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The Financial Services Authority requires us to comply fully with money laundering regulations. It’s a bore but we have to do it. It means that before we can open your account we have to verify your identity and your address. You need to complete the application form opposite along with the Direct Debit. You’ll also need to get your ID verified and send it with the application to us. If you’re near a regional office or Unity House you can bring it in and we’ll process it there. RMT Credit Union Our Own Savings and Loans Co-operative Our RMT Credit Union is a great new benefit for members. It exists, not to make a profit, but to provide help and support to all our members for their savings and credit needs. By saving together, and lending to each other, we take the profit motive out of savings and loans. All the surpluses created by the Credit Union are recycled as benefits to members through cheap loans, and the ability to pay dividends on savings. We strike a balance between low interest rates on loans and paying a dividend on savings. We enable members to have ready access to cheap loans while building up a substantial and useful savings account. We can do this because our Credit Union is run on the same principles of mutual support and members’ democratic control as our trade union, so you can be sure that it’s run in the interests of us all. The Right Balance Joining Our Credit Union CHEAP LOANS Decisions on interest rates are made by our members. This year our AGM decided to offer very cheap loans to members. This means we can now offer loans at 9.9 per cent APR, equivalent to 0.825 per cent per month on the declining balance. See our great rates below. DIVIDEND ON SAVINGS We don’t exist to make profits. With the surplus we make from interest on loans we can collectively decide to pay a dividend. We recently paid a dividend of 3% on savings – a very healthy dividend rate compared to banks’ interest rates Because we’re a members’ organisation with a democratic structure, we’re able to make the decisions that provide a virtuous circle of saving together, providing credit at low interest rates and sharing the benefits by paying a dividend on savings. Loan term (months) 9.9% APR (0.79% per month) Amount 12 24 36 48 60 500 43.93 23.05 16.11 12.66 10.60 1000 87.87 46.1 32.22 25.31 21.2 1500 131.80 69.15 48.33 37.97 31.80 2000 175.74 92.20 64.44 50.63 42.40 3000 263.61 138.30 96.66 75.94 63.59 4000 351.48 184.40 128.88 101.26 84.79 5000 439.35 230.49 161.10 126.57 105.99 7500 659.02 345.74 241.65 189.86 158.98 ID REQUIREMENTS Getting your ID verified is quite straight forward. You need two separate forms of ID such as the following: PROOF OF IDENTITY • Personal Cheque used for your first month’s savings if drawn on an account that includes your name • Current valid full UK Passport; EU member state ID card • Current valid full foreign passport • Current UK full Photo Card Driving Licence • Current UK provisional, Photo Card Driving Licence (Old styles not accepted) • ID pass from Network Rail, Trans Pennine Express, Central Trains, Eurostar • Discharge book (shippers) • Inland Revenue Tax Notification (current year) PROOF OF ADDRESS • Current UK full, signed driving licence (if not used for Proof of Identity) • Current UK provisional, driving licence Photo Card (if not used for Proof of Identity) • A current [within last three months] Utility Bill (not mobile phone bill) • Recent Bank, Building Society or Mortgage statement • Current Council Tax bill • Pension or benefits book • Tenancy or rent book/agreement • Recent Inland Revenue notice of coding or tax demand The list above is not exhaustive and other documents will be considered. You can get your branch secretary or regional office to verify and sign photocopies of the documents. As an alternative, you can also get another person of authority such as your employer, doctor, Solicitor etc to verify the forms of ID. The copies of the documents must have an official stamp and signature on them and a contact name and address. Or, you can send originals to us at the address below Send completed verified copies of documents or originals to: RMT Credit Union, Unity House, FREEPOST NW3706, London NW1 3YD. If sending valuable documents by post you should send them recorded delivery. For assistance: Tel: 020 7529 8835 Authorised and Regulated By The Financial Services Authority FRN: 228612 30