Important Information

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Membership

• membership of the Manx Credit Union is currently open to all residents of the Isle of Man aged 16 years and over
• you must provide documentary evidence of who you are and where you live before you join
• you become a member by opening a Share Account with a minimum opening amount of £10
• a £5 joining fee will be charged to your Share Account when you join and you must keep £5 in your account at all times to maintain membership and use the Manx Credit Union's services
• being a member gives you the right to vote on matters concerning the credit union at the Annual General Meeting and to participate in running the credit union

Share Account

• the Manx Credit Union Share Account is a way for you to save
• we encourage regular saving although you can also save on an ad hoc basis The aim of the credit union is to encourage regular saving over time although you can also save on an ad hoc basis. 
• each pound you save in the Share Account is a share of the value of £1
• the maximum shareholding you can have is £15,000

Paying into your Share Account

• you can pay into your Share Account by:
• cash (up to a maximum of £50 at any one time) at our Office or other collection point
• a cheque (made payable to Manx Credit Union Limited) at our Office or other collection point
• standing order – you can instruct your bank to set up a regular payment into your Share Account
• payroll deduction if your employer participates in our payroll deduction scheme

Withdrawing from your Share Account or closing your Share Account

• you can normally withdraw from your Share Account at any time, but we reserve the right to require a period of notice
• withdrawals can be made by filling out our withdrawal form, available at our Office and other collection points or on our website
• you may only withdraw £50 in cash unless you have given us prior notice
• we can also make a withdrawal by cheque or by requesting an online payment to your bank account
• you may only withdraw against cleared funds, so any cheques paid in must go through the clearing process before you can withdraw against them
• you must leave a minimum of £5 in your Share Account to maintain membership

Dividends

• as a credit union we do not pay interest on our Share Account (or other savings accounts that may be offered from time to time)
• each year we review the accounts of the credit union and any surplus profit may be returned to our members in the form of a dividend which is declared at the Annual General Meeting
• dividends will only be paid to those in membership on the date that the dividend is declared
• dividends will apply to all fully paid shares held during the preceding financial year or interim period , and applied proportionally to shares held for less than the full year
• dividends are paid without deduction of tax at source so it will be your responsibility to declare to the relevant authorities

Loans

• if you are aged 18 or over, you can apply for a loan up to maximum amount of £5,000 above the level of your savings
• the interest rate on loans will not exceed 3% per month
• applications must be made on the loan application forms, available at our office or downloaded from our website
• loan applications will be reviewed, credit checks performed as necessary and a decision will be made based on what you can afford to repay
• if approved, a loan repayment schedule will be agreed between you and the credit union
• arrangements can be made for loan repayments to be made through payroll deductions

Compensation Scheme

Members’ savings are not protected by a Statutory Compensation Scheme as there is no current scheme established under the Credit Unions Act 1993. Members’ savings are protected up to the £15,000 maximum allowed (less any loan liability) by cash reserves and funds held under an arrangement approved by the Isle of Man Financial Services Authority.

Charges

We reserve the right to pass on to our members any charges that may be levied on us including, but not limited to, unpaid or returned cheques, unpaid direct debits, stopped or replacement cheques, and bank transfers.

Complaints

We aim to provide our members with a first-class service. However, we appreciate that mistakes can happen and we therefore welcome the opportunity to put things right. We will investigate your concerns as quickly as possible, and take steps to rectify the situation and, where appropriate, prevent a recurrence. However, if you remain dissatisfied, a full copy of our complaints policy and procedure is available on request from our office. You may also be able to refer your complaint to the Isle of Man Financial Ombudsman Service, once the MCU has had the opportunity to respond to your complaint.

Data Protection - how the Manx Credit Union will use your information

The Manx Credit Union will process your data in accordance with your rights under the Data Protection Act 2018. Your information may be processed by the Manx Credit Union in any form and on any database used by us for the following purposes:

a) to consider any applications made by you;

b) to help us to make credit decisions about you and anyone to whom you are linked financially;

c) to deal with your account(s) or run any other services we provide to you;

d) to undertake statistical analysis; financial risk assessment; money laundering checks (which may include telephoning you) compliance and regulatory reporting, fraud prevention and debt tracing;

e) to help us identify products and services that may be of interest to you. You can choose to opt-in and/or opt-out out of this when you join the credit union, but you may tell us at any time if you do not wish to receive marketing communications from us by writing to us providing your full name, address and account details.

Sharing information

We will disclose information outside the Manx Credit Union only:

a) to our agents or subcontractors for operational reasons;

b) to any persons, including, but not limited to, insurers, who provide a service or benefits to you or for us in connection with your account(s);

c) to licensed credit reference agencies in accordance with the Data Protection Act 2018;

d) to fraud prevention and other agencies to help prevent crime or where we suspect fraud;

e) if compelled to do so by law;

f) for the purpose of compliance and regulatory reporting and to confirm your identity for money laundering purposes, which may include checking the electoral register.

Subject Access Rights

If you write to us you have a right of access to your information held by us. You have a right of access to your information held by credit reference agencies, although a fee might apply. If you ask us we will tell you the name and address of the credit reference agencies that we use.