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DaC Credit Union – New accounts! Have you got our 7% interest yet? |
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We at the DaC Credit Union would like to wish you all
a belated but very happy and hopefully prosperous New Year. As
always, we are always trying to bring in new members to the Credit
Union as the more members we have, the more money we can lend out.
One of the roads we are going down is a high interest account entirely separate from the Credit Union account. How it works is that if you had monies sitting in either your current account or in a slightly higher interest account and say you get somewhere in the region of 4%, well we are offering a massive 7%. We would like it to work in the same manner as the other banks, so you’d keep the money in for 1 year before touching it. Obviously, if you were to get in some kind of financial dilemma, we’d give it back to you plus any earned interest. We are also running another scheme, which we have named the rollerbond for want of a better word. The way it works is this: Say you have a loan with us paying £60 a week while also saving £20 a week, you could then put into the rollerbond scheme £20 a week, totalling £100. The difference from the DaC rollerbond is that you will receive interest on it. It will work the same, so you would have to get to a £1000 before you can have it back, but again with the DACCU, if you get to £800 and you are in dire need, we will give it to you without the need to make it up to the £1000. As most members of the Credit Union know, we will bend over backwards to help anybody even if it means bending all the rules - and believe me we have done so, but don’t tell anyone! It’s our little secret… |
With the high interest account, you
would have to be a member and save with us - as with all banks you
need some kind of cash flow - we have brought in these schemes to
help with this even more so now with the current credit crunch. So I
hope you are reading this article thinking that this doesn’t sound
bad and call to us on 0208 522 4502 or 4503. There is an answerphone,
so leave a message and someone will get back to you as soon as is
reasonably possible. Our opening times are from 1pm to 7pm every
weekday except Thursday, when at the moment we are closed. If things
get busier we may have to open Thursdays too. We at the Credit Union are working hard to keep things ticking over and these are just some of the ideas we have brought in to help you earn some extra money. But again I have been having trouble trying to get drivers to join the CU, ask anyone who is a member how invaluable we are for your tax, overhaul, emissions systems, new cars or deposits on new cabs. If we get enough new members, maybe we could finance the whole of your new cab! We also have funds put by for the occasional emergency; for example if your gearbox drops out or your boiler at home blows up. We have a maximum £1000, even if your account is out of the three to one ratio we require. Don’t forget, DACCU is YOUR Credit Union and run by DaC drivers, so we know what your problems are because we have the same ones. As we are in downtown Stratford, some find it hard to come to the office. So what we do to accommodate you is that if a |
loan is required, we will send the forms
to your home address and after you have filled them in, you can
either post them back or give them in to Val Gomez in DaC’s Driver
Services. Most regular members who use us will know that we are having to book in loans about 3 to 4 weeks in advance due to the high demand at the moment, the maximum amount of loan given is currently £4000, but then with future loans you can then top up to the maximum £8000 total. I hope this information has been of some use and gives you food for thought. Don’t forget, it costs you nothing to join and the minimum requirement for savings is £20 per week, even in this financial climate this should be easily achievable. If you do not wish to do this through your credit work, you can send a cheque, pay by standing order or even bring in cash - we have no problem with whatever method you choose. I would like to take this opportunity to thank the Editor for his piece in last month’s Call Sign. It generated 6 new members so I owe him a cup of tea! Alan is a great friend to the Credit Union and we thank him for letting us put our articles in the magazine. Again, we wish you a belated happy New Year from all at the Credit Union, Terry, Brian, Val and last but not least me. That only leaves me to sign off with my usual be lucky… but be careful out there.
John Riley (K38), Vice-President DACCU |
