We can offer a simple, no nonsense account specifically for community groups and social enterprises in Hastings Borough and Rother District to help them manage and control their money.
Why Open an Account with Hastings & Rother Credit Union?
Many small community groups find opening and maintaining an account with the large High Street banks a daunting and complex process. The large High Street banks often give the impression that they are not really interested in small accounts which are often uneconomic for them. We come at it from another direction – we were established by local people, we are owned by local people and we are run by local people to meet local needs first and foremost. We do have to make a surplus each year on what we do but it is up to members to decide what to do with it. By opening an account with us you know that your money will be used for the benefit of our community.
Would Your Group be Eligible to Open an Account?
Our community account is designed for small local organisations such as:
- Residents Associations
- Parish Councils
- Local Charities
- Parent Teacher Associations
- Faith Groups
- Sports Groups
- Youth Activity Groups
- Social Activity Groups etc
If you are located within, or provide services to, residents of Hastings Borough or Rother District you are eligible.
Frequently Asked Questions
Q: Are our Group’s funds safe with HRCU?
A: Your savings are protected by the Financial Services Compensation Scheme up to a maximum of £85,000. Please note however that presently we restrict account balances to a maximum of £10,000.
Q: Where are our funds held?
A: We bank with The Cooperative Bank, the UK’s leading ethical bank.
Q: Do we receive interest on our balance?
A: No, we do not pay interest on account balances. At the end of each financial year our members decide at the Annual General Meeting if they wish to declare a dividend out of any surplus we make.
Q: Would we have a say in the running of HRCU?
A: Yes, as an account holder you would be entitled to attend our AGM and vote.
Q: How do we open an account?
A: You need to complete the application form which you can download from the Forms page of this website. This requires a minimum of two signatories who will need to provide the usual ID documents if they are not individual members of this Credit Union. We will also need details of your organisation including a copy of your constitution.
Q: How do we pay money in?
A: You can pay money into your account: by cheque payable to Hastings & Rother Credit Union Ltd (noting your Credit Union account number on the back of the cheque); by transfer direct from another bank; in cash using a Paypoint card at a Post Office or any shop displaying the Paypoint sign. There is a small charge for a paypoint card.
Q: How do we draw money out?
A: We do not issue cheque books. To withdraw money the authorised signatories give us a withdrawal request (on the Forms page) telling us who to pay and how much. We then either let you have a cheque for that amount for you to pass on (or we can send straight to the payee) or we can do a direct bank transfer to the payee for you to save time. We can also offer a Pre-Paid Debit Card can be used like any Visa card to pay bills or withdraw cash.
Q: Are there any charges involved?
A: We have a one off joining fee of £4.00 and then an annual membership fee of £4.00 which is taken from members’ accounts in October each year.