From Monday 30th October members with an Instant Loan will no longer be able to withdraw savings until the loan is repaid in full, or the savings balance exceeds the loan balance, in which case the difference will be available to withdraw. Until this date you can continue to withdraw your savings by calling our office on 0330 175 5555.
So, why has this change been introduced? It’s standard practice for Credit Unions to require savings to act as collateral against outstanding loan balances. It helps to ensure that we have a sufficient pool of savings to lend out to all members that require loans. It also allows us to to look more favourably on loan applications because we know that a portion of the loan will be secured by savings.
If you have any queries regarding this change in policy, please submit a Secure Message from your online account. If you don’t have an online account please call the office on 0330 175 5555.