Q. Who can join?
A. Thorne Credit Union is a financial service provider for members and employees of the GMB Trade Union. The service provided by Thorne Credit Union extends to any household or family member of a GMB member. Retired members or members changing jobs or leaving the GMB can still remain members of the credit union.
Q How do I join ?
A. You must be over 16 years of age and complete an application form. Money laundering regulations require that you provide documentation ( eg copy of driving licience etc ) which confirms proof of identity and address. To be a member of Thorne Credit Union you can save as much as you want however you must save a minimum £2.50 per week or £10 per month to remain an active member.
Q. Who operates Thorne Credit Union?
A. A Credit Union is run by its members. The members elect the board at the AGM. All elected members in the Credit Union must receive training in running a Credit Union and they must also be recognised as approved persons by the Financial Services Authority (FSA)
Q. Do I get interest on my savings and how do I withdraw money?
A. Dividends on savings are declared annually at Thorne Credit Unions AGM which is normally held in March. Members can withdraw funds at any time by completing a withdrawal form which can be faxed or posted to the Member Services Office. You can elect to have your savings paid either
- Direct to your bank account
- By cheque which is posted
Q. How does the borrowing side work?
A. If you are 18 and have been saving for six months you can apply for a loan. In the first six to twelve months of membership, loans can be up to twice the amount you have saved, to a maximum of £5000. From 12 months onwards the loan amount can be three times the amount saved, to a maximum of £10,000
Q. Can I take out another loan before the rest is repaid?
A. Yes – you can top up your loan normally after six months or after you have repaid 30% of your current loan, whichever is the greater amount
Q. How do I receive my loan money?
After your loan has been approved you will complete a loan agreement form on which you can elect to have your loan paid either:
- Direct to your bank account
- By cheque which is posted
Q What about insurance?
A. All Thorne Credit Union members are entitled to free insurance which covers savings and repays their loan in full in the event of death. Members should appoint an account beneficiary in the event of their death .
Q How do I manage my account with Thorne Credit Union ?
A. Members can stay in touch with their accounts by telephone, post, internet, email or in person by appointment at the Credit Union Member Services Office in Lerryn House, Warren Street, Cheadle Hulme Cheshire, SK8 5AA. The Members Office is open 10.00 am till 3.00pm Monday to Friday.
Q. Will I get a statement of my account?
A. Members’ statements will be issued twice a year. However, if you require additional statements, please contact the Member Services Office. Members can, of course, access their statement at any time by logging on to the secure members area of our web site www.thornecreditunion.com | 
04 September 2010
