Scotwest Credit Union Membership Application Payroll Deduction

Transcription

1 Scotwest Credit Union Membership Application Payroll Deduction Scotwest offers ethical, competitive and fair financial services. Joining Scotwest gives you access to a range of financial services including loans, mortgages and savings. For more information on the full range of services available look online at or call Please complete this form and send to: Scotwest Credit Union, 13 Elmbank Street, Glasgow G2 4PB SECTION A PERSONAL DETAILS Credit Union Title First Name Surname Address Postcode D D M M Y Y Y Y Date of Birth Male Female National Insurance Number Nationality Mother s Maiden Name Home Telephone No Mobile Telephone No Address Marital Status Single Married Living with Partner Civil Partnership Separated Divorced Widowed How did you first hear about Scotwest Credit Union? Relative Friend/Colleague Work Online Visit/Event Leaflet/Poster Media Previous Member Other SECTION B EMPLOYMENT DETAILS Which of the following best describes your current Employment Status? Employed Full Time Employed Part Time Self Employed Unemployed Student Retired House person Employer Job Title Workplace Address Postcode Workplace Telephone No REV0617

2 SECTION C ACCOUNT SELECTION On joining Scotwest, a Scotwest Saver Account is automatically opened for all new members requiring a minimum deposit of 1 Scotwest Saver Account (mandatory) Our easy access savings account. Withdrawals permitted at any time If you would like to make an initial deposit by Debit Card please tick here Initial deposit (min 1) or Regular savings amount We will contact you for your card details. Christmas Savings Account (optional) Save up over the course of the year for the annual expense of the festive season. Your money is automatically paid out each November. No withdrawals permitted. Initial deposit (optional) Regular savings amount (min 1 per payment) Please tell us the bank account for your Christmas Savings to be paid into each November: Sort Code (6 digits) Account Number (8 digits) Building Society Ref. (if applicable) Name of account Holder If you are employed by one of our Select Employer Partners we can set up your payroll deduction with your pay office. Please complete the Authority for Payroll Deduction form opposite At Scotwest we offer a range of savings accounts. Visit for full details. SECTION D THE SCOTWEST LOTTERY All Members aged 18 and over can join the exclusive Scotwest Lottery which gives away thousands of pounds worth in prizes each month. Entries cost just 1 and up to 15 entries per month are allowed. The money will be deducted from your Scotwest Saver Account. Do you wish to join the lottery Yes No No. of entries I authorise the withdrawal of 1 for each entry I have requested in the lottery (i.e. 5 entries = 5 from my savings) Signed Date Please note, you will have to ensure the balance in your Scotwest Saver Account will cover your chosen number of lottery entries each month. Please confirm you have read The Scotwest Lottery Terms & Conditions

3 DECLARATION I confirm I have read the Financial Services Compensation Scheme Information and Exclusions List in the booklet accompanying this application. Please read the Important Information and Terms and Conditions in the booklet accompanying this application. Full terms and conditions for all of our savings accounts and the Scotwest Lottery are available online ( or by calling the Member Enquiry Line Signing this application confirms your acceptance and acknowledgement of the following: I have read and accept the Important Information and Membership Terms and Conditions. I agree to having my identity and address checked. I authorise Scotwest Credit Union to make whatever enquiries are deemed necessary to process this application. I confirm that the information supplied on this form is, to the best of my knowledge, correct. Signature of Applicant Date AUTHORITY FOR PAYROLL DEDUCTION In order that we can set up your payroll deduction with your pay office, please also complete and sign the Authority for Payroll Deduction below: Name Employer National Insurance Number Pay Frequency Weekly Fortnightly 4 Weekly Monthly I hereby authorise a deduction of from my salary each payday. I understand this instruction may remain with Scotwest Credit Union and details sent electronically to my pay office and that future changes to the amount of the deduction authorised by me may also be sent electronically to my pay office. Signed Employee Ref Number Date Credit Union Scotwest Credit Union Ltd. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN )

4 Credit Union Scotwest Credit Union Membership Application Terms and Conditions At Scotwest we offer a range of savings accounts. Visit for more details All members are automatically set up with a Scotwest Saver Account in order to comply with our rules of membership. The minimum balance for this account is 1. You can also use the enclosed Membership Application form to apply for a Christmas Savings Account. For each of the accounts you are opening, please provide details of your preferred savings options in terms of any initial deposits and regular savings. The form provides guidance as to whether these are optional or required. If you are making an initial deposit, this can be by cheque or debit card deposit. Cheques should be made payable to <your name>, c/o Scotwest Credit Union If you would prefer to make your initial deposit by debit card, please check the box on the Membership Form and we will call you for your card details If you are setting up regular payments into your account(s), please complete the Direct Debit Instruction or the Authority for Payroll Deduction on the Membership Form. At Scotwest we offer a range of savings accounts and loan products. Visit for full details. IMPORTANT INFORMATION Scotwest Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN ). Details appear on the Financial Services Register ( The minimum age to become a member of Scotwest is 18 years. If you are aged years, you can join as a Young Member and will be transferred to full membership upon reaching 18 years. Young Members can take advantage of our savings products. Upon reaching 18 years, Young Members can apply to use our loans and mortgage products. Under current legislation, members have the right to cancel their membership with Scotwest, without penalty within fourteen days of their membership application being processed. However, membership of Scotwest is voluntary and your account can be closed at any time, providing no debts are outstanding. To cancel your membership, please contact the Scotwest office. Members agree to be sent information about Scotwest Credit Union, its products and services, promotions and developments as well as account statements. Scotwest Credit Union is committed to the provision of service of the highest quality to its members. In the event however, that a member is dissatisfied with any aspect of this service, Scotwest will endeavour to resolve any complaint as effectively and efficiently as possible. Members will be issued with further information after joining. In addition, if we have been unable to resolve your complaint within eight weeks, or you are not satisfied with our response, you can refer this matter to the Financial Ombudsman Service. This organisation has been set up by law to help settle individual disputes between consumers and financial firms. Scotwest Credit Union is covered by the Financial Services Compensation Scheme. This scheme provides a safety net if a Bank, Building Society or Credit Union should fail. Please note that all calls to our Member Enquiry Line may be monitored and/or recorded in order to maintain and improve our service. REV0217

5 PROOF OF IDENTITY AND ADDRESS Under money laundering regulations, we are required to verify the identity and address of all new members before we can accept their application. To do this, we will make an electronic check. This process involves checking the details you supply against those held on a number of specific databases which Experian, the credit reference agency used by Scotwest Credit Union for the check, has access to. For example they will check to see whether you appear on the Electoral Register at the address you have provided. Scoring methods will be used in the verification process as this gives a more thorough check of the available data. A record of this process will be kept that may be used to help other companies to verify your identity. We may also pass information to organisations involved in fraud prevention to protect ourselves and our members from theft and fraud. If you supply false or inaccurate information and we suspect fraud, we will record this and share this information with other organisations. We may also, if necessary ask you to send us documents to confirm your identity and address. MEMBERSHIP TERMS AND CONDITIONS To become a member of Scotwest Credit Union a person must live or work in the West of Scotland*, be employed by one of Scotwest s Select Employer Partners or be part of one of Scotwest s Bona Fide Organisations. *This includes: Argyll & Bute, East Ayrshire, East Dunbartonshire, East Renfrewshire, Glasgow, Inverclyde, North Ayrshire, North Lanarkshire, Renfrewshire, South Ayrshire, South Lanarkshire and West Dunbartonshire Full membership of Scotwest Credit Union begins at age 18. At ages 16 and 17 you will be classed as a Young Member. Every member must hold a 1 share in a Scotwest Saver Account at all times and has voting rights on a one member one vote basis. Young Members are not entitled to vote. Regular deposits can be made by Payroll Deduction through one of our Select Employer Partners or by Direct Debit. Please note: Payroll Deduction: funds received will be credited on same day that confirmation is received from employers. Direct Debit: funds received will be placed in your Scotwest Saver account and take two working days to clear. The funds will be eligible for dividend during this time. Deposits can be made at any time by cheque or debit card. Cheques require 5 full working days from the date of deposit to clear. The maximum combined savings of an individual member must not exceed 400,000. Deposits may be subject to Money Laundering Verification. Members may request withdrawals at any time. Funds are paid out by BACS and appear as cleared funds in the nominated bank account within 2 to 3 working days. Members may receive a quarterly dividend on savings at an interim rate that is determined on an on-going basis by the Board of Directors. Dividend payments are based on daily account balances. As the dividend is an allocation of surpluses, there is no guaranteed rate of dividend, or indeed guarantee that a dividend will be paid. The current proposed rate of dividend is available on our website. Young Members are not eligible for dividend but may receive an interest payment at the equivalent rate of the dividend. Dividend payments are made without the deduction of income tax; therefore members should declare dividend payments to Her Majesty s Revenue and Customs (HMRC). Please contact HMRC for further information. Interest payments to Young Members are also made gross of tax. An Annual Membership Fee of 5 may be charged when there is no activity on a member s accounts (excluding Notice Accounts) for a period of at least 12 months and total savings are less than 50. Young Members are not subject to this charge. Scotwest Credit Union reserves the right to apply certain charges to Members accounts. Details of the current Tariff of Charges can be found on the website or by contacting the Scotwest office. Members may leave Scotwest Credit Union at any time, without penalty, providing no debts are outstanding. All savings accounts will be closed on cancellation of membership. Please note, no dividend will be payable on closure.

6 If members want to make a complaint, they can let us know in any of the following ways: Phone: complaints@scotwest.co.uk Post: Scotwest Credit Union, 13 Elmbank Street, Glasgow G2 4PB We will aim to resolve complaints within 3 business days of receipt, should that not be possible we will acknowledge the complaint in writing. If we have been unable to resolve your complaint within eight weeks, or you are not satisfied with our final response, you can refer the matter to the Financial Ombudsman Service to look into the complaint. This is a free, independent service for resolving disputes between customers and financial service institutions. You would normally have to contact them within 6 months of the date of our final response letter, and they will ask to see any communication we have sent as summary of our investigation. The Financial Ombudsman Service can be contacted in the following ways: Phone: (calls to this number are now free on mobiles and landlines) or (calls to this number cost no mare than calls to 01 and 02 numbers) complaint.info@financial-ombudsman.org.uk Online: [link] Post: The Financial Ombudsman Service, Exchange Tower, London E14 9SR For further details of our complaints procedures visit CHRISTMAS SAVINGS ACCOUNT TERMS & CONDITIONS Regular contributions must be made into your Christmas Savings Account by payroll deduction, if you work for one of our Select Employer Partners, or by Direct Debit. If you wish to amend the amount you are paying, please contact the Member Enquiry Line on for assistance. Additional deposits can be made at any time by cheque or debit card deposit. Cheque deposits require 5 full working days for clearance from the date of deposit. No withdrawals from the Christmas Savings Account will be permitted over the course of the year. Should you choose to close your account during the year, the full balance of your account will be paid out and no dividend will be paid. Savings accrued in your Christmas Savings Account will be paid out each November with funds available in your nominated bank account no later than the 12th November each year. If you have opened your account after September 1st, you have the option to delay the first payout of funds until the November of the following year. Please call the Member Enquiry Line on to arrange this. You may receive a dividend on savings accrued in this account at an interim rate that is determined on an on-going basis by the Board of Directors. Your dividend payment is based on your daily account balance over the course of the year and is added to your account on an annual basis prior to pay out. As the dividend is an allocation of Scotwest s surpluses, there is no guaranteed rate of dividend, or indeed guarantee that a dividend will be paid. The current proposed rate of dividend for this account is available on our website. Your Christmas Savings Account will continue on an annual basis until you advise us otherwise. Should you cancel your membership of Scotwest Credit Union prior to the annual payout date; the funds in your Christmas Savings Account will be paid out as part of our standard procedures. In this circumstance, no dividend will be payable on your Christmas Savings Account. Savings will be paid out to the Bank or Building Society account nominated at the time of opening your account. Should you wish to change the account to which the funds are to be paid; please ensure you call us or advise us in writing of the new details before November 6th each year. If you have set up a Telephone Security Passcode you will be able to use this to submit new account details over the phone. This account is available to our Young Members. Young Members are not full members of the Credit Union and therefore cannot receive a dividend. Instead, Young Members will receive interest on their savings at a rate equivalent to the current dividend rate on this account.

7 LOTTERY TERMS AND CONDITIONS The Scotwest Lottery is a separate entity to Scotwest Credit Union. Scotwest Credit Union administers the lottery on behalf of the Scotwest Lottery. Scotwest Credit Union is the sole beneficiary of the surplus funds generated by The Scotwest Lottery after payment of prizes and administration costs. All Scotwest members are eligible to take part in The Scotwest Lottery. Entries cost 1 per month and members can have up to 15 entries per month. Details of the current prize allocations will be available on The Scotwest Lottery page on the Scotwest website. Details of ticket numbers will be available on request. Payment for entries to The Scotwest Lottery will be deducted from your Scotwest Saver account on the 26th of each month (or on the next working day if the 26th falls at a weekend or holiday). The draw will be made on the next working day following the entry payment being deducted. If insufficient funds are available in your Scotwest Saver Account to cover all your entries, you will not be entered into the draw for that month. Where insufficient funds are available for three consecutive draws you will be deemed to have terminated your membership of the Lottery and will be advised by telephone to your last known contact number. You may re-apply for membership of Scotwest Lottery at any time thereafter. Prize funds will be credited directly to your Scotwest Saver account. Winners will be notified in writing and their names will be published on the Scotwest website. Details may also be posted on our social media pages including Facebook and Twitter. Applications to join, amendments and cancellations received not less than seven days before the next draw will be processed for that draw. Applications to join, amendments and cancellations received after the cut off point will be processed for the following draw. Refunds of lottery deductions are not permissible for cancellations received within seven days of the draw Terms and Conditions are correct at time of print. For further information please visit Get in touch Scotwest Credit Union Ltd, 13 Elmbank Street, Glasgow G2 4PB Scotwest Credit Union Ltd. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN )

8 The Financial Services Compensation Scheme (FSCS) Information Basic information about the protection of your eligible deposits Eligible deposits in Scotwest Credit Union Ltd are protected by: Limit of protection: If you have more eligible deposits at the same bank / building society / credit union: If you have a joint account with other person(s): Reimbursement period in case of bank, building society or credit union s failure: Currency of reimbursement: To contact Scotwest Credit Union Ltd for enquiries relating to your account: The Financial Services Compensation Scheme (FSCS) 1 85,000 per depositor per bank / building society / credit union 2 All your eligible deposits at the same bank / building society / credit union are aggregated and the total is subject to the limit of 85, The limit of 85,000 applies to each depositor separately working days. 4 Pound sterling (GBP, ) or, for branches of UK banks operating in other EEA Member States, the currency of that State. Scotwest Credit Union Ltd 13 Elmbank Street Glasgow G2 4PB Tel: office@scotwest.co.uk To contact the FSCS for further information on compensation: Financial Services Compensation Scheme 10 th Floor Beaufort House 15 St Botolph Street London EC3A 7QU Tel: or ICT@fscs.org.uk More information: ADDITIONAL INFORMATION 1 Scheme responsible for the protection of your eligible deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to 85,000 by the Deposit Guarantee Scheme.

9 2 General limit of protection If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum 85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with 80,000 and a current account with 20,000, he or she will only be repaid 85,000. In some cases eligible deposits which are categorised as temporary high balances are protected above 85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including: (a) certain transactions relating to the depositor s current or prospective only or main residence or dwelling; (b) a death, or the depositor s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity; (c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction More information can be obtained under 3 Limit of protection for joint accounts In case of joint accounts, the limit of 85,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of 85, Reimbursement The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: or , ICT@fscs.org.uk. It will repay your eligible deposits (up to 85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply. Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation. In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply. If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under

10 Other important information In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account. EXCLUSIONS LIST (from 1 January 2017) A deposit is excluded from protection if: (1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union. (2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering. (3) It is a deposit made by a depositor which is one of the following: credit institution financial institution investment firm insurance undertaking reinsurance undertaking collective investment undertaking pension or retirement fund 1 public authority, other than a small local authority. For further information about exclusions, refer to the FSCS website at 1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded