Membership Terms & Conditions. Liverpool Community Credit Union Qualification for Membership Membership of Liverpool Community Credit Union is open to anyone living or working in the City of Liverpool. To become a credit union member, you must be at least 16 years of age. A separate savings facility is provided for people under the age of 16. We will require evidence of your identity and your current address, and previous addresses if you have moved in the last three months. We have the right to decline your application to open an account with us. Your application for membership must include the nomination of a beneficiary to whom we will pay out funds & benefits in the event of your death. Your contact details It is your responsibility to notify us of any changes to your contact details. We will send information to you at the last known address we hold on your account. If you do not inform us promptly of changes to your contact details the security of your personal information could be put at risk. Membership and Saving Accounts To become a member of LCCU you must open a savings account, with a membership fee of £2. Savings above £1 may be withdrawn at any time, if you do not have an outstanding loan but if savings in your account fall below £5 we may close your account Savings which are attached to a loan may only be withdrawn in accordance with the terms of your loan agreement with us – either when your loan is repaid in full, or to a level that is not lower than the outstanding loan balance. Savings held in instant access accounts may be withdrawn on request, subject to any restriction in the terms of the account. Christmas savings accounts may only be withdrawn after 1st November. There is an annual fee of £5 payable on eligible accounts. Deductions for this fee will be withdrawn from your savings account each year on or before 30th June. Dividends Paid on Savings Accounts Members attending the Annual General Meeting may vote to declare a dividend on savings accounts, up to the level recommended by the Board Your dividend is calculated on average end of month savings balances in the year from 1st October to 30th September. It will be credited to your account on or before 30th September. Dividends are paid gross, without deduction of tax. LCCU may be required to notify HMRC of dividends above a threshold. You are responsible for declaring the credit union dividend on your tax return and for paying any tax that is due. Borrowing from the Credit Union You must be aged 18 or over to borrow from LCCU. The maximum amount offered on any loan is at the sole discretion of LCCU. The maximum repayment period may vary according to the type & size of your loan but will not usually be more than 36 months. LCCU may conduct a Credit Reference Agency (CRA) search in connection with your loan application. The CRA will record details of the application on your credit report. This will form part of your credit history whether or not you proceed with your application. All loans are legally binding agreements. If you do not keep up with agreed repayments we can take debt recovery actions. These may include transferring your savings to pay off your loan, or using debt recovery agencies, County Court Judgements and attachment of earnings which may affect your credit rating and others in your household Loan Interest Charges and Repayment The interest rate charged will depend on the loan product & your circumstances. Interest is calculated daily on the reducing balance of your loan. You may make additional repayments to reduce your loan quickly, but you must make the minimum payment set out in your loan agreement. There is no charge for early repayment of a loan. We share details of your borrowing with Credit Reference Agencies. If you fail to respond to loan default notices sent by us, we will register the default with the CRA and this may affect your ability to obtain further credit. Saving Withdrawals & Loan Repayments Savings withdrawals and loan payments may be made as follows a. Cash (subject to limits) or cheque payable to you over the counter at a branch office b. Same working day BACS transfer to your Engage debit card or bank account Other people cannot withdraw money from your accounts, unless we have a signed authority from you for them to do so. If you give this authority, it only applies to your savings. You cannot authorise someone else to sign a Loan Agreement on your behalf. Information About your Accounts We will provide you with a statement of your account if requested by you. We will also make transaction and balance information available on the secure members’ area on our web site (request a PIN on line for access) You must inform us promptly if your statement or account includes something you believe to be incorrect or not in accordance with your instructions. We will rectify our errors as soon as reasonably possible. If you need to make a complaint, please raise this with a member of staff & we will try to put things right. Please read our complaints procedure. If we cannot resolve your complaint you then have the right to take the matter to the Financial Ombudsman Service. Your Personal Information We are committed to protecting the privacy of our members’ information. We will use the information that we obtain from you, and the information about you that we obtain from other sources, to meet our legal obligations. What we do, and how we use your personal information is outlined in our Privacy Notice. (See website or ask for a copy) Changes to Terms & Conditions We may make changes to this agreement at any time and may make, vary or introduce changes from time to time in respect of these terms & conditions.