We are writing to provide an update on our Dormancy fee.
At credit union If a period of 12 months passes without any transactions on the account of a Member (or on any of their accounts if they have more than one), the credit union may declare that the account has become dormant and charge an administration fee.
This fee will be raised from £5 to £10 from 6 October 2022. The charge is made once on each member if they do not reactivate or close their accounts.
We have taken this decision after reviewing the level of inactive accounts and taking into account the impact of our technology costs.
We encourage each and every one of our members to save. Whether you’re putting a little aside for a rainy day or saving for something special, like a dream holiday or Christmas.
Saving with London Community Credit Union can help you build a secure financial future. And what’s more, your savings are protected by the Financial Services Compensation Scheme. We also provide Life Savings Protection cover on all of our savings accounts.
There will be no impact on new or existing members with active accounts, for which dormant fee will not apply. Unless 12 months passes without any transactions on the account.
If you have questions or concerns then please telephone the Customer Support
Team or speak to your local branch manager.
London Community Credit Union
A better way to support our work is to open one of our debit card current accounts and, when considering a loan, to take one from us.
Alongside our other plans to boost income and control costs, we are confident these changes will deliver a strong and sustainable credit union.
The credit union was set up in Tower Hamlets in 2000. Now, following our 20th anniversary, we want to work with members to ensure another 20 years of improving financial resilience and supporting the alleviation of poverty in east London. Thank you for your support.