When withdrawing shares or taking out a loan from Somerset Community Credit Union a withdrawal or loan form is completed and sent to our office in Victoria Park Community Centre
All forms are on our Forms page or available upon request from the Bridgwater or Taunton offices and collection points
Share withdrawals may be restricted if there is an outstanding loan
Once a withdrawal has been authorised, which may take up to 10 days, there are a selection of different methods for receiving the funds as follows:
BACS TRANSFER NO FEE
This is a fast and secure way to receive your funds. It is a direct transfer from our bank account to your bank or building society account. Funds are normally received into your account the same day as the transfer is made, but may take up to three working days. This method can also be used to pay utility bills etc where bank payment details are provided. A share withdrawal form must be completed.
CHEQUE NO FEE
A cheque can be made payable to yourself or a third party and will be posted to you or sent to a collection point of your choice for collection. This can take up to a week after authorisation. The cheque must be paid into a bank or building society account in the same name as the payee. The cheque must then clear before funds can be withdrawn which is normally five working days. A share withdrawal form must be completed.
CHEQUE FOR ENCASHMENT AT NATWEST BANK FEE APPLICABLE
A cheque payable to you can be cashed, max £1000, at NatWest Bank, Bridgwater. There is a charge of £1 per £100, or part thereof cashed, for example a fee of £5 will be charged for a £450 cheque. The fee will be deducted from your share account at the time of issuing the cheque. Full photo ID is required by NatWest Bank, if you do not have this the cheque can be presented with an ID slip issued by Somerset Community Credit Union, instructions are included on the withdrawal form. The cheque must be collected from the office or a Collection Point of your choice. PLEASE BE AWARE THAT THE CHEQUE AND ID SLIP ARE AS GOOD AS CASH, THEREFORE IF YOU LOSE BOTH TOGETHER THE CHEQUE CAN BE CASHED BY ANYONE – THE LOSS IS YOURS AND WILL NOT BE REPLACED BY EITHER THE CREDIT UNION OR NATWEST BANK. A share withdrawal form must be completed.
BACS TRANSFER BACK TO A STANDING ORDER ACCOUNT NO FEE
If you pay into your share account via standing order we can accept instructions by email to send funds back to the originating account by BACS transfer. You will need to confirm the sort code and account number.
Please email us at email@example.com