Corporate Membership – City of Plymouth Credit Union

Corporate membership is open to any organisation which has some sort of legal basis. This could be a limited or unincorporated company, a partnership, a club, a charity and many others. First and foremost, this requires that your organisation be part of the "common bond" for the credit union; in our case, that means that you operate in Devon, Cornwall, or the Isles of Scilly. (If you don't qualify, try the Find Your Credit Union site to find out which credit union covers your area.) To join, you need to complete an Application Form (print it out or obtain one from a Service Point) to be accompanied by a copy of the document(s) which make your organisation a legal entity, such as an Article of Association or a Charity Constitution. Unless already a member of the credit union, we also require some personal identification information for each signatory on the account (we recommend a minimum of two as corporate savings withdrawal forms normally need two signatures for obvious reasons). Known as "Know Your Customer" or KYC checks, this is a requirement placed on all financial institutions, including banks, building societies and, of course, credit unions. It's part of the government Money Laundering Regulations and is necessary to prove the identity and address of the signatories. In most instances, we will be able to do this online (this will not affect your credit rating), but sometimes it is not possible or convenient, in which case we will inform you that we will be carrying out the checks ourselves. If this happens, you will need to provide a minimum of two forms of identification for each signatory, one from each of the following lists. In all cases we need to see ORIGINAL documents, not photocopies. If you are applying by post, we will return them with your membership welcome pack. Please do NOT send documents marked "No" in the "Applying by post" column below in case they get lost in the post. The same document can't be used to prove your Name and Address.

Proof of Name

Show table...

Evidence we need to see	Applying in Person	Applying by Post
Valid full UK Passport	Yes	No
Valid full UK driving licence	Yes	No
Valid provisional UK photocard driving licence	Yes	No
Valid EEA passport or EU member state ID card	Yes	No
For non-EEA residents, a national passport	Yes	No
UK-based bank or building society statement (must be less than 3 months old) with debit or credit card	Yes	No
UK-based bank or building society statement (must be less than 3 months old)	No	Yes
Letter from Benefits Agency including Universal Credit welcome letter (must be less than 12 months old	Yes	Yes
Letter from a professional person who knows you (solicitor, accountant, doctor, social worker or probation officer)	Yes	Yes
Valid Student Union ID Card from a recognised UK university or valid NUS card with photo and date of birth	Yes	No

Proof of Current Address

Show table...

Evidence we need to see	Applying in Person	Applying by Post
Valid full UK driving licence	Yes	No
Valid provisional UK photocard driving licence	Yes	No
UK-based bank or building society statement (must be less than 3 months old)	Yes	Yes
UK-based bank or building society credit card statement (must be less than 3 months old)	Yes	Yes
UK mortgage statement (must be less than 12 months old)	Yes	Yes
UK gas or electricity bill (must be less than 3 months old)	Yes	Yes
UK phone bill (not mobile; must be less than 3 months old)	Yes	Yes
UK water bill (must be less than 12 months old)	Yes	Yes
UK council tax bill (must be less than 12 months old)	Yes	Yes
Letter from Benefits Agency, including Universal Credit welcome letter (must be less than 12 months old)	Yes	Yes
Benefit letter from your local housing authority (must be less than 12 months old)	Yes	Yes
Tenancy Agreement from a housing association or council	Yes	Yes
Letter from a university or college (must be less than 12 months old)	Yes	Yes

We realise that sometimes it is not possible to provide documents from the lists above. In this case, please contact us, we may be able to accept alternatives.

And finally, before your organisation can become a member, you will need to pay a minimum of £5 into your savings account and pay the Corporate Membership Fee of £5 - this is to cover the administration costs of joining you up.

Any change of name or address, change of e-mail address or change of telephone or mobile number of any signatory must be notified to us immediately. If you do not do this we may charge your account with the cost of locating you. Proof of change of name or address may be required.

Membership Terms & Conditions

To become a Corporate Member of City of Plymouth Credit Union, an organisation must have premises or operate in Devon, Cornwall or the Isles of Scilly.
The membership fee for a Corporate Member of the credit union shall be £5.
Membership shall commence on payment of the membership fee, plus a minimum of £5 in savings.
If the total of all savings accounts falls below £25 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of £5 and declare the account dormant.
If the total of all of a Corporate Member's savings accounts falls below £5 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of up to £5 and close the account.
The credit union has the right to suspend a Corporate Account if fraudulent activity is suspected.
Any change of name or address, change of e-mail address or change of telephone or mobile number of the Corporate Organisation or any of its signatories must be notified to us immediately. If you do not do this we may charge your account with the cost of locating you. Proof of change of name or address may be required.
An annual dividend may be paid, gross of tax, on all sums deposited, subject to surplus. City of Plymouth Credit Union is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.
The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be paid as soon as practicable after the Annual General Meeting. Any dividend payable may be freely withdrawn.
Any dividend due is calculated for the credit union financial year which is 1st October to 30th September. Dividend can only be paid to active members' accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Corporate Members who close their account during the financial year also forfeit the right to any dividend due.
An Annual Membership Fee is chargeable of £5.
A Corporate Member may leave the credit union at any time without penalty providing no debts are outstanding. All savings accounts will terminate on closure of the membership.

City of Plymouth Credit Union Limited
Registered Office: 14 Cumberland Street, Devonport, Plymouth, PL1 4DX Registered Number IP00511C
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. FRN 213937
A Member of the Association of British Credit Unions Ltd (ABCUL)