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

Membership Family Membership - Terms & Conditions

Family Membership Application
Terms & Conditions

We are delighted you wish to join our Credit Union and look forward to providing you with the highest levels of Members Service.

Applying for membership online will allow us to begin processing your application quicker. However, legally all applications require a signature and therefore following submission of this form, you will be forwarded an authorisation letter and a direct debit mandate by post. These should be completed and returned to the Credit Union office as soon as possible.

In addition new members are required to provide proof of identity and address when joining the Credit Union. The credit union will carry out these checks for you,if they cannot verify these requirements  the credit union will ask you to provide certain forms and/or documents to assist them.

1. A Share Account may be opened by completing a Membership Application Form and by providing appropriate identification documents (if requested by the credit union) where the Credit Union is unable to electronically verify through internal procedures.

2. You must maintain a minimum balance of £3 to retain membership and access other services.

3. The maximum balance a member can have is £45,000.

4. Your membership will commence from the date of the first deposit, which may be by payroll deduction or Direct Debit.

5. You may make lump sum deposits at any time.

6. Lump sum payments should be made by cheque, cash or Debit / Credit Card.

7. You may make unlimited withdrawals, subject to no loan(s) being greater than share value. Notice of withdrawal must be made via 1st Class Credit Union’s (1st Class CU) website or by completing the appropriate withdrawal form. 

8. All deposits for the repayment of loans will be deposited to your Share Account 1 and transferred to any loan on the due date.

9. An Annual Dividend will be paid, gross of tax, on all sums deposited, subject to surplus.

10. The Dividend rate will be determined by the Board of Directors and voted on by the members in Annual General Meeting. Any Dividend due will be paid to the account within 21 working days after the Annual General Meeting.

11. The Dividend may be withdrawn or transferred to another 1st Class CU  account without penalty.

12. Any request to cease 1st Class CU membership must complete a termination form.  All 1st Class CU savings accounts will terminate on closure of the Membership.

13 An annual £3 membership fee will be deducted before the financial year end.

14. We require you to inform us of any changes you make to your personal details.

Please read the following text about Data Protection before you proceed with your membership application.


1st Class Credit Union is a data controller of the information provided on this form in terms of the Data Protection Act 1998 as amended. As part of the processing of loan applications, 1st Class Credit Union may search files of a registered credit reference agency who will keep a record of that search. This may be used by other lenders when processing future applications for credit you may make. In addition, if the application is successful, details of how you repay this agreement may be provided to the credit reference agency who will make this available to other lenders who may use the information for credit assessment, tracing of absconders and fraud prevention.

The Lender may also consult with other Credit Unions and will take into account information concerning the Borrowers employment prospects of which the Lender may have become aware.

If the application is successful, the Borrower’s details will be held by the Lender to enable the Borrower’s loan to be managed. This information may be shared with other Credit Unions to protect the Credit Unions assets and to help prevent fraud. Details of any financial transactions involved (such as payroll deduction) will be made to the company or organisation concerned.

In the event that the Borrower defaults on their loan or any terms and conditions in relation thereto, details of such default or defaults will be passed to other Credit Unions, debt recovery agencies and courts. In such circumstances it is understood that the Lender may disclose details of the Borrower’s Account and any matter relating to the account to any credit reference agency and to any other individual , individuals or organisations for this purpose registered by the Lender with the Data Protection Registrar.

Please note that calls to our Member Enquiry Line may be monitored and/or recorded in order to maintain and improve our service.

Members agree to be sent information about the Credit Union, its products, services, promotions and developments as well as account statements.

Membership of the Credit Union is voluntary and your account can be closed at any time providing no debts are outstanding.

1st Class Credit Union is Authorised by the Prudential Regulatory Authority and Regulated by the Financial Conduct Authority and The Prudential Regulatory Authority


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