FAQ
Frequently asked questions
Get a quick answer to your queries. If the answer isn’t there, please get in touch with us.
About Us
A credit union is a financial co-operative which provides savings, loans, and other services to its members. Each credit union is owned and controlled by its members, not by external shareholders or investors. Each member can vote at the credit union’s annual general meeting.
Membership of each credit union is based on a ‘common bond’. This means all the members have something in common - it could be:
- they live or work in the same area;
- they work for the same employer; or
- they belong to the same trade union, church or other association.
To become a member of Leeds Credit Union you must:
- live or work in Leeds, Wakefield, Harrogate, Craven or the London Borough of Barking & Dagenham;
- work for one of our partners – to see the list of our partner employers, please see our Select Employers pages.
- be a resident of one of our partnered housing associations, as listed on our Partners page.
If you meet the eligibility criteria, it’s easy to join Leeds Credit Union. You can apply online via the buttons at the top of the page, in branch or download an application form from our Membership Account page and return it to us at: Leeds Credit Union, Carlton Tower, 34 St Paul’s Street, Leeds LS1 2QB.
If your application is accepted, we will automatically open a Membership Account for you which is then your gateway to other Leeds Credit Union products and services. You must have a balance of at least £1 in your Membership Account before you apply for our loans.
Membership of each credit union is based on a ‘common bond’. This means all the members have something in common - it could be:
- they live or work in the same area;
- they work for the same employer; or
- they belong to the same trade union, church or other association.
To become a member of Leeds Credit Union you must:
- live or work in Leeds, Wakefield or the London Borough of Barking & Dagenham;
- work for one of our partners – to see the list of our partner employers, please see our Select Employers page
- be associated with one of our other partners
Borrowing
You must be a member of Leeds Credit Union to apply for a loan with us - although you can apply to become a member during your loan application process.
Once you’re a member and have a balance of at least £1 in your Membership Account, you can apply for one of our loans.
We offer a range of loans of differing amounts up to £25,000.
How much you can borrow will depend on your circumstances and loan policy. You must be over 18, a UK resident and a member of Leeds Credit Union to borrow from us.
You can use a Leeds Credit Union loan to help pay for home improvements, a new car, a holiday or simply to help you manage your bills.
At the agreed times, we will take your loan repayment amount from your Membership Account. It is important that you pay in sufficient funds to meet your loan repayment each week/month.
Failure to meet your repayments could adversely affect your credit rating and can make getting credit in the future more difficult.
Yes, you can. Simply call us on 0113 242 3343 to find out how much of your loan is outstanding. We do not charge early repayment fees on any of our loan products.
First of all, get in touch with us by calling 0113 203 1612, email creditcontrol@leedscreditunion.co.uk or visit your local branch. We can then discuss your options.
Failure to meet your repayments can adversely affect your credit rating and make getting credit in the future more difficult.
A loan application might be declined for a number of reasons such as affordability to repay the loan or a poor credit history.
Savings
Unlike banks and building societies, we don’t pay an interest rate on your savings. Instead, we aim to pay a quarterly/annual dividend to all qualifying members. The amount of the dividend is set by the Leeds Credit Union Board each quarter/year. Please be aware that some years no dividend may be paid.
It depends on the account(s) you hold.
Regular Saver and Loyalty Accounts pay dividends quarterly on 31 March, 30 June, 30 September and 31 December
Young Saver pays a dividend annually on 30 September
Christmas Club pays a dividend annually on 31 December
You can pay into your account by using the following methods:
- By cash at any of our branches
- By using a Direct Debit, standing order or faster payment from a UK bank account or by having your benefits paid into your account using the following account details:
Sort code: 20-32-48
Account number:23677117
Reference: Your Leeds Credit Union Membership number
- Payroll deduction from our partner employers
- By transfer from another Leeds Credit Union account
The maximum cash deposit you can make at our branches is £1,000 each month. Up to £ 5,000 can be deposited provided that you give two days’ notice and you must bring proof of the source of the cash.
You can withdraw money from your account by:
- Standing Order
- Transfer to another Leeds Credit Union account
- Using the Leeds Credit Union secure website (PIN required)
- Cash at a branch (providing that the branch or collection point has the facilities to issue withdrawals in cash. Please note: There is a £200 daily cash limit)
- Faster Payment
- Loading onto a pre-paid card and withdrawing at an ATM or ‘cash back’ in a shop
Yes, your eligible savings are protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000 per person.
For more information on the FSCS visit their website at fscs.org.uk
Payroll
Yes you can if your Employer has set up a payroll scheme with Leeds Credit Union
Complete the online form at the top of the page, including employer details/payroll number etc. An email will be sent once the application has been accepted confirming membership and your membership number.
When you have received this, email services@leedscreditunion.co.uk confirming that you wish your savings to be taken from your salary, the type of savings account, and the amount you wish to pay. Please quote your membership number in all correspondence with Leeds Credit Union.
Leeds credit union will then set this up and advise your employer.
Or call (0113) 242 3343 for an application. Make sure you complete the payroll deduction order on the application.
Click apply now in the loans section and make sure you click Payroll Deduction in the ‘Please select your preferred payment method’ section.
Alternatively, call (0113) 242 3343 for an application. Make sure you complete the payroll deduction order on the application.
For Savings - email services@leedscreditunion.co.uk confirming that you wish your savings to be taken from your salary, the type of savings account, and the amount you wish to pay. Please quote your membership number in all correspondence with Leeds Credit Union.
For Loans - Click apply now in the loans section and make sure you click Payroll Deduction in the ‘ Please select your preferred payment method’ section.
No more payments will be made into your savings account. If you want to keep saving, you will need to contact Leeds Credit Union to set up a new direct debit or standing order. Email services@leedscreditunion.co.uk or call (0113) 242 3343
You must make alternative arrangements with Leeds Credit Union to make the repayments on the loan. Email services@leedscreditunion.co.uk or call (0113) 242 3343
You will remain on the same rate as per your original loan agreement.
Leeds Credit Union will only provide the following details to your Employer in order to take the deductions – Name, Payroll Number, Leeds Credit Union membership number and amount to be deducted.
No, as the deductions for savings and/or loan repayments are taken after tax has been deducted from your salary.
Email – services@leedscreditunion.co.uk and inform Leeds Credit Union of the changes or call (0113) 242 3343