Easy Access Savings Account – Summary Sheet
Eligibility: To open an 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’.
Deposits: On account opening a regular deposit shall be set up of £5 per month or a £1 per week. Deposits can be made electronically up to £15,000. You can hold an aggregate amount of £15,000 on deposit (Easy Access and Term Deposit accounts) excluding interest.
Withdrawals: You can only withdraw eligible funds which will be transferred electronically to your nominated bank account. One pound must remain to keep your account and membership open.
Annual Dividend: We may pay a dividend to your account subject to approval by the Board of Directors.
Interest (variable): We will calculate interest on a daily basis on available money in your account. Unless otherwise stated in these conditions, interest will be calculated from the day we receive cleared funds for payment into your account.
Member fees: An annual £5 membership fee is taken from your account on the anniversary of opening. This is waived for the employees of a sponsoring retailer.
Dormancy fees: 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).
1.1 To open an 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.
1.4 On account opening, a regular deposit shall be set up for £5 each pay day (if paid monthly/ 4 weekly) or £1 per week if paid weekly or paying in through Direct Debit. If you wish to amend/suspend your deposits, please contact retailCURe. The maximum monthly saving amount is £1000 per month.
1.5 The maximum aggregate funds you can deposit into retailCURe is £15,000 (into both Easy Access and Term Deposit accounts) excluding interest paid.
1.6 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.
1.7 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. Duration and cancellation
2.1 The account is an Easy Access savings account. Restrictions on withdrawals are limited to the mandatory maintenance of £1 in the account.
2.2 You can end this agreement and 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.
2.3 For 14 calendar days after the date we deem that 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 fees. Your funds will be returned to your nominated bank account.
2.4 A minimum of £1 must be held in your retailCURe account at all times in order to maintain your membership. Withdrawal of your outstanding £1 must be authorised by retailCURe and will subsequently close your account.
3. Making a deposit
3.1 We will accept any number of deposits from you into your account. The maximum credit balances that you can maintain in aggregate at any one time across all accounts with retailCURe is £15,000 (into both Easy Access and Term Deposit accounts) excluding interest.
3.2 If a payment is fraudulently or mistakenly paid into your account, the amount of the payment will subsequently be removed from your account. If you have transferred all or part of these moneys, we will actively seek repayment from you.
3.3 Deposits must be made by electronic transfer from your nominated bank account (including direct debit) or via employer payroll deduction.
3.4 Faster payments may take up to 2 hours to credit your retailCURe account from your nominated bank.
3.5 If you choose to commence payroll deductions, you authorise retailCURe to instruct your employer to initiate your requested deductions and understand that deductions will remain in effect until such time as you give notice to retailCURe, in writing, of any changes.
4.1 We will calculate interest on a daily basis on available money in your account, unless otherwise stated in these conditions.
4.2 Interest will be calculated from the day we receive cleared funds into your account.
4.3 The interest rate will be set by retailCURe and all changes will be advised as per clause 9.1.
4.4 Any interest of £0.01 and above shall be paid monthly into the account.
4.5 All interest will be paid gross. It is your responsibility to report the income to H.M. Revenue & Customs.
4.6 If during the term of your account you leave the UK to reside in another EU member state, we will, in accordance with the provisions of the EU Savings Direct, inform H.M. Revenue & Customs of your name, address, and interest credited to your account and in turn H.M. Revenue & Customs may pass this information to the tax authorities in the country in which you reside.
5.1 At the end of each financial year (31st December), the Board of Directors may approve a dividend, dependent upon the credit union's surplus in the year. Any dividend approved by the Directors will be paid to the account following the Annual General Meeting, dates of which will be notified separately. The dividend will be calculated according to the average balance in your account in the year ending on 31st December prior to the dividend payment.
5.2 If the year end date falls on a day other than a business day it will be paid on the following business day.
5.3 All dividend will be paid gross. It is your responsibility to report the income to H.M. Revenue & Customs.
5.4 If during the term of your account you leave the UK to reside in another EU member state, we will, in accordance with the provisions of the EU Savings Direct, inform H.M. Revenue & Customs of your name, address, and dividend credited to your account and in turn H.M. Revenue & Customs may pass this information to the tax authorities in the country in which you reside.
6.1 Withdrawals must be made by electronic transfer to your nominated bank account.
6.2 You can only withdraw available funds. Available funds are monies that are not secured against an outstanding debt / fees to retailCURe.
6.3 Withdrawals for eligible funds shall be processed to your nominated bank account.
6.4 Faster payments may take up to 2 hours to credit your nominated bank account from your retailCURe account.
7.1 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).
7.2 The fee is charged only after 60 days’ notice of such charge has been given to the member with an opportunity to bring their account back into activity.
7.3 If this fee exceeds the balance on your account, a fee of the account balance shall be applied and the account closed.
8. Personal Data
8.1 We may use the contact details you have provided, including address and telephone numbers, to contact you. You must phone us on 01614681888 email us via firstname.lastname@example.org or write to us at retailCURe, Unit 2 Slater House, Oakfield Road, Cheadle Royal Business Park, SK8 3GX at your earliest convenience regarding any change of name, address or other contact details.
8.2 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:
- To undertake statistical analysis, financial risk assessment, money laundering checks (which may include telephoning you), compliance and regulatory reporting, fraud prevention and recovering debt
- To help us identify products and services which may be of interest to you (unless you have asked us not to)
8.3 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.
8.4 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.
8.5 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.
9.1 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 (email/post). 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 (email/post). 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 wiill be deemed to have accepted the change.