These Terms and Conditions explain your rights and responsibilities and those of the Credit Union in respect of your use of the Credit Union’s Internet Banking Service (“the Service”). These Terms and Conditions are in addition to those, together with any advice, provided by the Credit Union on your computer screen (“On-Screen Terms”) when using the Service and those already provided to you as an account holder with the Credit Union but, in the event of any uncertainty with regard to your use of the Service, the following Terms and Conditions together with the On-Screen Terms shall prevail.
Please read the Terms and Conditions carefully, they apply in respect of all use of and transactions undertaken by you via the Service.
Please note the Credit Union’s standard Account Tariff setting out interest rates and charges continues to apply, a copy of which is displayed on the Credit Union’s web site together with these Terms and Conditions.
As a member of Clockwise Credit Union, you agree to abide by the following general terms and conditions.
You understand that you must maintain a minimum share balance of £1 in order for your membership to remain active. We reserve the right to charge a nominal membership fee to cover the cost of account administration and membership.
You declare that the information you have given on the electronic membership application is true and correct to the best of your knowledge and belief.
You agree to abide by the rules of Clockwise Credit Union Ltd. (available upon request )
1. Definitions ‘Credit Union’ means Clockwise Credit Union ‘Business Day’ means any day except Saturday, Sunday and Bank Holidays in England & Wales. ‘Member’ means you, the person or persons in whose name(s) the Account(s) is/are maintained by the Credit Union. ‘Member Security Codes’ means your Password and Pin Number which you provided to the Credit Union when joining. ‘Account’ means any account or accounts held by the Credit Union in the name of the Member on which the Service is available. ‘Service’ means the Service made available to members by the Credit Union from time to time via the Internet. ‘
2. The Credit Union is authorised by you to accept and act upon electronic instructions provided via the Service and to debit or credit the Account with the amount of all Service transactions without any further authority. You accept liability for all debits made. The Bank will only accept instructions if your Member Security Codes are used as requested and accepted. Any failure or error in relation to use of your Member Security Codes will result in access to the Service being blocked. If this happens you must contact the Clockwise Credit Union office on Telephone: 0116 2423900.
3i.Please take all reasonable precautions to prevent the disclosure and unauthorised use of your Member Security Codes: – Never write them down – Never tell them to anyone If you suspect that someone knows your Member Security Codes, please notify the Credit Union immediately. When we receive notification, your liability will cease. Until then, you may be liable for up to £50 of any loss. If unauthorised use of your Customer Security Codes is due to your negligence, fraud, disclosure or misuse, you will probably be liable for all losses. The Credit Union may ask you to assist us in our efforts to recover any loss as a result of unauthorised use of your Member Security Codes.
ii. When you use your Member Security Codes you are authorising us to carry out all your instructions.
iii. For your protection, the reserves the right to suspend access if: – Incorrect Member Security Codes are used to attempt to access your Account – the Credit Union suspects an unauthorised person is attempting to access your Account
iv. The services (including the Service) available to members using Member Security Codes may vary over time, the Credit Union may add to, vary, suspend or terminate any of the services available but will inform you of any changes.
v. You will exit the Service when leaving your computer terminal unattended.
4. You must ensure all instructions given to the Credit Union via the Service are accurate. The processing by the Credit Union of your instructions via the Service will be binding upon you. Instructions received on any Business Day will be processed within one Business Day. Instructions received at any other time will be processed the next Business Day.
5. Transactions via the Service remain subject to your Account terms and conditions as well as these terms and conditions.
6. The Clockwise Credit Union uses permanent and temporary cookies.
The website uses permanent cookies to :
- Identify the link you used to find our site
- Check which browser you use so that we can make sure our site and services work well on your computer
- Monitor traffic on our website
The Clockwise Credit Union internet banking service uses temporary cookies to:
- Form part of our security process, by identifying your computer by our online account management service.
- Temporary cookies are removed when you close down your browser.
Our policy on cookies is that we do not pass on, or sell, details to any other company.
So that you can manage your account through our website, you will need to make sure that your browser has cookies enabled.
7. Notification of lost or stolen cards must be made by telephoning the Clockwise Credit Union head office on Telephone 0116 2423900. If any card is lost or stolen or used by someone else without your permission then you may have to pay up to £50 towards the Credit Union losses. If they are used due to your gross negligence or with your permission, you will probably be liable for ALL losses. You will not be liable for losses to us which take place after you have told us about the loss, theft etc. provided you write to the Credit Union within 7 days to confirm. You are liable for a fixed fee for replacement of ATM or Debit card. You will be able to access your available funds at Clockwise by giving a minimum 2 hours notice and the notice being accepted by Clockwise. You are liable for a fixed fee for withdrawals made over the counter. Cash withdrawal without an ATM or Debit card is only available at head office and branch office.
8. The Credit Union reserves the right to terminate the Service or to vary these terms and conditions. Any termination or variation will only take place after the Credit Union has notified you by any reasonable means the Credit Union considers appropriate, unless the Credit Union suspects fraud where access to the Service can be terminated immediately without notice.
9. You may terminate this agreement by notifying the Credit Union in writing. The notification will not be effective until the Credit Union has received it. Upon termination access to the Service will cease.
10. The Credit Union may from time to time record telephone calls between you and us. Any such calls are recorded for security and training purposes only. The Credit Union may from time to time record instructions received via the Service again for security and training purposes, or to improve the Service.
11. The Credit Union reserves the right to charge you and you agree to pay the charges for the Service. Any charges for the Service will be set out on the Credit Union web site and are also available by telephoning the head office on 0116 2423900 or by referring to the Credit Union’s standard tariff. If any changes are made, notice of the new charges will be notified to you
Clockwise Credit Union Limited, Reg. No. 213498 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Members of the Financial Services Compensation Scheme, the Financial Ombudsmen Service and AB
3. Membership Terms & Conditions
As a member of Clockwise Credit Union, you agree to abide by the following general terms and conditions.
You understand that you must maintain a minimum share balance of £1 in order for your membership to remain active. We reserve the right to charge a nominal membership fee to cover the cost of account administration and membership.
You declare that the information you have given on the electronic membership application is true and correct to the best of your knowledge and belief.
You agree to abide by the rules of Clockwise Credit Union Ltd. (available upon request).
You understand that from time to time additions and/or amendment to the above terms and conditions, privacy notice, insurance notice or other changes that may affect the operation of your account(s) may be made. You will be informed of any such changes through post at your registered address.
Dormant Accounts
If a period of 12 months passes without any transactions on the account of a Member (or on any of their accounts if they have more than one), the Board of Directors shall have the discretion to declare that the account has become dormant. The Board may take account of any extenuating circumstances in making this declaration.
The Board of Directors shall have the discretion to charge an annual administration fee on each dormant account, an amount not to exceed £5 or any such reasonable amount sufficient to cover the administration costs of membership specified by the Board of Directors from time to time and agreed by the Members at the annual general meeting
In relation to a Member who does comply with the minimum shareholding requirement as set out in rule 46 of the Clockwise rulebook, but whose account is dormant, Clockwise may alert the Member to the dormancy by contacting the Member in Writing at their last known Address notifying the Member that there have been no transactions on their account (or their accounts if they have more than one) during the last 12 months, and providing the Member with a six week period to determine the future use of their account(s).
Any communication in Writing made under rule 32 of the Clockwise rulebook shall contain:
- a. Information on reactivating or closing their account and withdrawing from membership;
- b. Information about the right of the Credit Union to charge an annual administration fee;
- c. Reference to rule 34 which enables the Credit Union to remove dormant accounts into a suspense account and subsequently expel the Member from membership.
If the Member does not reactivate or close their account(s) within six weeks of the Clockwise issuing the communication, the Board of Directors shall have the discretion to:
- a. Hold any monies within the account(s) of such Member in a suspense account pending the Member’s subsequent withdrawal of their money, or activity on their account;
- b. Charge the annual administration fee;
- c. Expel the Member from membership of the Credit Union in accordance with rule 24 of the Clockwise rulebook.
Distance Communication
Distance Marketing Directive Policy (DMD)
Definition of a distance contract Article 2 of the Directive defines ‘distance contract’ as: “Any contract concerning financial services concluded between a supplier and a consumer under an organized distance sales or service provision scheme run by the supplier, who, for the purpose of that contract, makes exclusive use of one or more means of distance communication up to and including the time at which the contract is concluded.”
and “means of distance communication” as:
“any means which, without the simultaneous physical presence of the supplier and the consumer, may be used for the distance marketing of a service between those parties.”
For Clockwise Credit Union, this applies to both account opening and loan agreements that are concluded using distance communication only, i.e. with no face to face contact will be effected by the DMD. Distance communication can be telephone, internet, email or post. Any interaction with a member of staff e.g. returning a form to head office for example, means that the transaction is no longer at a distance.
Implementing the DMD
The two main elements involved in the distance-marketing directive that apply to both account opening and loan agreements are:
1. Disclosure of Information (CRED 11.4.4 G)
Content – Name, address and status of credit union (i.e. that is that the credit is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority)
Key features/characteristics of the service on offer, and in the case of loan agreements the total price to be paid by the member.
Cancellation rights (14 days in both cases)
Compensation rights
Complaints procedures
Form and timing
- In a durable medium
- In good time (i.e. enough time for a person to consider the service on offer)
- Before the applicant is bound by the terms of membership, or the loan
2 Cancellation Rights CRED (11.4.7 G)
Under the DMD the member will have the right to cancel their membership with Clockwise Credit Union, or their loan agreement without penalty within 14 days of the day of the conclusion of the contract, or from when they received the contractual terms and conditions. However, if a member needed to borrow within 14 days, this would be deemed to be an acceptance of membership. Clockwise Credit Union will not charge interest accrued on the loan before the member cancels. There are no membership fees charged to the member to join Clockwise Credit Union and, therefore, no refund of administration fee applies. However, the £1 paid into the member account, as their ‘share’ in Clockwise Credit Union (if applicable) can be returned to the member if they wish to close their account. If a member does decide to exercise their cancellation rights, Clockwise Credit Union will return, no later than 30 days after the date, any money paid by the member. Clockwise Credit Union reserve rights to request that the members pay for any services provided up to the date of cancellation provided it does not amount to a penalty. Information on how to go about cancelling any agreements concluded at a distance will be provided with the Terms and Conditions of the service you require, but if you are unsure, please contact Clockwise Credit Union on enquiries@clockwise.coop or telephone head office on, tel: 0116 2423900.
Exemptions
1) The DMD will only apply where there is ‘an organized distance sales or service-provision scheme run by the supplier’. A one-off transaction dealt with at a distance will not be required to comply with the rules. (CRED 11.4.1 G).
2) Where the member is recruited by telephone they can give consent to receive a more limited range of information before the conclusion of the contract. However full information, in a durable medium must be provided immediately after the conclusion of the distance contract.
Workplace Contacts
If an employer simply makes information and application packs available to employees, any resulting contract would be a distance one and would have to meet the DMD requirements regarding disclosure and cancellation. However, if for example a work place rep met face to face with potential members to talk about Clockwise Credit Union membership, or terms and conditions of loans this would not constitute a distance contract.
Our Obligation
Clockwise Credit Union will ensure that Distance Marketing information is included with the welcome letter, which we sent to all new members when they join. The credit union reserve rights to request that the members pay for any services provided up to the date of cancellation provided it does not amount to a penalty. The credit union will not charge interest accrued on the loan before the member cancels.
Updated April 2018.
