Withdrawing Your Savings

Savings withdrawals

Withdrawing your savings

You can apply to withdraw your savings/shares at any point on a share withdrawal form, which are available at the main office, at your local collection point or can be posted out to you.

Withdrawals for adult and junior accounts take one week to process

Pay outs are made by cheque, which you can pay into your bank account. Or which can be cashed at one of the Lloyds TSB bank branches the credit union works with (Seaton, Woodside and Rosehill). Cheques are only available for cashing on the one day as agreed with the credit union at time of withdrawal, idenification will be required by bank staff

Closing a credit union account

Peoples circumstances change all the time, and you may wish to close your credit union account or junior credit union account. Complete a share withdrawal form AND also the section ‘closing your account’. We would appreciate you letting us know why you are closing your account – by completing this the credit union will have feedback on the reasons some people close their accounts

Adult credit union account
Savings balance only

If your credit union account has a savings balance all you need to do is fill in a share withdrawal form

Adult credit union account
Savings and loan balances

If your credit union account has a savings and loan balance, you will only be able to withdraw your savings / close your account when the loan is repaid in full. If your savings are equal to or higher that the loan due you will be able to complete a ‘share to loan transfer’. Thereafter all you need to do is fill in a share withdrawal form for the remaining savings to be withdrawn

Adult credit union account
Member deceased

The named beneficiary will need to contact the credit union and provide an original death certificate to start the closure of the deceased members credit union account. Dependant on the insurance policy the credit union is offering at this time, the credit union will submit an application to its insurers on the beneficiaries behalf.

Junior credit union account

To withdraw savings or close a Junior credit union account the parent / guardian / grandparent who opened the account will be required to complete the share withdrawal form

Junior credit union account
Transferring to Adult credit union account

At the age of 16 a Junior credit union account balance can be transferred to open an Adult credit union account. An adult membership / form of nomination in the event of death has to be completed by the new adult member. A share withdrawal form is required to be filled in, this closes the Junior credit union account and if requested the Juniors savings balance can be transferred internally between credit union accounts and £1.00 entrance fee for adult membership can be subtracted from the transferred balance.