What is a credit union?
A credit union is a democratic, financial co-operative owned and controlled by its members. It is a “not for profit” organisation which offers a savings and low-cost loans service to its members. Credit unions basically work by members saving together to create a pool of money from which low-cost loans are made and any profits are reinvested. Investment stays in the local community for the benefit of the community.
We strive to promote financial inclusion and to be the trusted and preferred provider of local financial services in Croydon.
I’m not Caribbean. Can I join?
Yes! If you live or work in the London Borough of Croydon(LBC). You will need to provide proof of identity and proof of address. If qualification is through work, a letter from your employer will also be needed.
How do I join the credit union ?
That’s easy, complete a member application form, return it to us along with a £2.00 non-returnable joining fee and a minimum of £5.00 to kick start your savings.
Can my family join?
Yes! Providing they live or work in the London Borough of Croydon and can provide proof of that.
Do I have to pay to join?
There is a non-returnable Membership fee of £2.00 and a minimum deposit of £5.00 to open your account. You must keep at least £5.00 in your account to keep it open.
What happens if I move out or stop working in the area?
You can retain your membership but there might be limitations on what you can save or borrow.
How do I save?
The easiest way is to set-up a standing order from your bank. Please quote your member number in the payment reference field.
Alternatively, call in at our office with your cash or cheque deposit.
How much can I save?
We encourage our members to save regularly. You can save as much or as little as you like, weekly, monthly, or as often as you wish (up to our individual maximum deposit of £15,000 for adults, or £5,000 for young savers). A minimum of £5 must be kept in your account at all times to retain credit union membership.
The overall pool of savings with the credit union is used to make loans to our members. The interest from loans is used to pay expenses; to build up reserves and the remainder may be returned to the members by way of dividend.
It’s always a good idea to save, not just for a set purpose but also for emergencies and the unexpected.
Can I withdraw my savings?
Yes. Members can withdraw their Credit Union savings provided they are not pledged as security for a loan. However, as far as possible, members are encouraged to keep their savings intact, thus ensuring:
• you continue to benefit from Life Savings Insurance Protection at no cost to the member (terms and conditions apply including 6 months pre-existing condition limitation);
• your borrowing power is maintained.
How secure is my savings safe?
Savings with Croydon Caribbean are protected by the Financial Services Compensation Scheme (FSCS).
The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. It gives a level of cover for your money if anything happens to your bank, building society or credit union.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, and not to each separate account
Download the Croydon Caribbean Information sheet*
To find out more about how the FSCS protects your money visit www.fscs.org.uk or call 0800 678 1100.
A copy of the FSCS online leaflet is available here