Terms and Conditions
- A member in receipt of benefits or salary can open a savings account at any time.
Each new adult member of Money Box Credit Union will automatically have a savings account opened in their name.
The first deposit into the account should be at least £5. This covers the one-off membership fee of £4 plus a minimum of £1 to open the account.
The minimum required balance in this account is £4 to keep it open. This level of savings must be obtained within 6 months of the account being opened.
If the minimum level is not attained within 6 months Money Box will close the account. You will be contacted prior to us taking this action and given the option of meeting the minimum requirement or closing your account.
Members qualify for an annual dividend subject to one being paid.
FREE life insurance pays £1 for every £1 saved - doubling the amount deposited by members under the age of 65 up to a maximum of £5,000. Deposits made by members over the age of 65 are not covered by free life insurance.
Members may close their savings account at any time by completing a Closure of Account form. Money Box Credit Union reserves the right to require a maximum of 30 days notice of the account closure.
Members closing their savings accounts automatically end their membership and cease to be shareholders in Money Box Credit Union.
- You must be aged 18 years or more and a member of Money Box to borrow from the credit union.
Members may apply for a loan at the same time that they join. The minimum amount for a member loan is £50 and the maximum is £5,000 subject to status. However, this threshold may be exceeded subject to the value of the net amount owing to Money Box (shares held less the outstanding balance on the loan) remaining below £5,000. The amount members are able to borrow is assessed on their ability to afford the repayments based on their income and expenditure.
Money Box Credit Union does not guarantee to grant the loan amount requested. All loans are assessed on their own merits and subject to affordability.
The maximum repayment period for Money Box Credit Union loans is 5 years. The actual maximum repayment period will vary according to the type and size of the loan applied for.
Loans are covered by FREE loan protection insurance up to the age of 70 and will be repaid in full. Loans made by members over the age of 70 are not covered by free loan protection insurance.
Top ups to an exisiting loan will only be considered 3 months after any previous loan has been approved.
Under the Distance Marketing Directive members have the right to cancel a loan agreement within 14 days by informing the credit union and returning the money borrowed in full.
Members who have taken out a loan with Money Box Credit Union must, as a measure of security, keep a minimum of 4 weeks or 1 month's loan repayment in their savings account. Members who have taken out a loan and do not have sufficient security in their accounts will not be permitted to withdraw funds from their account until the relevant level of savings is reached.
Loan repayments can be increased if requested without any penalty. It may also be possible to reduce loan repayments under certain circumstances.
Before a member can close their account and end their membership of Money Box Credit Union all outstanding loans must be repaid in full.
- The maximum rate that Money Box Credit Union may charge on your loan account is 3% per calendar month on the reducing balance of the loan (42.6% APR).Interest is calculated daily on the reducing balance of your loan.
- We may use any balances held in a member's savings account to reduce or repay any loan held by them that falls into default. We will notify members that this may happen and give them the opportunity to make the necessary repayments.
We may share details of how members manage their borrowing from us with Credit Reference Agencies (CRAs). We may register the default of members who fail to respond to default notices sent by Money Box Credit Union with CRAs. The registration of a default notice may affect their ability to obtain further credit.
Money Box Credit Union will take all necessary steps, including legal action, to recover loans in default. If members fail to respond to default notices sent by Money Box Credit Union we will pass the debt to a debt recovery agency.
Failure to respond to the debt collection agency may result in court action being taken to recover the money owed.
Credit reference and fraud protection agencies
We may use credit reference and fraud prevention agencies to help us make decisions. What we do and how both we and credit reference and fraud prevention agencies will use your information is detailed in the leaflet: A condensed guide to the use of your personal information by ourselves and at Credit Reference and Fraud Prevention Agencies. If you would like to read the full details of how your data may be used please click here, phone 01743 252325, or ask one of our staff. By confirming your agreement to proceed you are accepting that we may use your information in this way.
Loans up to £5,000
(at 2% interest per month!)
"I needed a loan to help buy a new car"
Save via payroll
Enjoy the convenience of saving straight from your wages. Our current select employers include:
- Herefordshire Housing
- Herefordshire Council
If your organisation would like to help your staff in this way please:
Saving soon adds up!
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