FAQs

Who can join the Credit Union?

The Credit Union is open to anyone who lives or works in a WV or DY postcode area of Wolverhampton and South Staffordshire.

How do you join?

You can join us online.

I’ve tried to join online but I’ve not been accepted?

Please email us with a copy of the following documents:

• Proof of ID, e.g., valid passport, valid driving licence, DWP or HMRC letter
• Proof of address, e.g., recent utility bill, council tax letter, bank statement, DWP or HMRC letter

Please note that you need to have two different documents as we can’t use the same document twice.

What is a Credit Union?

A Credit Union is a financial co-operative that is run by its members for its members. Credit unions are either community-based (members live and work in the same area, e.g., Wolverhampton, Dudley) or employer-based (members all work for the same organisation, e.g., the fire brigade).

Are Credit Unions just for people on benefits or low incomes?

No, Credit Unions are for everyone. At Wolverhampton City Credit Union we’re here to help local people access savings and loans.

Who are the board of directors?

The Board of Directors are elected (or re-elected) at the Annual General Meeting. They set out the strategy and direction for the credit union, challenge and support the CEO and approve business plans.

Can anyone stand as a director?

If you meet the criteria, yes - our aim to is to create a diverse Board with a wide range of skills.

Who is the chief executive?

The chief executive is Tameka Spencer. She joined the Credit Union in December 2014.

You can make a complaint either in writing to Wolverhampton City Credit Union, Civic Centre, St Peters Square, Wolverhampton, WV1 1SH; or email contactus@wccul.co.uk. As per our complaints procedure, you’ll receive an acknowledgment within five working days and a full reply within 15 working days. If you’re not happy with the reply, you can refer your complaint to the Financial Ombudsman.

Where is the credit union branch?

Our main branch is at Civic Centre, St Peters Square, Wolverhampton, WV1 1SH.

What are your opening hours?

We’re open from the office 10:00 am to 12:00pm pm on Mondays, Tuesdays, and Thursdays, and 12:00pm - 3:00pm via telephone, email, and pre-arranged appointments. On Wednesdays, our hours are from 10:00 am to 1:00 pm, available only via telephone and email. Fridays, we're open from 12:00 pm to 2:00 pm for telephone consultations, email inquiries, and pre-arranged appointments. We’re closed on weekends and Bank Holidays.

How do I contact you?

• Email us at contactus@wccul.co.uk
• Write to Wolverhampton City Credit Union, Civic Centre, St Peters Square, Wolverhampton, WV1 1SH.

How do I get in touch with the credit union?

You can:

• Phone us on 01902 572340
• Email us at contactus@wccul.co.uk
• Write to Wolverhampton City Credit Union, Civic Centre, St Peters Square, Wolverhampton, WV1 1SH

Is my money safe with the credit union?

Yes, your money is protected by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 of the money that you’ve saved across your bank, building society and credit union accounts.

How do I know my money’s safe with the credit union?

You can visit the FSCS protection checker and search for us either by firm name (Wolverhampton City Credit Union) or firm number (214284) and then enter the amount you have saved with us to view the details.

How do I save with the credit union?

You can save with us by standing order from your bank, quoting the following details:

• Account name: Wolverhampton City Credit Union
• Payee: Your name
• Sort code: 08-92-50
• Account number: 67006047
• Reference: Your membership number

Alternatively, if you work for one of our payroll partners, you can save with us directly from your salary. See the next question below for more details.

I’ve heard you can save with the credit union directly from your salary. How does this work?

This is called payroll deduction, aka “save before you get paid”. You can request for an amount to be deducted from your salary (after tax) and paid into your credit union account. It’s a really easy way for you to get into the savings habit - and you’re saving to benefit your local community at the same time. And if you have a loan with us, you can make repayments in this way, too. Take a look at our current employer partners to see if you can get started.

To set up your first deduction, complete the Payroll Deduction Form and send to your employer. If you need to change the amount that you're saving, complete the Payroll Amendment Form and send to your employer.

What interest do you offer on savings’ accounts?

We offer a competitive dividend where possible. The dividend is recommended by the Board of Directors and voted upon at the Annual General Meeting.

Do I have instant access to my savings?

Saving while you borrow is core to the Credit Union ethos. When you take out a loan, a Mandatory Savings account is created. Your savings will grow into a handy nest egg, creating a better financial future for you as a member.

You can request access to your Mandatory Savings account from 1st November, to mid-day on 20th December.

Who can apply for a loan?

Members can apply for a loan with the credit union if they are over 18 years of age and live or work in a WV or DY postcode area of Wolverhampton and South Staffordshire. Please note that loans are not guaranteed - your application may be approved or declined. Members can apply for a loan every six months.

How do I apply for a loan online?

Log in to your account at www.wccul.co.uk (don’t forget your PIN) and head over to the “Apply for a loan online” box.

We've updated our loan application form, so you can now use Open Banking to provide your bank statements online. This sets up a secure read-only connection so that we can see your transactions and a breakdown of your spending. We can't take any money out of your account.

Alternatively, you can email the following documents to support your application:

New loans:

• Last three months’ bank statements
• Last three months’ payslips if working
• Benefit letters if receiving Benefits
• Proof of address, e.g., utility bill, council tax letter, TV licence

Top-up loans:

• Last month’s bank statement
• Last month’s payslip if working
• Proof of address, e.g., utility bill, council tax letter, TV licence

How do I apply for a loan if I don’t have internet access?

Please email us with your name and address and we'll post an application form to you. You'll need to provide the same documents as above to support your application.

How do you assess if I can have a loan?

We look at a number of factors when assessing a loan application:

• Affordability: Have you got more money coming out than going in?
• Credit profile: How have you got on making repayments to other lenders in the past? Have you ever been taken to court or had to write off debts for a period of time?
• Bank account management: Have you had any returned payments, lots of payments to other lenders, or gambling transactions?
• Credit union account history: If you’ve borrowed from us before, how did you get on?

How often can I apply for a loan?

Members can apply for a loan every six (6) months.

How much can I borrow?

If you’re applying for your first loan with us, you can borrow up to £1,500. But overall, members can apply for loans up to £25,000.

What interest rates do you charge on loans?

The interest rate depends on how much you need to borrow, your credit profile, and whether there are any loyalty discounts or secured saver discounts attached. Here’s a rundown:

*Based on credit profile, loyalty discount after third loan or secured saver discount

Do you charge me if I repay my loan quicker?

No.

How long does it take for a decision on my loan?

At present it takes up to 10 working days (not including weekends or Bank Holidays) to receive a decision on your loan. We will email you once we have an update.

How do I receive the loan funds?

If your loan is approved, we'll post the credit agreement to you along with a prepaid envelope. Please sign this and post it back to the credit union, or pop it through the letterbox at our branch. Providing that we receive your signed paperwork before 3.30pm (or before 1.00pm on Wednesdays), we will transfer the funds over to your bank account on the same day. If we receive your signed paperwork after these times, the funds will be transferred over to your bank account on the next working day.

What if I’m struggling to repay my loan?

Please get in touch - don’t bury your head in the sand. Falling behind on loan repayments can have a negative impact on your credit report. Email us and we’ll see what we can do to help. We can look at lowering your repayments for a period of time, or setting up a payment holiday.

Can I apply for a loan if I’m on Benefits or a low income?

Yes, you can - we’ll generally look at loans up to £3,000 if you’re receiving Benefits or on a low income. Please note that loans are not guaranteed.

Can I apply for a loan if I’m on an old-aged pension?

Yes, you can - you can apply online. Please note that loans are not guaranteed.

Can I apply for a loan if I have a poor credit history?

Yes, you can - you can apply online. Please note that loans are not guaranteed.

Is it true I have to start saving before I apply for a loan?

A few years ago, you had to save with us for three months before you could apply for a loan. Some credit unions still have this requirement in place. But most people need a loan yesterday and so the savings requirement could put people off applying for a loan. Instead, we build the savings into the loan repayment, so every time you make a repayment on your loan, you save a bit too.

Why do you turn people down for loans?

Simply put, if you’ve already got a lot of debt, putting you into more debt will make things worse. Alternatively, if you’ve got more money going out than coming in, we don’t want to stretch you financially and leave you struggling to make ends meet. And if there are CCJs or IVAs on your credit report, we’d suggest that you look at paying those off, or waiting until they’re finished, before applying again. If we’ve turned your application down, we’ll send you some tips to help improve your loan application for next time. This will include signposting to free debt advice.

Why do you charge higher rates of interest on your starter loan than your silver loan?

Our Starter Loan is a bit like a first date. We don’t know each other that well yet. So we’re testing the water a bit to see if you can make your repayments on time. If it all goes well and you’ve either made six months’ repayments or paid your loan in full, you can apply for a Bronze Loan, where the APR ranges from 30.6% to 42.6% depending on your credit profile.

Our Silver Loan has a lower APR from 6.2% to 26.8% APR and is our first loan for payroll members. This is because we already have a relationship set up with their employers where members can save and borrow with us direct from their salary.

How do I apply for a Mastercard debit card?

Please visit our Mastercard debit card page for more information on the card, information about the fees and charges, and to complete an application form. We’ll be in touch to set up some security details with you, and then we’ll send the order off to Optimus (the company that issues the cards) to be processed.

What are the fees on the debit card?

• One-time card order fee: £5.00 (deducted from your credit union balance)
• Monthly fee: £2.50 (includes all balance checks and ATM withdrawals)
• No buffer

I’ve forgotten my PIN. What do I do?

Call the Optimus customer services helpline on +442039847669. They will send a new PIN to you in the post.

My debit card was stolen/lost. What do I do?

Call the Optimus lost and stolen helpline on 0330 088 2747. If you have funds sent to your debit card on a regular basis, please email contactus@wccul.co.uk with your details so that we can move the funds into your savings account.

How do I transfer money from my credit union savings to my bank account?

You can check transfer funds to your bank account by logging in to your account at www.wccul.co.uk or on our mobile app.

• External bank account transfer: to send funds over to your external bank account (e.g., Halifax, HSBC)
• Transfer between credit union accounts: to send funds over to your Mastercard debit card, mandatory savings or holiday savings

How do I make a payment into my credit union savings from an external account?

You can either make a one-off transfer from your bank account, or set up a standing order with your bank if you'd like to save on a regular basis. You'll need to quote the bank details below:

• Account name: Wolverhampton City Credit Union
• Payee: Your name
• Sort code: 08-92-50
• Account number: 67006047
• Reference: Your membership number

How long does it take for transfers to show in my account?

This depends on the time that you made the transfer. Take a look below:

• 8.59am to 11.59am: In your bank by 12.30pm
• 12.00pm to 1.59pm: In your bank by 2.30pm
• 2.00pm to 3.29pm: In your bank by 4.30pm
• After 3.30pm: In your bank by 10.00am on the next working day (not including weekends or Bank Holidays)
• Weekends or Bank Holidays.

On Wednesdays the last transfer is at 1:00pm and on Fridays the last transfer is at 2:30pm.