Searchable article text
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.
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 10.9 per cent APR, equivalent to 0.908 per
cent per month on the declining balance. See our great rates below.
SPOUSE
The Credit Union Board has made the decision that spouse are also
able to join.
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 three per cent 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) 10.9% APR (0.908% per month)
Amount
12
24
36
48
60
500
44.17
23.28
16.35
12.90
10.85
1000
88.34
45.46
32.69
25.80
21.61
1500
132.50
69.84
49.04
38.70
32.54
2000
176.67
93.12
65.38
51.59
43.39
3000
265.01
139.68
98.07
77.39
65.08
4000
353.34
186.25
130.77
103.19
86.77
5000
441.68
232.81
163.46
128.98
108.46
7500
662.51
349.21
245.19
193.48
162.69
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
38
The Right Balance