Frequently Asked Questions

What is a Credit Union?

Credit Unions are non-profit-making savings and loans schemes. Although our primary focus is upon helping those who are unable to access financial services elsewhere, anyone who wants to save, or borrow small sums at extremely low interest, is welcome to join.

The Credit Union is a democratic organisation run along co-operative principles. We are, in effect, a non-profit making bank. Unlike other financial institutions, we do not charge crippling rates of interest on loans, or charge you £30 if you happen to go a few pence overdrawn. We exist for the benefit of our members, not to maximise the profits of any shareholders or pay outrageous sums of money to our Board of Directors.

Click here to read more about the history of the Credit Union Movement

Membership of Nottingham Credit Union is open to everyone who comes within our Common Bond.

So, what's a Common Bond?

A Common Bond is one thing that makes us different from other banks, because it ensures that all our members have something in common (hence the name). In Nottingham Credit Union's case, the Common Bond is that all our members have to LIVE or WORK in Nottingham city, or the boroughs of Broxtowe, Gedling or Rushcliffe. Here is a link to a map that shows our area of operation.

How do I join?

You can download an application form from here. Fill it in and post it to us at the address indicated, or hand it in at one of our branches. Before we can let you join, we need to see two forms of identification, one proof of identity, one proof of address. This is to comply with Financial Services Authority regulations, which keep our members' money safe.

How do I pay money in? Is there a minimum?

You can pay as little or much as you like, at any one of our numerous branches or collection points. Here is a list of their locations and times of opening. The only minimum payment is that, when you join, you must pay in at least £4. This is a £3 joining fee (there are no other fees to pay after this) and a £1 minimum shareholding. Alternatively, you can pay in by Standing Order, which is just like a Direct Debit, from another bank into your Credit Union account. Your membership fee will be deducted from your first payment. Click here to download a Standing Order form, which you can then post to us. A third way to pay in is by PayPoint card, which can be used at all Post Offices and many other places. Contact us for details.

How do I withdraw my money?

Just like you pay it in: simply call in at one of our collection points. We regret that we cannot usually authorise withdrawals by post, as we require your signature before we can hand over a cheque. Alternatively, if you telephone us, we can arrange an internet transfer from your Credit Union savings to another bank or building society account.

How do I take out a loan?

For full details of our loans policy, please click here.

How do I make a complaint?

Simply call us on our freephone number, or download a complaints form.