Operating your Credit Union Account
We’ve made accessing your credit union account easier than ever! With a wide range of opening hours across our offices, including a Saturday and 24/7 access through your online account you should always be able to get what you need from your local credit union. See below some of our top tips for getting the most out of your credit union.Membership
Did you know you can set up a regular standing order or direct debit into your account at an amount and frequency that suits you! All our members have their own personal account number and sort code to transfer money directly into their credit union account whenever they wish.
We encourage all our new members to set up a regular savings method when they join, whether that’s through a direct debit with your bank or a standing order. We are all full of good intentions, so this helps put our intentions into action and gets us on the road to financial well-being. With money coming out automatically each week/fortnight/month you don’t even need to worry about remembering to put some money into that rainy day fund.
You can set up a standing order for any amount and frequency you wish, through your own online banking app, or alternatively by contacting your bank to request that they arrange a standing order. You will need your credit union sort code, account number and the amount you wish to pay in. When you join your sort code and account number will be emailed to you so make sure to keep a copy of the email. Otherwise, these can be obtained from one of the team via phone or email.
Alternatively, we can set up your regular savings on your behalf! All we need from you is your own current account sort code and account number, a signed mandate, and details on how often and how much you want us to deposit into your account. It's as easy at that.
With our online banking app and your credit union sort code & account number you can transfer money in and out of your account 24/7. We do, however, have cut off times for when this money will reach your account.
Transfers from your credit union account to your bank account leave us three times daily (with the exception of Sunday) at 8.30am, 12.30pm and 3.30pm to reach your bank on the same day Monday – Saturday*. Transfers done after 3.30pm on a Saturday will reach your bank account the next working day. (*This may vary during bank holidays.)
Transfers into your credit union account from your bank account are processed twice daily Monday – Saturday. These should reach your account by 10am and 3pm on a working day. Transfers done after these times will reach your account the following working day.
Make a payment using your debit card to your own account, or to another member’s account. If you are a member of BCCU, please login to our Member Area to make a payment using your debit card. Please note, card payments into your savings account are not available to withdraw for 30 days after lodgement.
There is a daily cash withdrawal limit of up to £500 per member. For amounts exceeding this we can transfer funds directly to your bank account, write you a cheque, or if you contact us 48 hours in advance, we can pre-order larger cash withdrawals. Cash withdrawals up to £5,000 do not incur a charge. For those exceeding £5000, this will incur a small admin fee of £5 per £1,000 for every £1,000 ordered over £5,000.
There is currently a monthly savings cap of £2,000 per calendar month in place for all savings accounts – adult or minors.
All adult members are eligible to save up to £15,000* per adult member (This includes combinations or regular/easy shares.) Our junior savers have a £10,000 per account cap.
*Adult shares are covered up to £10,000 by the life savings insurance, amounts exceeding this will not incur any additional insurance benefit.
When a minor turns 16 their juvenile account is transferred into a full adult savings account. This means that the guardian authority on the account is removed, and the account will solely be in the minor’s own name. They will be required at that stage to nominate a beneficiary on their account and opt into DBI.
A letter will be sent to the account controller two months before the minor attains the age of 16, advising them of the upcoming transfer and advising them to contact us on email@example.com to make an appointment to transfer the account.
The following is needed for the young person to transfer to an adult account:
Proof of Address (National insurance letter is the most used form of PoA)
If no photographic identification is available between the ages of 16 and 18, we accept a birth certificate along with proof of address.
If no photographic identification is available from the age of 18, we have to request photographic identification (as above).
If you cannot provide anything from this list of documentation, please reach out and see how we can help.
If the young person wishes to, they can authorise a parent/guardian as delegated authority on the account to assist the young person with the running of the account.
If the account controller takes no action prior to the minor’s 16th Birthday, then a second letter is sent directly to the minor advising them that they have a credit union account, and that they need to contact us to facilitate the transfer to an adult account. The account, in their absence shall be transferred to a new adult shareholding in their name. The minor account will be closed. The account will then be frozen until such times as the minor makes contact, and the appropriate procedure is followed to reactivate the account.
An account will become dormant if there have been no member transactions on the account for a period of 36 months. Prior to this happening BCCU, will contact you advising of the need to transact on the account. If this does not happen the account will become dormant, and no further transactions will be permitted on the account until it has been reactivated. To prevent this from happening we recommend all savers set up a small regular standing order or direct debit on your account to keep it activated and those savings building up!
If for whatever reason your account has become dormant, don’t worry! Your savings will continue to be protected by our FSCS deposit scheme, your DBI premiums will continue to be paid so long as there are sufficient shares in the account and your life savings insurance is maintained. However, in order to get you up and running and saving, or borrowing again we will need to reactivate your account. So, what are your options?
Reactivate your account: To do this you will need to make an appointment and provide;
Up to date Photographic Identification: Drivers’ License / Passport
Up to date Proof of Address: Utility bill / Bank or credit card statement / Letter from government dept (document dated within the last 3 months)
You are also required to carry out a transaction on your account (lodgement or withdrawal).
To avail of this option please contact us on firstname.lastname@example.org to make an appointment to reactivate your account. We can do this via phone appt or in the office.
Close your account: To do this you will need to call into the office and provide;
Up to date Photographic Identification: Drivers’ License / Passport
Then you will be able to withdraw your shares and close your account.
Dealing with the loss of a loved one can be a difficult and emotional process for everyone involved. As a credit union, it is important that we approach these situations with sensitivity and compassion. Here are the steps that we need to follow in order to deal with your loved one’s account.
- Provide us with Death Certificate/Coroner’s report.
- We may ask some questions about your loved one’s date of passing and health. If you find these difficult and have someone else available to provide us with this information that is ok.
- We will then freeze your loved one’s account, both savings and loan if applicable.
- We will seek to notify beneficiaries on the account if that is not the person informing us of the passing of a loved one.
- We provide statements to our insurance provider to make claims on the Death Benefit Insurance (If applicable) and the life savings and loan protection insurance attached to the account. This normally takes around 4-6 weeks.
- Once final insurances are paid into the account, we will normally pay funeral providers directly in the event of the member having death benefit insurance and can liaise directly with funeral directors to settle this bill. This can take an added worry off the families of loved ones at difficult times.
- Any remaining funds would then be paid to the beneficiary on the account up to the amount of £20,000, any amounts exceeding this will be added to the members estate and dealt with by a solicitor.
- Throughout this process, it is important to us to maintain an open line of communication with our member’s family to deal with any queries and ensure the account is dealt with accordingly in an appropriate and sensitive manner.
Dealing with the loss of one of our members can be a challenging time, but by following these steps, we hope to approach each one with empathy and compassion, to ensure we can move through the process as easily as possible.
Delegated authority is a feature that allows an account holder to grant another person the authority to perform certain transactions or make specific decisions on their behalf. This can be beneficial for credit union accounts for several reasons:
- Convenience: Delegated authority allows the account holder to designate someone to manage their account when they are unable or unavailable to do so themselves. This can be especially helpful for individuals who are elderly, disabled, or frequently travel.
- Trust: Delegated authority can be granted to someone the account holder trusts, such as a spouse, family member, or close friend. This can provide peace of mind that their financial affairs are being handled by someone they know and trust.
- Flexibility: Delegated authority can be customized to meet the needs of the account holder. For example, they can choose to grant authority for specific transactions, such as withdrawals or transfers, or for certain time periods, such as during a vacation or extended absence.
- Control: Delegated authority allows the account holder to maintain control over their account while still granting someone else the authority to manage it. This means that they can set limits on the transactions or decisions that the delegated authority can make.
Overall, delegated authority can be a useful feature for credit union accounts, as it provides greater flexibility, convenience, and control for the account holder. However, it is important to carefully consider who is granted delegated authority and to set clear guidelines and limits to ensure that the account is managed in accordance with the account holder's wishes.
Individuals who hold delegated authority in the credit union will maintain this authority for a period of 36 months. This ensures that any changes in circumstances can be assessed, such as loss of capacity or relationship breakdown. This allows us to protect your account as best we can and ensure we maintain the most up to date information.
An individual may also be deemed to have delegated authority over an account if they have Power of Attorney/Enduring Power of Attorney or a Controllership Order in place.
It is vital that we have up to date Proof of Address for all our members, therefore it is important that if you move you let us know as soon as possible. To change your address, we will require you to provide us with a proof of your new address, like a bank statement or utility bill. This keeps us compliant with regulators and ensures we can keep your account as safe as possible. Your new Proof of Address can be brought into one of our counters, sent to us via email or uploaded in the Document Uploader in the app or the website, it couldn’t be easier!