Membership Application

How to Apply for Membership

Go to our download page and fill in the Membership Application Form and take it to a collection point near you, together with the necessary identification as listed below. A £2 entrance fee and a minimum £1 saving deposit is also required. Alternatively visit a collection point and complete the form with a member of our team.

The following information is also available as a pdf file in our download area.

Membership Policy

1. Full membership of the Credit Union is open to all persons over the age of 16 residing in, being employed in or in regular voluntary employment within the Common Bond Area.

(ďResiding inĒ means having a home address in the Common Bond Area, ďbeing employed inĒ means having a workplace address in the Common Bond Area.)

2. Members must have one fully paid share (£1) before they can vote at any General Meeting of the Credit Union. A membership fee as decided by the Board of Directors from time to time must be paid. No member has more than one vote. No member shall have, or claim an interest in, shares of the Credit Union exceeding the greater of £15,000 (or such other amount as may be prescribed by law) and 1.5 per cent of the total shareholdings in the Credit Union.

3. All members must abide by the rules of the Credit Union.

4. Applicants must produce three proofs of identity including one of which shows date of birth and address. At least one source of identification should be an official document bearing a photograph.

Acceptable proofs of identity are:-
Birth Certificate
Current Benefit Book
Current Council Tax Demand
Current Gas/Electricity/Water Bill
Bank or Building Society Pass Book
Wage/Salary slip or certificate from employer
Certificate from voluntary employer
Driving Licence
Marriage Certificate
Current Rent Book
National Health Card
National Insurance Card
Credit Card
Library Card
Acceptable proofs of address are:-
Current Benefit Book
Current Council Tax Demand
Current Gas/Electricity/ Water Bill
Certificate from voluntary employer
Driving Licence
Bank or Building Society Pass Book
Current Rent Book

Membership application form and proof of identity must be checked by an Officer of the Credit Union and applications must be approved by the Board of Directors.

5. An ex-member of the Credit Union who has defaulted on a loan in the past with the Money Spider Credit Union (either on their own loan or as a guarantor for a third party) can only regain their membership at the discretion of the Board of Directors when they have repaid the outstanding debt and any interest charged.

6. A member must hold at least one £1 share to continue their membership. If a member holds less than one £1 share, after 7 days the Board of Directors will notify them at their last recorded postal address that they are no longer a member of the Credit Union.

7. If a memberís shares (regardless of dividends) have not increased to more than £5 within six years and that member has not taken part in the business of the Credit Union then the Board of Directors may cancel their membership after writing to their last recorded address. Outstanding shares will be forfeited to the Credit Union.

8. If a memberís shares (regardless of dividends) are more than £5 but have not changed over the last 6 years, then the shares will be transferred to a Suspense Account and written notice will be sent to the last recorded address of the member. After a further 3 months with no contact from the member, then written notice will again be sent of the proposal to terminate membership. Then after 7 days without any contact from the member the membership will be terminated by the Board of Directors. Shares and dividends will be transferred to the Credit Unionís Suspense Account. If the member makes contact with the Board of Directors in person or in writing then the amount from the Suspense Account will be transferred back to the memberís account together with any dividends that may have accrued.

9. Shares are not transferable (with the exception of share to loan transfer), nor will a certificate be issued denoting ownership of a share.

10. Loans and shares are insured for members between the ages of 18 and 70 years and any outstanding loans will be paid by the insurance under the terms of the policy, which may change from time to time. Members and their loans are not fully insured once the member is over 70 years of age (though the extent of cover may change from time to time). If a member dies, an amount of money may be available from the Life Insurance element of the Memberís insurance, which will be passed on to the person nominated by the member, together with the memberís shares.

11. A member of the Credit Union who ceases to qualify for membership (non-qualifying member) may retain membership and voting rights in the Credit Union, continue to acquire shares and receive loans provided the total number of non-qualifying members shall not exceed 10% of the total membership or such other permitted limit prescribed by law.

12. The Membership Secretary will monitor the number of non-qualifying members on a monthly basis and should the 10% limit be approaching, this will be brought to the attention of the Board of Directors who will decide on the action to be taken. If necessary a sufficient number of non-qualifying members will be expelled, these being the latest to cease to be within the common bond of membership.

13. An objective of the Credit Union is to pay dividends to the members. Dividends will only be paid if relevant surpluses are available and only following approval of voting members at an AGM. Dividends will be paid to members on the register at the end of the financial year and will be calculated on the basis of balances at each month end for the relevant year.

Code of Conduct

1. Only one person from any direct family (i.e. parent, child, sibling, or partner) or from one address may be on any one Committee of the Credit Union.

2. The Credit Union is a saving and loans co-operative which is owned by and run by its membership and is open to all who reside in or are employed in the Common Bond area. It will be run with honesty and mutual respect for all individuals. All transactions are private and are restricted information to the Credit Union only.

3. No member or officer of the Credit Union shall divulge any information about any member to a third party and all members and officers must agree to sign a confidentiality clause when they join the Credit Union.

4. The Board of Directors of the Credit Union and each Committee will be responsible to establish guidelines in line with Equal Opportunities.

5. Confidentiality should be maintained at all times and Membership Numbers rather than Membersí Names should be used on all notes/minutes where possible.

6. Anyone who is an un-discharged bankrupt or who has been convicted on indictment of any offence involving fraud or dishonesty cannot:

a) Act as an officer of the Credit Union
b) Directly or indirectly take part in the management of the Credit Union
c) Permit their name to be put forward for election or appointment to any office in the Credit Union. If such a situation arises with someone who already holds office, they shall cease to hold that office immediately.