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.

Membership
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What is a Credit Union?
Who can join Enterprise Credit Union?
Enterprise Credit Union is open to those who live and/or work in the Knowsley, Liverpool, Sefton, St. Helens, Wirral, Halton and Warrington Boroughs of Merseyside.
How do I join?
If you live and/or work in the Knowsley, Liverpool, Sefton, St. Helens, Wirral, Halton and Warrington Boroughs of Merseyside, you can apply to open an account by completing the online application you can find by clicking here. If you don’t wish to join online, you can also join in branch. Just pop in with 2 forms of identification. You can find your nearest branch by clicking here.
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?
Loans
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How do I apply for a loan?
If you’re not yet a member of Enterprise Credit Union and are looking to apply for a loan, please complete our loan application online. If you’re an existing member looking for a new loan or a top up to an existing loan, you can log in to your online account or use our mobile app, you can also contact us direct to discuss your options. Please click here to see how you can apply using our mobile app.
How much can I borrow?
How do you assess my loan?
We take a holistic approach to all loan applications, using our common sense approach and making sure you are not lending more than you can afford and are not over-stretching your budget.
Do you perform a credit check?
Do you use open banking?
Yes when considering a loan, we assess how you are managing your finances and ensure you will be able to afford repayments.
I don’t have online banking, how will you assess my loan?
Although we strongly advise you to activate this, we do understand not all of our members are ‘tech-savvy’ and will accept a 3 month bank statement which you can email or drop into us along with your loan application.
Is open banking safe?
Yes, using our preferred supplier Credit Kudos, we only view and assess data from within a totally secure environment. Credit Kudos do not share your data with anyone other than ECU.
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?
You can pay into your account via Standing Order, Debit Card, Bank Transfer, Direct Benefit payment, and at any of our branches. We also accept cash and cheques at any of our branches and work with a number of local businesses offering payroll deductions.
For more info on how to make a payment, please visit our How To Pay page.
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?
During these challenging times, we understand that your personal circumstances may often change. We are committed to helping our members manage if they are struggling to meet loan repayments. If you do find yourself in this situation, please contact us immediately to discuss your individual circumstances and we can help find the right, affordable solution for you.
You can also visit the Money Helper, for free and impartial advice on all money matters.
Savings
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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?
General
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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. Interest on loans will be paid in line with the terms for that particular product.