Frequently Asked Questions
Are there any membership fees?
Yes, a £8 fee will be taken at the time of joining. This is made up of £3 membership fee and £5 is credited to your account. You must keep a minimum of £5 in your account to keep your membership active. Unlike High Street banks, we do not charge monthly or annual fees.
Will I receive statements?
Yes, we can provide you with an annual statement or additional statements, throughout the year upon request.
What do I get as a member?
All members receive a member account, known as a Share Account. This operates as a savings account and represents your share of the Credit Union.
How can I access my account?
You can access your account online, by telephone or by visiting our branch.
How do I pay into my account?
You can pay cash or cheques directly into your account at our branch. You can also deposit cash at your local PayPoint. Payments can be made directly to your account, or you can set up a regular Standing Order from your bank account, or have payments from wages or benefits paid directly into your account. We also have a number of employer partnerships enabling Payroll membership where a regular amount is deducted from your wages/salary.
What is the maximum I can save in my Credit Union Account?
The Maximum amount you can have deposited with the Credit Union is £15,000 across all accounts.
Do I receive interest on my savings?
Interest on savings is paid in the form of a yearly dividend. When you join London Plus you become a shareholder. This means that at the end of each year, any cash surplus is divided between members as a dividend on their savings.
Can I withdraw my savings?
You can withdraw up to £250 in cash from your savings at any time through our branch office. As well as coming into a branch, you also have the option of transferring your savings to other bank accounts, using our faster payment same day transfer service or you can apply for a Pre-Paid Card.
Will my savings be secure?
Yes. We are regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, and the Prudential Regulatory Authority 473340. All your monies are 100% safe as we have full FSCS protection.
Please read this important statement:
Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme, (FSCS), is the UK's statutory fund of last resort for customers of authorised financial services firms.
The Financial Ombudsman Services, (FOS), is the independent service for settling disputes between businesses providing financial services and their customers.
Important information about compensation arrangements
Your savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the Credit Union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS websitehttp://www.fscs.org.uk/ or call 0800 678 1100
What makes London Plus ethical?
London Plus Credit Union is a financial co-operative run by members for members. Any profits are reinvested into the development of the credit union and divided between members as a dividend on savings. We use these savings to provide our members affordable low cost loans. Any reserves are not invested in the financial markets, your money is not used for big 'fat cat' bonuses. Also we provide a safe and affordable alternative to those at risk of loan sharks and other illegal or usury lenders. Where banks turn down customers because they have a poor history or are low paid, we do not. We look at everyone as individuals and recognise that anyone can get into financial difficulties from time to time. This means that if you have been a victim of circumstance we will still look at your application with fresh eyes. In accordance with the Credit Union Act 1979, London Plus educates its members on the wise use of money and promotes responsible saving and lending.
Can I transfer money to another bank account?
Yes, same day payments can be made using our faster payments service. If you register your bank account details with us then transfers can be requested over the telephone using your Member Security Code otherwise a signed form is required.
How do I change a standing order?
A standing order is an arrangement you make with your bank to pay into your London Plus account or loan. To change this you need to contact your bank and ask them to adjust the payment amount. You can also do this yourself online if you have set up internet banking with your bank.