Membership Terms & Conditions

1    Eligibility

1.1   To open a savings account you must be a UK resident aged 16 or over and qualify under the ‘common bond’ requirements; that is you must work in retail. This is defined as working for ‘a retailer, in retail manufacturing, retail wholesale distribution or in support services for retail’.

1.2   You can only use your account as a personal account. You must not use it as a club, charity, sole trader, company, partnership or other kind of business account or for any business purposes.

1.3   We are obliged to confirm the true identity of all applicants and reserve the right to decline an application to open an account from you or any deposit.

2    Maintenance

2.1   There is no minimum savings amount for members without a loan.

2.2   The maximum aggregate funds you can deposit from external sources into retailCURe is £15,000 (Easy Access and Term accounts).

2.3   The minimum shareholding deposit to maintain your membership is £1. Withdrawal of the outstanding £1 must be authorised by retailCURe and will subsequently close your account.

2.4   You must take all reasonable security precautions to prevent misuse of your account and your customer security details (this can include account details, and other security details which can include security codes, passwords or secure personal information which allow you to access your account).

2.5   An annual member fee of £5 will be taken from your account on the anniversary of opening. This is waived for the employees of a sponsoring retailer.

2.6   You can close your account at your convenience provided you hold no outstanding loan balances. Funds will be returned to your nominated bank account minus any relevant membership fee to help cover the costs of opening and managing the account to date.

2.7   For 14 calendar days after the date you have received your welcome letter or the account is opened, whichever is the latter, you have a right to cancel and close your account without giving any reason and without any membership fee.

3    Dormancy

3.1   An annual dormancy fee of £5 is charged to members with account balances below £25 which have had no transactions in the last six months (excluding interest paid by retailCURe to deposits).

3.2   The fee is charged only after 60 days’ notice has been given to the member with an opportunity to bring their account back into activity.

4    Loans

4.1   To open a loan account you must be a UK resident aged 18 or over.

4.2   You must have an easy access savings account and agree to regular savings with retailCURe to be eligible for a loan.

4.3   If you are a new member, retailCURe will provide your initial, mandatory £1 savings deposit to activate your membership which will be returned on the date of your first regular payment.

4.4   The minimum regular savings amount whilst repaying a loan shall be £5 or 10% of the periodic loan repayment amount (whichever is the lesser and rounded to the nearest pound).

4.4   Should the loan be in arrears, you assign to retailCURe, as security for payment of the loan, interest and any costs payable under this Agreement, all savings (paid shares and payment on account of shares) which are held by you in retailCURe

5    Personal Data

5.1   We may use the contact details you have provided, including address and telephone numbers, to contact you. You must phone us on 0161 468 1888 email us via or write to us at retailCURe, Unit 2 Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, SK8 3GX at your earliest convenience regarding any change of name, address or other contact details.

5.2   We may use, analyse and access your information to maintain and develop our relationships with you. We and other organisations may also access and use this information to prevent fraud and money laundering, for example:

5.3   To undertake statistical analysis, financial risk assessment, money laundering checks (which may include telephoning you), compliance and regulatory reporting, fraud prevention and recovering debt

5.4   To help us identify products and services which may be of interest to you (unless you have asked us not to)

5.5   We will disclose information outside retailCURe only:

  • Where you have provided your agreement for retailCURe to share your contact details with retailTRUST
  • To any persons, including, but not limited to, insurers, who provide a service or benefits to you or for us in connection with your account(s)
  • To licensed credit reference agencies as set out below
  • To fraud prevention and other agencies to help prevent crime or where we suspect fraud
  • If compelled to do so by law
  • For the purpose of compliance and regulatory reporting and to confirm your identity for money laundering purposes, which may include checking the electoral register
  • To any person we will or intend to transfer our rights or obligations.

5.6   We may also disclose information to licensed credit reference agencies about how you conduct your account(s) and this information may be shared with other financial institutions to help make financial decisions about you and anyone with whom you are linked financially or other members of your household.

5.7   Our enquiries or searches may be recorded – and credit reference agencies may supply us with financial information. If you make several credit applications within a short time, this may temporarily affect your ability to get credit.

6    Changes

6.1   We may make changes to the services or conditions of this account and we may introduce new services or conditions. Changes may be to the services or these conditions for the following reasons:

  • To make these conditions easier to understand or fairer to you
  • To correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so or as a result of customer feedback
  • To make improvements to the services we provide which are of benefit to you
  • To reflect changes in security design or technology at no increased cost to you
  • To respond to changes in the law, codes of practice, industry-wide fraud prevention practices, court or ombudsman decisions or new regulatory requirements or practice
  • To respond to changes in the general retail practices of banks and other organisations offering similar services including the terms on which they offer similar products
  • If we reasonably believe the change is necessary in the interests of our business as a whole, for example to protect our financial strength
  • Where the change is more favourable to you we will tell you of any change at the earliest opportunity after the change has been made in statement messages or statement inserts, or by writing to you (may include email). The change will apply to your account automatically from the date of the change
  • Where the change we make is not favourable to you we will tell you of any change by personal notice at least 30 days before we make the change. We will inform you via statement messages or statement inserts, or by writing to you (may include email). The new service or conditions will apply to your account automatically. However, if you do not agree to such a change you can, at any time up to 30 days from the date we tell you of the change switch your account or close it without paying any extra charges or interest. If you do not switch or close your account you will be deemed to have accepted the change.