I am a new member, when can I start borrowing?

Members can apply for their first credit union loan after 12 weeks and after they have made at least 4 regular payments into shares.

Whatever your circumstances, we recommend you build a pattern of savings for a few months and then apply for a loan up to twice your share balance. If you receive this loan, pay it off (don’t forget to continue to save!) and then apply for a slightly larger loan. For more information on loan applications, see Loan Guidelines.

Why do some members get their loans immediately and others have to wait?

Some loan applications fall within a certain remit that our Loan Officers can look at. For example, if you are applying for a Secured Loan, then the application can be looked at immediately.

Other loan applications are required to go to Credit Committee where two/three individuals must agree on the decision. The Credit Committee sit on Monday and Friday evenings. You can find out the result the next day by phone or calling into the office (please see our opening times).

When does a minor account become an adult account?

When the minor turns 16, we close the minor account and open an adult account for the child, transferring all funds into the new account and deducting £1 joining fee. We will notify the minor of this change 2 months prior to this and invite him or her to visit the office to present the required identification and collect their new adult passbook. Information detailing the types of identification required will be included on the letter sent to the minor. (A minor must have a minimum of £6 in their account in order for this transfer to take place).

Are my shares insured?

Not necessarily! The shares that are not insured are:

  • Those that you lodge after you reach age 70, or
  • Those that you lodge while not in good health, or
  • Amounts over £15,000, or
  • Shares you withdraw.

For further information, see Life Savings

If I take out my shares can I still keep all my insurance?

No! Only shares you keep in your account are insured. When you withdraw a portion of your shares, you lose the insurance attached to that portion of your shares. That is why we encourage members who are eligible for loans and who can afford them to borrow from us instead – by borrowing instead of withdrawing your shares; you can keep the insurance attached to them.

Is my loan always cleared at death?

No! Loans taken when you were not in good health and loan balances remaining after you reach age 85 are not insured by Loan Protection Insurance. All members between the ages of 18 and 85 are automatically covered up to £3,000 except when the member is/was in receipt of a disability payment from ECCU, in which case a Declaration of Health is required.

It is important to note that any false statements will render cover null and void, as has always been the case.

Can my family get my savings at death?

Of course! But first you must complete a Form of Nomination available at our office. On this form, you will be asked to name the person, persons or charitable group you wish to receive your shares in the event of your death. You must update your nomination if you marry, divorce or if the person nominated dies before you. In addition, a properly completed Form of Nomination takes precedence over a will. You may change your nomination as often as you like and you may name more then one person or group as your nominee.