Corporate Membership of Churches’ Mutual Credit Union
The Credit Union is a not for profit savings & loans co-operative. It is dedicated to encouraging people to save, but also promotes responsible borrowing by providing low cost loans at times of need. Organisations that qualify under the Credit Union’s common bond criteria can become corporate members and place sums on deposit with the credit union in order to help its other members. These include Anglican, Church of Scotland, United Reformed and Methodist churches as well as other charities associated with the Anglican Churches of Great Britain, the United Reformed Church and the Church of Scotland. The Credit Union offers a Corporate Savings Account with similar terms and conditions as the Premier Investment Account but without the minimum investment requirement (although the maximum remains £25000) and can be added to at any time. Withdrawals can be made at any time, at busy times, such as May and June, the Credit Union reserves the right to request a 60 day notice period. A copy of the full terms and conditions can be found here.
CMCU appreciates that investing in a Credit Union may be new to many church and charity officers and trustees and has produced an information leaflet to explain the concept of the credit union, what it does and how it is governed. This leaflet is in two pages here and here.
We also appreciate that it is often the Treasurer or Finance Officer who is faced with explaining the benefits of the Corporate Saver’s Account to their committee. We have produced a sheet of FAQs or ‘Treasurer’s Tips’ which may be useful. It can be downloaded here. If there is anything we have missed or could be clearer, please let us know.
If your organisation would like to open a Corporate Savings Account with Churches’ Mutual Credit Union please read the requirements below: Corporate Account Definition and Requirements – Confirming and verifying identification of individuals. In common with other financial institutions we require validation and identification of all signatories to the Credit Union account. An organisation wishing to join the credit union as a corporate member should appoint representatives to be signatories to the account and to act on the organisations behalf (a minimum of two but no more than four). These representatives will be required to produce identification documents giving proof of name, date of birth and address in accordance with the credit union’s normal identification requirements for individual members. In addition we will require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation who are NOT signatories. Note – the Credit Union uses a Credit Referencing Agency to establish identification and verification and to prevent fraud and money laundering. The agency used retains your information for 12 months regardless of whether this application is successful or not.
To open a corporate account the credit union will also require additional information:-
i) To verify you as a bone fide organisation one of the following:
- A registered charity limited by guarantee or shares
- A copy of the registration documents.
- A trust
- A copy of the Trust Deed.
- A list of trustees, including names and addresses.
- An unincorporated charity (such as a Church, Church Council or other church governing body)
- Charity registration number and church number if applicable (if not the full name of the parish or church)
- A list of officers, including names and addresses.
Note – The Charity Commission accepts that the churches within Churches’ Mutual Credit Union’s common bond are charities. The Charities Act 2006 required all religious charities in England and Wales with annual income over £100,000 to register with the Charity Commission. The Charities & Trustee Investments (Scotland) Act 2005 required all religious charities in Scotland to register with OSCR (The Office of the Scottish Charity Regulator) whatever their level of income.
ii) A copy of the following resolution: We confirm that at a properly convened meeting it was resolved that:
- We wish to open an account with the Churches’ Mutual Credit Union and in doing so agree to abide by the social objects, rules, policies and procedures of the credit union.
- The individual/s representing our organisation will complete all required personal details and agreed to provide identification documents according to the requirements of the credit union, together with individual instructions regarding the conduct of the account (such as: any two to sign, address for correspondence)
- The credit union will rely on the appointed representatives unless it receives written confirmation of changes to representatives.
- We will provide the credit union with evidence of eligibility to join the credit union.
Once you have appointed your representatives and passed the required resolution you may apply for corporate membership of Churches’ Mutual Credit Union using the form below. If you would like to discuss this further please call us on 01452 500463.
Note – the credit union is limited to 1 corporate member per 10 ordinary members. If the number of corporate applications exceeds this ratio it may become necessary to place applicants on a waiting list but this will always be stated on this page of the website.