Briefing note sent to all members
Following unanimous agreement at the two Special General Meetings, we will amalgamate with NE First Credit Union from 1st October. You will be contacted by NE First in October, but there are one or two things to point out in the meantime.
Transfer to NE First: all NCUL members will automatically become members of NE First. The records of your existing loans and savings together with your history of repayments will be transferred across.
Loans: applications received until 20 September will be processed using our existing rules. After that date NE First rules will apply – more information is available on their website. Existing loans will continue under the current conditions and interest rates until they are paid off.
Bank: payments to the credit union should continue to use our existing bank account. There is no need to change standing orders at this stage.
Junior Savers: Interest will no longer be paid on junior savers accounts but like adult accounts, they will qualify for any dividend payments .
Paying-in points: will continue unchanged. However we do need more volunteers to keep them going, especially at Berwick, Morpeth and Pegswood.
Morpeth office: will remain open for the time being.
Existing Email address: will continue in use for a transitional period.
Soon after the transfer you will receive a welcome letter from NE First giving you more information, including contact details.
And, at least initially, Nic Best (Chair of NCUL) will be attending NEFirst CU Board meetings to feedback from members in Northumberland, so if you have any issues on concerns, please let me know about them. Thank you for supporting Northumberland Credit Union and please do become an active member of NEFirst CU.