New banking system updates

JUNE 2016 - Changes to our Current Account – Frequently Asked Questions

FEATURES

Q. What are the new changes?

A. The new changes include:

  • A choice of 3 Current Accounts available to match your lifestyle and spending habits
  • Instant balance enquiries with real-time balances
  • SMS transaction and balance alerts
  • All members with current accounts will now be upgraded to a Master Card debit card, allowing debit transactions, ATM withdrawals and enquiries, online shopping.
  • New mobile app with instant balances available for free
  • New Online Banking platform with greater security and the ability to manage your money and details easily.
  • Contactless card available for those who meet our eligibility.

Q. Why are we making these changes?

A. We are upgrading our entire banking system to ensure that we offer our members a modern and innovative banking service that makes it more efficient, easy and secure to bank with London Mutual Credit Union.

Q. I only have a Savings account with London Mutual Credit Union. How will these changes affect me?

A. Every member will receive a new member number – this will not affect any existing direct debits, standing orders or payroll deductions already coming to your savings account. Our Savings account holders will also benefit from some of the new improvements which the new system will offer, such as:

  • Up-to-date live account balances online, on your mobile, via text message or over the phone
  • Instant transfers between credit union accounts
  • Same day transfers to external bank accounts
  • Faster and more secure online and mobile services

MIGRATING OVER TO NEW ACCOUNT

Q. What will happen to my existing current account?

A. In the next couple of months you will get the opportunity to choose which new current account you would like to have, so when we switch over to the new system, you will automatically be upgraded to that type of current account and will receive a new sort code, account number and ATM card. Your old account will no longer be active.

Q. Can I keep my existing current account details?

A.No. Unfortunately, you will not be able to keep any of your existing current account details. The sort code, account number and the ATM card will all be new.

Q. Do I need to set up standing orders or direct debits on my account again after the switchover has taken place?

A. No. If you have direct debits and standing orders set up on your existing current account that is paid out of your account, then this will be automatically switched over to your new current account.

If you have payments coming into your account (i.e. such as your salary or payments from third parties) these will also automatically be switched over to your new current account. However as a courtesy, you should notify them in advance of your new sort code and account number.

Q. If I receive my benefits or salary into my CUCA, would I need to inform my employer or DWP about the new account and sort code?

A.It is not necessary, but it is a good practice that you do inform your employer or the Department of Work and Pensions of your new sort code and account number before the switch over. To ensure that you still receive payment of your salary or benefits then you should also inform them of the date the switch over will take place so they know when to make these changes.

Q. When will the switch take place?

A.The switch will take place before the end of the year. You will receive the exact date in advance of the actual switching date.

Q. If I do not select the type of current account I want before the change, what will happen?

A.You will automatically be allocated to the Value Plus Current Account [£0.95pence per week] which has the same monthly fee that you are currently paying. Please see our new fees for the current account below.

Q. If I receive my benefits or salary into my CUCA, would I need to inform my employer or DWP about the new account and sort code?

A.It is not necessary however it is a good practice that you do inform your employer or the Department of Work and Pensions of your new sort code and account number before the switch over. To ensure that you still receive payment of your salary or benefits then you should also inform them of the date the switch over will take place so they know when to make these changes.

FEES AND CHARGES

Q. What are the fees for the new current accounts?

A.

Account Weekly Features and Prices
Pay As You Go £0.70 per week ATM Withdrawal:
£0.50 per withdrawal

ATM Balance Enquiry:
£0.10

Unpaid Items (i.e. returned direct debits etc):
£15
Value Plus £0.95 per week First 4 withdrawal and balance enquiry are free every month.

ATM Withdrawal:
£0.50

ATM Balance Enquiry:
£0.10

Unpaid Items (i.e. returned direct debits etc):
£15
Advantage £1.62 per week All withdrawals and balance enquiries at ATMs are free of charge.

Also, unpaid items (such as returned direct debits) are also free.
Teen Current Accounts Free Free withdrawals and balance enquiries at ATMs.

However, no direct debits or standing orders can be created with Teen Current Accounts.

Teen Current Accounts are only available for those who are aged 13 to 18 years old.

Q. What are the daily limits for the amount of withdrawals that can be made at the ATM and the branch?

A.

  • The daily ATM withdrawal limit is: £300
  • Daily withdrawal from the branch: £2000

Q. Why are there fees on some of the new current accounts for withdrawing money and making balance enquiries?

A. The ATM system is owned and operated by the leading banks in the UK, this is how they can offset fees associated with transactions made at ATMs and they also pass these fees in hidden pricing for other services they offer.

London Mutual Credit Union is not part of the banking network that owns and runs the ATM system, therefore, the fees payable by each member at an ATM are higher than a bank’s. As such, for transparency and efficiency, we simply pass this fee to our members when they use these services. To help with these fees we have created different current account products so members have greater choice in which account supports their lifestyle.

Q. Will I be charged for making balance enquiries on the phone?

A. It is possible to call our helpline for your balance for the cost that your operator charges for local landlines. However, we encourage all of our members to download our new mobile app and apply for Online Banking so they can have access to their balance 24 hours, 7 days a week, 365 days a year.

You could also use our new SMS balance enquiry system to get your latest account balances.

Just text 'bal' to 80011

You will receive a return SMS free. The only cost is your standard network text charge for sending your SMS.

Q. Does it cost anything to make withdrawals at the branch?

A.No, It is free to make withdrawals over the counter but you must use your ATM daily limit before you can make a withdrawal over one of our branches’ counter.

Q. What is the charge for Teen Accounts?

A. Teen accounts are free and there are no charges for balance enquiries or ATM withdrawals.

DEPOSITS

Q. Will it cost me anything to make deposits into my new current account

A. No, you can make a deposit into your account for free.

Q. Will I still be able to make deposits through the Post Office?

A.Making deposits at the post office will no longer be available.

CURRENT ACCOUNT CARD

Q. Does the new cards have the sort code and my account number printed on it?

A.Yes, your new card will have your sort code and account number printed on the card itself.

Q. Will I get my card before the other account is deactivated?

A. Yes, you will receive your new card before the switch over but you will only be able to use it after the switch over to the new system. For additional security, you will have to contact our card help desk to activate the new card.

Q. What if I do not want a new debit card, can I just have an ATM card?

A. All current account holders will receive a card that can be used for debit as well as at the ATM.

CONTACTLESS CARDS

Q. Can any member get a contactless card?

A. You will have to apply for a contactless card, and will only receive a card if you match our eligibility criteria.

Q. What are the eligibility criteria for contactless cards?

A. Issuing contactless cards will be subject to credit risk assessment and your past history with the Credit Union.

STATEMENTS

Q. Will I still receive regular statements? How much do extra statements cost?

A.

  • Statements are sent out 4 times a year for free
  • Remember that you can also login to our Online Banking system and print your last transactions or view / print previous four statements.

SMS

Q. Will I be charged for checking my balance by a mobile text message?

A. We do not charge for you receiving a SMS about your balance but your phone operator may charge you for local text messaging fees (the cost will depend on your phone provider or your individual mobile contract). Please note that if you are abroad, your phone operator may charge you for sending and receiving SMS and the cost could be higher. We advise you to switch off your SMS notification services when going abroad.

Q. When will I receive a notification SMS about my balance?

A. After each transaction you do (whether you are buying in the shop or withdrawing from the ATM) you will receive an update via text message of the transaction details and your remaining balance. You will not receive SMS notifications for contactless transactions and certain other offline transactions, such as paying at the pump for petrol.

Q. Do I have to pay for receiving the SMS updates?

A. No, when you receive an update after you have carried out a transaction using your MasterCard Debit card, you will receive the update for free.

Q. I do not want to receive SMS alerts for all my transactions, can I turn them off?

A. Yes, you can turn them off through your Online Banking Account.

ONLINE BALANCE ENQUIRIES AND STATEMENTS

Q. If I check my balance online will I be charged?

A.No, it is free to check your current balance in your Online Banking account and the London Mutual Credit Union mobile app. In fact, with the new system, we have greatly improved our mobile and website banking facilities so your balances are now your live balances. You can also transfer sums between your own LMCU accounts and to other LMCU member’s accounts as well as making external transfers for free.

MORE INFORMATION

Q. What should I do if I have another question?

Please email us on info@creditunion.co.uk or you can call our dedicated Banking Helpline on: 02073585700

This helpline has been specifically created to address any questions you have about the new changes to your Current Account with London Mutual Credit Union.

You can also visit one of our branches to ask any questions you may have.

APRIL 2016 - Introducing our new banking system

Later this summer we will be introducing a new integrated credit union and current account system that will improve the services we can provide for our members.

This will mean some changes and we are working hard to make the transition as smooth as possible and we’ll keep you informed every step of the way.

Some of the changes are:

  • All existing members will be given a new membership number – this won’t affect any standing orders or direct debits you have set up with us
  • All existing Credit Union Current Account (CUCA) users will have a new account number and a sort code – we are working with a number of different organisations to make sure the switchover is as smooth as possible.
  • All CUCA holders will receive a new MasterCard debit card – if you currently only have an ATM card you will automatically be upgraded to a debit card. The benefits the new system will bring include features you’ve been asking for, such as:
  • Live account balances – you can check your share or current account balance online, on your mobile, via text message or over the phone – you will receive the up-to-date live balance
  • Same day transfers – all transfers you request either online or in branch will reach your account within 24 hours; this applies to transfers to your credit union account as well as to external bank accounts
  • Various types of current account
  • Teen current account – young people are important for the future of the Credit Union, that’s why we will be offering a new current account specially designed for teenagers. We hope to help our young members to learn how to manage their finances from an early age and achieve financial independence.
  • We will be able to offer contactless debit cards and an overdraft facility to some of our members, subject to our Terms and Conditions.
  • Improved online and mobile services – our online and mobile services will be faster, enabling you to make same-day transfers; and more secure – with an added level of security through a set of online passwords and security data.

We know that these changes might seem a little daunting at first glance, but we will work very hard to ensure there is no disruption in our services and our members don’t experience any difficulties during this process. Please make sure you visit this section regularly to find all the new information that may affect you. We will also send a series of letters and emails to inform you of the updates and upcoming changes in regards to the new system.

Keep us informed

So that we can serve you better, please make sure you keep us informed of any changes we should know about, such as you’ve moved, changed your mobile number (the text balance service won’t work without your current mobile number), changed your email, got married and changed your name (we may ask for documents to verify change of address or name).

You can let us know by leaving a message on our on-line system, email us at info@creditunion.co.uk or when you’re in a branch. And why not check that your beneficiary details are up to date – your beneficiary is the person who you nominate to receive any savings in your credit union account in the event of your death.

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