Terms and Conditions of Membership

1) Share (Savings) Balance

a) Minimum shareholdings:

i) Opening a membership requires a minimum deposit of £1, in addition to a joining fee, which will be no more than £5.
ii) Members are required to hold a minimum of £1 in their Share 1 account at all times
iii) Members whose share balance falls below the minimum required shareholding will be informed of the violation and required to restore a minimum shareholding within three months.
iv) At the discretion of the Board of Directors, member accounts in violation of minimum shareholding requirements may be closed and any remaining balance transferred to the property of Wyvern Savings and Loans.

b) Maximum shareholdings:

i) No account may have total shares of more than £15,000.
ii) No individual may have title to more than £15,000 in total shares.
iii) Any transaction that causes an account to exceed maximum shareholding limits shall be registered and any resulting balance above the maximum shareholding shall be refunded to the account holder.

2) Active Use of FDCU Services and Dormant Accounts

a) Members shall be active users of the services provided by Wyvern Savings and Loans.
b) At the discretion of the Board of Directors, accounts that have registered no member initiated transactions in any 12 month period may be declared dormant following notification procedures outlined in the Wyvern Credit Union Limited Rules.

i) Any balance held in a dormant account shall be transferred to the Members’ Long term Suspense account.
ii) At the discretion of the Board of Directors, dormant accounts shall be charged a maintenance fee of £5, processed in September of each year.
iii) Applications for reinstatement of dormant accounts may be requested at any time.

(1) Applications for reinstatement will require proof of identification and entitlement to monies held in suspense.
(2) Full reinstatement of membership will be at the discretion of the Board of Directors. If reinstatement of membership is denied, any funds to which the applicant has entitlement shall be refunded, and the dormant account closed.

c) Members wishing to use Wyvern Savings and Loans’ services solely for long term investment or ethical savings may apply to hold an Associate account, which shall be exempted from normal dormant account procedures.

3) Share 1 Account and Share 2 Account Withdrawals

a) A request to withdraw by BACS or Cheque from a Share 1 or Share 2 account can be made by completing a withdrawal form. Fees may be applied.
b) Applications for Share 1 Account or Share 2 Account withdrawals shall normally be processed within ten working days. Notwithstanding, Wyvern Savings and Loans reserves the right to require 60 days notification of any withdrawal.
c) Subject to available balance and current cash holdings, up to £100 may be withdrawn from Share 1 Account or Share 2 Account without notice, subject to the conditions noted in 8.b
d) Identification verification shall be required for all Share 1 Account or Share 2 Account withdrawals.

4) Share 3 Account (Christmas Savings) Withdrawals

a) In November of each year Wyvern Savings and Loans shall automatically process withdrawals for the entire balance of Share 3 Accounts.
b) Identification verification shall be required for all Share 3 Account withdrawals.

5) Share 4 Account (Associate Savings) Withdrawals

a) Withdrawals from Share 4 Accounts require 60 days written notification.
b) At the sole discretion of the Board of Directors of Wyvern Savings and Loans, the notification period on Share 4 Accounts may be waived entirely.
c) Identification verification shall be required for all Share 4 Account withdrawals.

6) Prepaid Card Account Transfers

a) A request to transfer funds from any of the 4 main share accounts must be made to the office.
b) Applications for the transfer of funds shall normally be processed with one working day.

7) Attached Shares

a) An amount may be held in Attached shares as security against a loan granted.
b) The borrower may not withdraw monies from their attached shares unless the credit balance exceeds the amount outstanding under the loan, and then only the amount of that excess.
c) An application to withdraw from this account is required.

8) Liens on Shares

a) In the event of default on a loan, any shares held by the defaulting member or guarantor may be applied to reduce the loan balance.
b) While a member has an outstanding loan in default from Wyvern Savings and Loans, or is acting as Guarantor for another member with a defaulting loan, no withdrawals may be made from any Share account unless the balance exceeds the total loan liability, or unless otherwise approved by the Credit Committee.

9) Loan Eligibility

a) Members may qualify for a loan upon

i) meeting criteria for an emergency loan, or
ii) providing adequate security for funds borrowed, or
iii) providing evidence of having established a payroll deduction to Wyvern Savings and Loans, or
iv) demonstrating capacity to repay by establishing a history of saving

b) Irrespective of initial criteria above, membership in Wyvern Savings and Loans does not in any way signify entitlement to loan facilities.

10) Access to Members

a) Members of Wyvern Savings and Loans have the right to initiate contact with other members of the organisation. For data protection purposes, any such member initiated contact must first be via a member-funded mailshot coordinated by the Wyvern Savings and Loans office.

11) Entitlement to Information

a) Members of Wyvern Savings and Loans may request and have provided to them

i) a current statement of their account activity
ii) a copy of the most recent audited accounts
iii) a copy of the Registered Rules of the Company

b) A printing fee may be charged for copies of Company documents.

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