How To Transfer Money Between Unify Members

Community

Corporate Account Information

For organisations and groups looking for an ethical and mutual place to deposit their funds

By using a Unify Corporate Account you are safe in the knowledge that your money is carefully invested back within the community to provide fair and reasonable loans to individuals. In addition to this you become a shareholder in Unify and have a right to vote like any other member.

Unify Corporate Accounts are suitable for all kinds of groups, organisations and businesses including:-

Community Groups
Small Charitable Organisations
Small and Medium Enterprises
Local Companies
Housing providers
Local authorities

Corporate Savings

As a corporate member you can deposit two types of savings:

Non-Deferred Shares are deposits that can be withdrawn at any time. These are ideal for community groups that wish to deposit and make withdrawals regularly. The maximum you can have in your account at any one time is £25,000.

Deferred Shares are long term deposits that, once deposited, can only be withdrawn with the permission of the regulator. These shares are ideal for organisations wanting to support Unify Credit Union and the community by investing long term deposits. There are no limits to deferred shares. Please ask for more information.

Please read this guide carefully before completing your application for a Unify Corporate account

To be eligible for a Unify Corporate Account your organisation must have a place of business or a group operating within our common bond. A map is available on our website www.unifycu.org

On joining you must nominate two representatives of the group to be the nominated authority for the account. Each representative will be required to provide acceptable proof of their identity and address. Please see below regarding Corporate Account Definitions.

The group should take all reasonable precautions to ensure that only nominated users have access to the account and understand that Unify is not responsible for any loss which may be incurred by any party as a consequence of any breach of security on the part of the organisation.

Corporate members may deposit and withdraw funds in the same way as an individual member. Please ask for further details.

The daily limit for cash withdrawals is £100.00 per account

The daily limit for funds transfer to the Unify Prepaid Card is £3,000 (other limits apply – please ask for further details)

Unify can issue a withdrawal cheque by prior arrangement by giving 3 days' notice.

Unify is able to pay bills on your behalf provided that the necessary documentation is completed and signed in accordance with Unify policy.

The Unify Corporate account cannot be used for third parties (apart from funders) to deposit into the account and the Unify Co-Operative Account Bank details should not be provided to anyone other than a funder. Credits to the account from funders should clearly state the Unify Corporate Account number. If this is not provided, additional proof of the deposit will be required before funds are made available.

Unify is a not for profit organisation, which does not make a charge for operating the Corporate Account. We are not a bank and provide these services to support our local community.

Corporate Account Definition and Requirements
Confirming and verifying identification of individuals In common with other financial institutions we require validation and identification of all signatories to the account. Individuals representing organisations will be required to produce identification documents giving proof of name, date of birth and address in accordance with the credit union's normal identification requirements for individual members. In addition we will require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation who are NOT signatories. To assist in identification and verification and to prevent fraud and money laundering we may use your information to search the Electoral Register and in searches with fraud prevention agencies. The agencies used would retain your information for 12 months regardless of whether this application is successful or not. To verify you as a bona fide organisation we also require the following:
Incorporated organisations	Unincorporated organisations
Aprivate limited company limited by shares or by guarantee. A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association Apublic limited company limited by shares or by guarantee. A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association A limited partnership A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association A limited liability partnership (LLPs) A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association A Community Interest Company (CIC) A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association A Right-to-manage (RTM) company A copy of the Company's Certificate of Incorporation together with a copy of the Memorandum and Articles of Association A credit union A copy of the Registration Certificates and Rules An incorporated Industrial & Provident Society A copy of the Registration Certificates and Rules A Friendly Society A copy of the Registration Certificates and Rules A registered charity limited by guarantee or shares A copy of the registration documents.	A sole trader Two of: Current Business Letterhead or Company Letterhead, Inland Revenue Certificate, Recent utility bill or statement in the name of the Business for the Business Premises, Letter from an Accountant or Solicitor An 'ordinary' partnership Two of: Current Business Letterhead or Company Letterhead, Inland Revenue Certificate, Recent utility bill or statement in the name of the Business for the Business Premises, Letter from an Accountant or Solicitor A credit union study group A copy of the constitution A list of officers A trust A copy of the Trust Deed. A list of trustees A project group A copy of the constitution A list of officers A club, society or association A copy of the constitution A list of officers An unincorporated charity A copy of the constitution A list of officers

An application pack can collected from any of our branches or requested by email to info@unifycu.org

FREQUENTLY ASKED QUESTIONS

Corporate Accounts

Who are Unify Credit Union Limited?

Unify was established in 2002 when three small community credit unions came together to provide financial services across Wigan Borough. Over the last couple of years the 'common bond' has been extended to enable Unify to provide services in Chorley, Leyland and Skelmersdale. Unify has branches in Wigan, Leigh, Ince and Chorley and a mini branch in the Wigan Life Centre.

What is a credit union?

Credit unions are financial co-operatives approved and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority, like other financial institutions. Our aims are to promote thrift, encourage saving and provide low cost loans to individuals who need them. After we meet our essential running costs, any surplus is given back to members by way of a dividend on savings.

Are credit unions like banks?

No, we are not like a bank, we are better. As a co-operative we are owned and controlled by our members, so the benefits from the successful growth of Unify are more widely distributed than in other traditional financial institutions. We are unique in that we invest in our local community and our profits are given back to members.

Why would I want to open a corporate account with a credit union?

Why not? Unify Credit Union has given a dividend to its members each and every year since it was formed. Over the last five years this has been between 1% and 3%, a return which is better than many high street banks offer for an instant access account. Your money is carefully invested back within the community to provide fair and reasonable loans to individuals. And, as a shareholder, you have the right to a vote like any other member.

Is our money safe?

We are authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority and members' savings are protected by the Financial Services Compensation Scheme (FSCS). Just like banks and other financial organisations, credit unions members who are small companies and some corporate bodies are also insured. There are restrictions and more information is available on the FSCS website www.fscs.org.uk

Are there any fees for membership or services?

No. Membership of Unify is free and we do not make a charge for our services for active members. Unify provides corporate accounts to support our local community.

Can we withdraw cash from the credit union?

Yes but there is a daily limit of £100.00. However, we can make same day faster payments to any UK bank account free of charge.

Can I set up direct debits from my Unify account?

No. Because it is not a bank account we do not provide this facility. However, we can pay regular bills on your behalf by standing order. If you require this service, please speak to a member of staff.

How do members pay into the credit union account?

You can pay in by cash, cheque or bank transfer. Deposits into the bank should clearly state your membership number. Without this there will be a delay in transferring the money into the correct account. Please note that you will only be able to draw on cheques once the funds have cleared.

Can corporate members access loans?

We currently do not offer corporate member loans, however, individuals could apply for membership and access the various savings and loans products available.