Orchard Credit Union Limited will accept applications for corporate accounts from Orange Lodges; Black Preceptories or
Bands directly associated with the Orange Order, provided they can comply with Orchard Credit Unions Common Bond.
Before an application for a corporate account can be opened the following must be provided:
- A fully completed application form
- Relevant supporting documentation for each organisation i.e. individual lodge warrant and a copy of their constitution.
- ID and proof of address for all office bearers/signatories e.g. Passport, Driving Licence, SmartPass.
- It is the responsibility of the office bearers of the organisation to advise Orchard Credit Union of any change to the signatories.
What is a corporate account?
- An account held solely for the benefit of the named organisation
- The account can only be used as a dual signatory corporate account and must not be used for personal or any other use.
- Authorised persons must take all reasonable security precautions to prevent misuse of the account and account security details
What type of account can we hold?
- All corporate accounts will be statement based share accounts.
- The maximum balance is £20,000
- Lodgments to a share account can be made by cash, cheque or electronic direct payment
- Withdrawals can be made upon receipt of a completed withdrawal form signed by the relevant officer bearers/signatories
- Payment of shares will be in either cash or cheque (the cheque can be paid to payee detailed on withdrawal form)
Are there any fees?
- An annual fee (currently £20.00p.a.) will be payable on 1st September each year.
- No joining fee or affiliation fee.
1. When you apply to us to open an account, we will check the following records about you:
- Our own data
- Those at Credit Reference Agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. They supply to us both public (including the electoral register) and shared credit and fraud prevention information.
- Those at Fraud Prevention Agencies (FPAs)
We will make checks such as; assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us.
2. If you tell us that you have a spouse or financial associate, we will link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until you or your partner successfully files for a disassociation with the CRAs to break that link.
3. Information on applications will be sent to CRAs and will be recorded by them. When you borrow from us, we will give details of your accounts and how you manage it/them to CRAs. If you borrow and do not repay in full and on time CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debt that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.
4. If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.
5. If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts.
6. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
7. Your data may also be used for other purposes for which you give your specific permission or, when required by law or where permitted under the terms of the Data Protection Act 1998.
How to find out more:
You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. They will charge you a small statutory fee.
CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414
Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 0101 0583 or log on to www.myequifax.co.uk
Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to www.experian.co.uk
Orchard Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority FRN: 574017