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What’s
a Credit Union?
A Credit Union is a community bank owned and run by its members from
the local community.
Can
I Join?
If you live or work in Brentford, Chiswick, Osterley or Isleworth then
you can join Thamesbank..
How
does it work for Savers?
Once you join you’ll be given a Swipecard. You use this to pay
money in at any PayPoint. You’ll find these in newsagents, supermarkets,
petrol stations and elsewhere through the area. Y ou can also set up
a Standing Order to pay in regularly.
How
much do I have to pay in?
It’s up to you – anything from 50p to £500 a week.
Some banks insist on a minimum deposit – but not Thamesbank. You
decide how much you want to save. You can set up a regular payment,
or pay in when you have some spare cash.
Is
my money safe?
Absolutely. Savings are insured and Thamesbank is regulated by the Financial
Services Authority.
Can
I get my money out when I want to?
Of course – it’s your money.
Why
should I save with you?
Convenience – many PayPoints are open 24 hours a day.
Ethical savings – we won’t invest your money where
it will support unethical businesses or countries with poor human rights
records
Not-for-profit – if there’s surplus interest it
is returned to the members.
Run by local people for local people – we have your best
interests at heart.
How
does it work?
Savers’ money provides a common pool which gives us the resources
to give loans to members.
So
I can borrow money?
If you’re a member, yes. You’ll need to be a member for
at least 12 weeks before you can apply for a loan, but after that you
will be eligible for a loan, providing that you are saving regularly.
How
much can I borrow?
It depends on how much money you have in your Thamesbank Account and
your ability to pay it back.
How
much interest will I pay?
Our interest rates are 1% per month – APR 12.68%. That’s
much lower than most banks and loan companies, and there are no arrangement
fees and no penalties for early repayment.
I
don’t have a bank account or credit record. Can I join? Can I
borrow?
Yes! Credit Unions are ideal for people who are not part of the mainstream
financial system.
I
want to join! What do I do?
Contact us for membership forms. Telephone 020 8568 4112, email mail@thamesbank.org
or visit our website www.thamesbank.org
Thamesbank
Credit Union looks forward to welcoming you as a member!
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