Important change to terms and conditions

Important change to terms and conditions

We would like to inform our members about important changes to the terms and conditions of two of our savings accounts from 1st May 2018.

Share 2

This account, which currently attracts free life-savings insurance, will no longer be covered by this insurance from 1 May 2018.  This is to ensure that we are only covering savings which are held for a longer period of time.  The account will still be available for saving for short periods of time, or making more frequent withdrawals.

Reserved Savings

This account will continue to attract free life-savings insurance, but its name and terms and conditions will change from 1 May 2018.  It will be renamed “30 day notice account”, and as its name suggests, 30 days’ notice will be required to make withdrawals from this account.  In addition, the requirement to withdraw no more than 4 times a year from this account will now be enforced.  Any request to withdraw more than 4 times a year will result in the automatic closure of this particular account, moving affected funds into a Share 2 account instead, for more appropriate treatment.

Secured Savings

These will continue to be covered by free life-savings insurance, and may help to provide the reassurance of having any loan to which these are secured repaid should anything happen to the account holder, possibly even providing additional funds to the account holder’s beneficiary.

 

Any member with Share 2 savings who would like to transfer their savings into the rebranded 30 day notice account should contact the office on 0114 2760787 or 01709 514263, or admin@sheffieldcreditunion.com to let us know as soon as possible.  Any member with reserved savings who would like to transfer their funds into a Share 2 account, please let us know in the same way.  A link to the terms and conditions can be found here:  Share 2 Account   30 Day Notice Account