The Small Print

You will automatically get an annual statement of all your savings, withdrawals and loans. And you can ask for a statement at any time by contacting any Customer Centre or via members’ online banking.

We aim to pay withdrawals by bank transfer within a few days (cheques take a little longer but usually within a week). If you do not have a bank account, we can provide an “encashment letter” with a cheque for up to £500 to be used at the local Lloyds Bank branches. Please ask for this letter, if you need it, at the same time as you ask for your cheque.

Small amounts (up to £50) can usually be paid out in cash, subject to availability, at the Main Office or Customer Centre (but not the Council Hub or London Colney unless the member has arranged this with us in advance).

Unless an account is specifically closed, a member must retain a minimum of £1 in his/her account.

Young Savers can pay in in any of the ways open to adult members.

Children in the Treasure Chest scheme generally pay in at the (usually weekly) collection point in the school.

All eligible saving deposits with the credit union are protected up to £85,000 under the Financial Services Compensation Scheme.  Although credit unions do not pay interest, we aim to pay dividends assuming there are sufficient funds.

St Albans District Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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