Q. |
Who can join Rothersave? |
A. |
Anyone who lives or works within the boundary of Rotherham in South Yorkshire. |
Q. |
Is there a minimum ammount I have to regularly save? |
A. |
Normally £3 per week or £12 per month. |
Q. |
What will it cost me? |
A. |
One payment only of £3, which is the Membership Fee. |
Q. |
When is the office open? |
A. |
Monday - Friday 9.00am - 4.00pm, we do not close for lunch |
Q. |
Do my savings attract interest? |
A. |
Yes if profits allow this, we have paid up to 3.5% and for the year ending 2008 our members received a 2% dividend. |
Q. |
If I save the minimum amount can i save more or less at a later date? |
A. |
Yes, by calling in or contacting our office and completing a simple Payroll Amendment Form or Standing Order. When decreasing your deposits, please remember that you must cover any loan payments as well as your minimum savings |
Q. |
If my savings are called shares does this mean they are used on the stock market? |
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No, the word shares is the name we call your savings and these are not used on the stock market. |
Q. |
Can members pay in additional sums of money into their savings? |
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Yes. Cash/cheques/postal orders may be paid direct into the office, whereby reciept will be issued. Alternatively a cheque or postal order may be posted to the office, again a receipt will be sent to the member. |
Q. |
Can I save direct from my pay? |
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Yes, if you work for Rotherham MBC, 2010 Rotherham Ltd or DC Leisure Group, you can save direct from your payroll. If you work for any other employer please contact the office, and ask for Pete and we will see if we can arrange for deductions from your employer. |
Q. |
Is my money safe? |
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As safe as in any bank or building society because we are also part of the Financial Services Compensation Scheme. Also regulated by the Financial Services Authority (FSA). |
Q. |
Does the credit union issue loans? |
A. |
Yes, you can apply for a loan after you have been saving regularly for a minimum of 3 months or 12 weeks. The amount you can apply for is up to 3 times what you've got in your savings – normally excluding one-off large deposits, up to a maximum of £5,000. The loan can be repaid over a maximum period of 36 months and has an A.P.R of 12.68%.
A key factor is you've been saving on a regular basis.
Loans of up to £8,000 are now available for members who have been saving for 3 years or more, contact the office for further details.
For more loan information click here. |
Q. |
If i have an existing loan, can i apply for an additional loan? |
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Yes, with a minimum of 9 weeks between each loan application, please contact the office for further details. |
Q. |
What is the Members' Lottery? |
A. |
It is drawn monthly and is only available to Rothersave members. The lottery issue cash prizes to the winners and is very popular wth our members. OVER 18's ONLY
Click here for more information. |
Q. |
What is the Death Benefit Scheme? |
A. |
Upon death, a free discretionary scheme can settle your loan and also pay a grant of up to an additional 100% of your savings to your nominated person. (restrictions may apply) |
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Q. |
Do members receive statements? |
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Q. |
Can I withdraw my savings? |
A. |
Yes. Normally it can take up to a week to be processed. However, should you have an outstanding loan that is greater than the value of your savings you would not be able to. If the savings are greater than the outstanding loan balance then the difference between the loan balance and savings can be withdrawn. |
Q. |
Can I close my account? |
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Yes, and you can withdraw your savings providing your loan liabilty is covered. However if you do close your account you will lose any future benefits of being a Rothersave member. |
| Q. |
Is there a catch? |
| A. |
No, the credit union is not here to 'rip people off'. It is a genuine service to help people save and borrow by means of a financial co-operative. All net profits go back to the members in the form of a dividend, subject to approval at the Annual General Meeting. |
Q. |
Who manages the credit union and do Directors receive training? |
A. |
It is managed on a day-to-day basis by the Operations & Development Manager and the office staff. A voluntary unpaid Board of Directors oversee the running of the credit union and formulate policies and strategy within legislation in the interest of members. All Directors receive appropriate training as required. |
Q. |
Can I have 'a say' in the running of the credit union? |
A. |
Members are invited to attend the Annual General Meeting and vote on several matters including appointing the Board of directors. We also welcome suggestions from our members on a day-to-day basis |
Q. |
Is there any legislation which Rothersave must adhere to? |
A. |
Yes, a whole host of legislation dating back to the 1960's |
Q. |
Is Rothersave regulated by any statutory body? |
A. |
Yes, the Financial Services Authority (FSA) |
Q. |
Does Rothersave belong to any 'Trade Bodies' or other organisations? |
A. |
Yes. we belong to United Kingdom Credit Unions Ltd (UKCU).
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Q. |
Are the accounts audited? |
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Yes, We not only have our own regular internal audit, but are legally required to have an independant professional auditor. These audited accounts are presented to the AGM and are sent to UKCU and the FSA. |
| Q. |
Do any employers have a credit union for their staff? |
| A. |
Yes, many employers especially the public sector allow their employees to save direct from payroll deductions to a credit union or have a credit union of their own, some of which have been established for many years. Rothersave was originally established in 1998 to provide a service to all Rotherham Metropolitan Borough Council staff. As a caring employer RMBC allows payroll deductions for all its employees to Rothersave as it recognises the value of providing high standards of staff care, which includes helping them with their financial welfare. |
Q. |
What are the future plans of Rothersave Credit Union? |
A. |
To continue to provide our members with a friendly, professional service. We are constantly looking to improve the benefits which we offer our members. |
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New loan products now available to help out our more established members to get through the ‘Credit Crunch'.