Frequently Asked Questions
Here you’ll find some of the questions we’re regularly asked, if you can’t find the answer you’re looking for in our FAQs please contact us.
What is a Credit Union?
Who can join Enterprise Credit Union?
How do I join?
What are the benefits of joining?
What ID do I need to provide to join the Credit Union?
- A valid UK passport
- Recent evidence of entitlement to a state or local authority funded benefit (including housing benefit and council tax benefit, tax credit, pension, educational or other grant)
- Full UK Photocard Driving Licence or Blue Badge disabled driver’s pass
You can use the following to prove your address:
- Recent bill (less than 3 months old) such as council tax demand or gas, electricity or water rates bill
- Recent bank, building society or credit card statement (less than 3 months old)
- Tenancy agreement
- Letters from a UK solicitor or Benefits Agency (or Pensions Service, JobCentre Plus, Child Benefit)
If you do not have any of these documents, please let us know. There are many more documents that can be used. We will do our utmost to help you open a credit union account.
Will my details be kept confidential?
How do I apply for a loan?
How much can I borrow?
Do you perform a credit check?
How long does it take for the credit union to approve a loan?
How long does it take to receive the funds?
How do I repay my loan?
Can I top up my loan?
Are there any penalties if I want to pay off my loan early?
Do I need Insurance to cover my loan?
I am struggling with loan repayments, what should I do?
How do I withdraw my savings?
You can withdraw money from your Share Account at any time unless secured against a loan. If you have a loan, savings in your Share 1 account are locked in and provide security for your loan. Only balances in excess of the loan amount can be withdrawn from this account. If your funds are in a term deposit account it will have its own terms & conditions. Money withdrawn is paid either direct into your bank account or cash withdrawals are available at any ECU branch (limits apply). Withdrawals can be requested from your online account or through the mobile app, just select your bank account number and sort-code from the list.
For fraud prevention purposes we can only pay to an account in your name. If your preferred bank account is not shown please contact us to verify your account details. Payments are processed the same working day (Monday to Friday, excluding public holidays) if requested before 3pm. Withdrawals after these cut-off times will be processed the following working day. The transfer to your account is usually complete after 4.30pm.
Can I withdraw my Attached Savings?
Do I earn interest on my savings?
All members are part-owners of the credit union and share in its success. Instead of interest being paid, when the credit union is doing well a dividend is proposed by the Board of Directors and voted upon by the members at the AGM. Once agreed, it is normally paid into your account the following day. The dividend you receive depends upon how much you have saved during the financial year (1st October to 30th September) but is calculated in a similar way to interest. The more savings that you have, the more dividend you earn. Interest is paid on some special term accounts such as the Gold Account which have their own terms and conditions.
Is the dividend taxable?
Is there a maximum for savings?
Can I open a Junior Savings Account?
What happens to a Junior Savings Account when they reach 18?
Do we offer joint accounts?
What is meant by a Nominee?
Are Credit Unions safe?
Who runs the Credit Union?
If I leave the area do I have to close my account?
No, once you are a member you can remain a member even if you move outside the Field of Membership.
Are there any hidden costs?
There are NO hidden fees or costs involved in transactions with the Credit Union. We make a small charge of £2 per year to cover the costs of running your account which is debited to your share account at the end of our financial year (1st October to 31st September). Interest on loans will be paid in line with the terms for that particular product.