Savings

Q Can I deposit a lump sum?
A We have had to make temporary changes to our lump sum policy. As part of our compliance requirements with the Bank of England we are required to maintain a capital to assets ratio of 10%. This means that we have to allocate part of our annual profit to a general reserve to maintain this ratio. As our asset level increases, so does our capital requirement. The more lump sum deposits we take, the higher our bank balance rises which increases our asset base and therefore our capital requirement. This means we have to put more of our profit into general reserve to meet this requirement rather than pay it as a dividend to our members.

We have therefore taken the decision to temporarily suspend depositing of any lump sums to savings products including junior accounts with immediate effect.

Q How much can I save?
A The maximum monthly/4 weekly savings amount for all members is £1,000. If you choose to open an additional ‘SuperSaver’ savings account, you must share this £1,000 ‘maximum’ between both accounts, as you cannot breach the £1,000 limit.
Q Will I get a return on my savings?
A Credit unions calculate a dividend based on their financial year end profit. Dividends are not guaranteed and are approved at the Annual General Meeting each year. Your account must be open on the date of the AGM to be eligible to receive a dividend.
Q Are dividends paid gross or net of tax?
A All dividends paid by Scottish Police Credit Union are paid gross of tax. Any tax responsibility lies with the individual member and needs to be declared in any tax return.
Q Can I withdraw my savings at any time?
A Generally, yes. However there are some circumstances when this might not be possible. Some of our loan products require the attachment of your savings as security against the loan and would therefore restrict the availability of withdrawing some or all of the funds. See Loan FAQs for more information on the attachment of savings.
Q Do you have any other savings accounts?
A Yes. We have a second savings account called Saverplus, which allows you to save between £10 and £200 every month/4 weeks (subject to maximum deposit limit – see how much can I save) and withdraw funds up to 4 times within a 12 month period.
Q Can I save for my children?
A Yes. We have a specific childrens saving account called Kidzplus where you can save from as little as £1 a month/4 weeks. The maximum that can be held in the Kidzplus account is £5000.

Loans

Q How Much Can I Borrow?
You can borrow £500 straight away provided you have deposited £10 in you membership account which you can do by debit card. Members who have made at least 1 payment by salary deduction or direct debit can apply to borrow up to £25,000 on our standard loan. More information on the other loan products we offer can be found on the website.
Q Can I withdraw shares while I have an outstanding loan?
A Yes and no. Any savings you hold in your membership account are held as collateral against any outstanding loan balance you have, however you may withdraw savings if the savings value is in excess if the total loan value. At this point you may withdraw the difference.
Q Does my credit rating affect my chances of approval?
A Although we may credit reference any loan applications we receive, this is used only as  part of our decision process. Various factors are taken into account when applications are considered and decisions are primarily based on affordability.
Q Can I pay a lump sum to my loan?
A Yes. This will reduce the term of the loan but not the monthly repayment. Call use if you want to do this.
Q What if I am unable to make my loan repayments due to illness or injury or death?
A All our loan products come with Payment Waiver Cover as a feature of the loan and at no cost to you. If you are off your work for more than 4 months you can make a claim and your payments may be covered for up to 18 months. (Terms & Conditions apply).
We also provide Loan Protection and Life Savings cover at no cost to you ensuring financial peace of mind for your loved ones upon your death (Terms & Conditions apply). More details can be found in the insurance section.
Q Can I adjust my loan repayments?
A You can increase your loan repayments at any time by completing a change of payment form, after this you can reduce your payments back down to the initial loan repayment at any point. If you are experiencing difficulties meeting your repayments and wish to decrease them, please contact us immediately where we will do all we can to assist you.

General

Q Can my family members join?
A Yes, providing they reside at the same address as an eligible member. Proof of residence and identification must accompany all family member applications. More information can be found via the Who Can Join section on the website.
Q Can I view my account online?
A Yes. This can be done by registering for online services via the ‘Members Login’ tab at the top of the page. Press this and then select the ‘Activate Account’ button. When your account has been activated you will be able to view your account balances, make withdrawals and apply for loans. And don’t worry if you have forgotten your member number as we have a ‘Login Help’ button for this too.
Q Why do I need to supply identity documentation?
A Under regulatory legislation we are required, along with other financial institutions such as your bank, to know our customer. Please note, serving police officers and police staff who are able to pay by salary deduction are not required to provide this documentation.
Q Can I remain a member if I retire or leave the force?
A Yes. Our Common Bond allows those who retire from or leave the service to continue in membership if they so wish.
Q What fees or penalties do I have to pay during membership?
A The only fee an SPCU member ever has to pay is a one-off £5 joining fee which is donated to charity via the SPCU Foundation.
Q I’ve forgotten my member number and password. Can I get back into my account?
A Yes you can. Go to the Member login tab and select ‘Login Help’, this will help you recover your member number and reset your password.

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