Login to your online accountRegister for your PIN to access your account online

Tel: 0141 552 8408 Email: reception@1stclasscu.co.uk

FAQs Questions & Answers

What is 1st Class Credit Union?

1st Class Credit Union started in 1992 for all Royal Mail employees and is a non-profit financial cooperative which is owned by our members. Our Credit Union offer an easy way to save for the future while also offering loans to all members at a competitive rate. As years have went on our company has grown and now all members, employees and retired members of the Communication Workers Union and companies where the CWU is recognised as a Trade Union are now able to join.

How do I Join 1st Class Credit Union

Please fill out our Membership form online or contact the office for one to be posted out. Once we receive your membership form we will do identity verification checks to confirm your address and who you are, we may ask for further information if required.

How do I pay 1st Class Credit Union?

Royal Mail and CWU employees will pay straight from their wages which will be either weekly or monthly. Communication works and Family members pay by a monthly Direct Debit.

How long does it take for the first payment to start?

Payroll members if weekly will start to see deduction the following week. If monthly this will be the following month we will receive the payment around the 5th of the month after your deduction from your wage.

Direct Debit payments will receive a letter to say when their deduction will start from their bank, we try to make it as close to the next direct debit payment as possible. 

How much can I save?

The savings is minimum £3 per week and £15 per month.

How to withdraw from my shares

To withdraw from your shares (savings) you must fill in a Share Withdrawal form, either through the automated telephone system, online or a form can be posted out. Once we receive a share withdrawal in the office it takes 2-3 working days for it to reach your bank. Shares are secured against all loans you will not be able to withdraw from your shares if you have a loan outstanding which is greater than your share balance.


Once you make your first payment by payroll or direct debit you can apply for a loan. All loans are looked at by the committee as they make all final decision, you are not always guaranteed the amount of loan you apply, if for instance the committee feel that your budget is over stretched they could offer you something less and more affordable to you.. If your loan is approved you will receive a loan agreement, which you and a witness are required to sign and send back to allow the loan to be processed. 

Share to loan transfer

Clears off your exciting loan with your shares, you can only do this is if you have enough in your shares account to clear your loan off in full you cannot pay your loan off in parts.

Wage amendment/ Direct debit amendment

To change the amount you pay you will be required to fill in a wage amendment form. If you pay by Direct Debit you will be required to fill in a direct debit amendment. You can do both forms either through the automated telephone system, online or a form can be posted out.

How do I get a statement?

This is available on request we do however generally try to get at least one statement out per year.

How do I close my account?

All you need to do is call the office and ask for a termination form to fill out and send for us to either tell payroll or cancel your direct debit.

Interest Dividends

Is calculated yearly and put to our members for their approval  at our A.G.M.  In 2015 it was 1.75%, in 2014 it was 1.75%, and 2013 it was 1.75%.


All shares and loans that meet the acceptable guidelines within the national rules qualify for free insurance cover in the event of death.

Who Regulates Credit Unions?

1st Class Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and The Prudential Regulation Authority (FSA No. 213700)

Also we are members of the Financial Services Compensation Scheme.

Find Us here:
  • 1st Class Credit Union
  • Tel: 0141 552 8408
  • Fax: 0141 552 9452
  • Email: reception@1stclasscu.co.uk
  • Web: www.1stclasscu.co.uk
Authorised by The Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm No: 213700