Q. Why do I need to supply identity documents?

A. If you are family of an existing member or a retired officer or if we are unable to otherwise verify your identity, a number of documents will be required with your membership application. This is necessary under the Money Laundering Regulations 2003 and is also a measure to protect your identity against fraud.

Q. Can my family join?

A. Yes, provided they live with you and are at least 16 years of age. Family includes partners and immediate relatives living in the same household. Under Money Laundering Regulations, family members will require to provide ID.

Q. When I retire, can I remain a member?

A. Yes, you can. Some members may be able to continue deductions from their pensions, but others will have to set up a Direct Debit from their bank. If you leave the job for any other reason, you can still remain a member, also paying by Direct Debit.

Q. How much can I deposit as a lump sum?

A. The current policy states you can deposit up to £1000 per annum or 50% of shares created by regular savings.

Q. Why do I have to wait 6 months to re-apply after paying a loan off early?

A. The Board of Directors introduced this waiting period after paying in a lump sum or transferring shares to clear a loan. It is designed to prevent “carpetbagging” (depositing large sums to take advantage of the dividend) and to encourage members to retain their shares rather than use them to pay off a loan.

Q. Can I access my shares after I have been granted a loan?

A. Your shares are held as security against most loan balances. This helps to protect all members by providing funds which can be offset against a loan should it go into default. You can, however, withdraw any amount over your loan balance. Alternatively, you can open a Saverplus account which is a second share account not tied to any loan.

Q. Do I need to pay off my existing loan before I can apply for another?

A. No. If your share balance is higher than your loan balance, you can apply for a refinanced loan based on the difference. Or, if you did not apply for the full amount available, you can apply for the difference. Or, if you have been a member in good standing for two or more years, you can apply for a Premier Loan and/or Flexiloan which do not require a specified share and /or loan balance.

Q. Why do you need payslips, bank statements and certain other documentation for a loan application?

A. Payslips are simply confirmation that you are currently employed. For certain applications, e.g. Premier Loans, other documents may be required and the Credit Committee may request financial and/or bank statements, details of other loans, arrestments, decrees etc. As responsible lenders, we take every precaution to ensure that loans are affordable.

Q. Does my loan payment stop automatically when my loan is cleared?

A. No, but we will send you a letter to advise you and ask you to complete a mandate if you wish to change your payment. Your payment may not change immediately, as we need to advise your Finance Department or bank in advance.

Q. Are there any hidden charges on loans?

A. No. We do not charge a set up fee. There are no early redemption fees and no administration charges.

Q. Can I stop my payments?

A. You can stop share payments any time and your account will become inactive. Ask how at the office. Be careful, though, that you do not leave your account so long that it becomes dormant, as this could lead to charges. If you have a loan, you can ask the Credit Committee for advice if you cannot keep up payments.

Q. Is it true you provide life insurance at no cost to the members?

A. Yes, all members are automatically covered from age 16 until the day before they turn 65 years of age for shares up to £1,000. In addition, we provide free life cover to members for the full amount of their loan balance. There are the usual insurance exceptions, such for pre-existing conditions, but members are not required to pay individually for this cover. We also offer payment protection insurance and FamilyLife Plus, both at excellent rates, and access to other insurances (see available services).

Q. Can I get a statement of my account?

A. Yes, you can ask for a statement at any time by simply calling the office. You can also register for the members’ area of our website to access and print a 12 month statement. In addition, we send annual statements to all members, together with their invitation to our AGM.

Q. How do I register for a pin number?

A. All you need is your member number, name and date of birth. Click on the member login (View Your Account Online) on our home page, use our help menu or Register for your pin here. You can set up your own pin number and a password and should be able to log on immediately to check on your account balances, print annual statements, apply for loans and/or download forms.

Any other questions not mentioned above? Contact the office on 0141 771 1314 or e-mail us at info@scottishpolicecu.co.uk.