Membership
Credit unions need all sorts of people.
People to save, people to borrow, people to run the local collection points and people to help in all sorts of other ways.
But first and foremost, they need MEMBERS.
Who can become a member – and what does it mean?
Anyone 16 years old or more who lives, works or worships in the borough of Waltham Forest is eligible to join, and once you start saving you’re automatically a full member.
Adult Members
You can save weekly or monthly, although you should do it regularly – by cash, payroll deduction, benefit payment or bank standing order. You may visit our main office to set this up.
You may receive a dividend each year, depending on your savings balance and how well the WFCCU has done. Volunteer workers keep the WFCCU’s expenses low, although there is a small permanent paid staff, and premises and equipment have to be paid for.
We expect our dividend rate to compare favourably with interest offered by banks and building societies, although in the early years it may not be as much.
Your savings can be withdrawn at anytime although while in the WFCCU they benefit from life insurance that can add 100% to your savings.
Junior Savers
Children are encouraged to save as well. Children under 16 years can save with WFCCU and thereby start a good habit early. Their savings are not lent to other members, but are separately invested and attract a higher dividend.
Does it cost anything?
Apart from one initial fee of £2 for adults and 50p for children upon joining, membership is free for life.
When you join you will receive a membership ID card and a passbook, which details all your savings, withdrawals and loans.
To join, complete your downloaded Membership Application Form/ Junior Savers Application Form and return it to us along with you minimum initial deposit of £3 for adults and £1 for children, original proof of identity and proof of address.
