costs; Pollok Credit Union has a loan for you! Our interest rate for loans is 2% per month on the reducing balance of the loan, for all 1 st and 2 nd loans. Consecutive loans will be charged at 1% per month on the reducing balance of the loan. Pollok Credit Union loans are based on ability to repay. One of the terms of a loan is that you must save money in your Shares account every time that you make your loan repayments. We encourage members to pay a minimum of 5 to their shares per week. Pollok Credit Union Shares Loan Members must save for a period of 10 weeks before applying for their first loan which can be twice what they have saved in their shares account and up to Members second and third loans can be up to 3 times what they have in their shares up to Thereafter, larger amounts can be applied for, and the decision will always be down to Pollok Credit Union s loan officers and based on ability to repay the loan. Pollok Credit Union Secured loan A Secured loan is secured on your share balance and is paid out on the same day. You don t need to fill in a loan application or provide proof of your income and expenditure. You can only withdraw your shares if your share balance is larger than your loan balance. How to apply It s easy to apply for a loan. You can get an application by visiting either of our offices, phoning and asking a staff member to post one out to you, or download a form online at Simply fill in the application, and return it to one of our offices along with proof of your income and expenditure. (Please note that we do not accept online loan applications as we require the documentation listed above). You will wait no more than 2 week for a decision on your loan (depending on volume of loan applications received).

5 Benefits of a loan with Pollok Credit Union Highly competitive interest rates Easy application process and speedy decision Loan protection insurance at no extra cost Flexible repayments no extra charges for paying your loan off early No hidden charges or fees Several cheques can be issued and made payable to a third party if required. Loan is paid directly into your bank account on the same day as you sign for the loan As your loan decreases so does your interest repayments You can repay your loan in person at the counter, by Direct Debit, Standing Order, Benefit Direct or PayPoint card.

6 Example Loan Schedule 1 st and 2 nd Loan Loan Amount Loan 2% on a decreasing balance Monthly and repayments 1 Year 2 Years Weekly Fortnightly Monthly Weekly Fortnightly Monthly Repayable Repayable Repayable Repayable

7 Example Loan Schedule Consecutive Loans Loan Amount Loan 1% on a decreasing balance Monthly and repayments 1 Year 2 Years Weekly Fortnightly Monthly Weekly Fortnightly Monthly Repayable Repayable Repayable Repayable

8 Other benefits and services ABCUL Pre-paid card: A flexible, low-cost Visa Prepaid Card The Credit Union Prepaid Card is a flexible, low-cost Visa Prepaid Card from ABCUL, the Association of British Credit Unions. The card has been designed exclusively for credit union members and is available only from credit unions. We think you ll find it a great way to manage your money simply and safely. What is a prepaid card? A prepaid card is a pay-as-you-go payment card. Cardholders load money onto the card, which can then be used to buy goods and services, or withdraw from cash machines, in the same way as debit cards. Prepaid cards do not have an overdraft facility. What are the benefits? For cardholders, prepaid cards are a simple, safe alternative to carrying cash and a great way to shop online. They are also great budgeting tools, and with the right card are low cost. How does it work? 1. Load money onto the card in your credit union. It will be available straight away 2. Use your card to withdraw cash or make purchases in shops or online, just like any Visa card 3. Manage your card through your credit union, online, by text or over the telephone 4. Reload the card as many times as you like What does it cost? A small one-off purchase cost No monthly or annual fees

9 Each load costs 50p* Purchases in shops and online are free* Cashback is free* Withdrawal from a cash machine costs 75p* Pollok Credit Union *These fees are for transactions in the UK. Please see the terms and conditions for full details. To apply for a card simply fill in the application form and return it to our Head Office. Life Insurance and Loan Protection One of the benefits of being a member of Pollok Credit Union is free loan protection and life savings insurance up to 80 years of age. In the event of your death any loan balance will be paid in full (excluding arrears conditions apply). Also, your nominated beneficiary, in the event of your death, will receive double your shares and savings balance for members up to the age of 65. (e.g. 100 shares and 100 savings; 400 will be paid in the event of death.) All deposits made before the age of 65 will benefit from this cover whatever the age of death. For any deposits made between the age of 65 and 79, members nominated beneficiary will receive 1.25 times their shares and savings balance (e.g. 100 shares and 100 savings; 250 will be paid in the event of death.) Online Access Pollok Credit Union members can access accounts 24 hours a day, 7 days a week by registering on our website for your pin number. Our website is also a great source for further information and updates on our services. Find us at Benefits of the website: Access your account balance Details of all your transactions Check repayments on the loan calculator Send messages to Pollok Credit Union through the secure message area Check out the latest news and information on Pollok Credit Union Download forms Please note that we do not accept online loan applications received from our website as we require proof of income and expenditure and a signed loan

10 application form - our website does not currently support this, however we hope to offer this feature in future. Visit us at