Frequently Asked Questions

Yes, provided you meet the minimum requirements for membership and an individual savings account, you may amend the amount you are paying in at any time.

Submit a “Standing Order” with the amount you require to be sent to Riverside Credit Union.

If you are registered online you can submit your amendment request online.

Paper request forms can also be posted or handed in to Riverside Credit Union office.

Cash deposits can also be made at the office.

We provide a facility to that allows “Child Benefit” payments to be made directly from the DWP. Many of our members choose this way of saving and borrowing from Riverside Credit Union.

Members can also set up a “Standing Order” directly from their bank. With Standing Orders you can choose your payment frequency and your preferred payment day or date.

Yes we can accept deposits by cheque and by debit card.

Please make cheques payable to ‘Riverside Credit Union’ and ensure you write your name and member number on the back of the cheque.

To make a debit card or credit card deposits, you can use our online facility or visit the credit union office.

Members can also make deposits card or cash payments in person at the office or by telephone (please have your card details to hand).

Credit Unions, like other UK financial organisations are members of the Financial Services Compensation Scheme. This provides a safety net should a bank, building society or credit union collapse.

Further information on the scheme and the level of cover provided can be found here.

Read more about how we are regulated.

Yes, Riverside Credit Union encourages savings among young people.

Credit Union members under the age of 18 cannot legally borrow money.

Withdrawals from junior accounts are similar to withdrawals from ordinary accounts.

Under the age of 12, the share withdrawal must be signed for by a parent or guardian. Over the age of 12, the child must sign for themselves (this is the same guidance as for passport applications).

Withdrawals under £50 may be paid in cash by prior arrangement only if you do not have a bank account, otherwise it will have to be paid into a bank account either the child’s bank account or a bank account nominated by their parent or guardian.

You will be asked on the withdrawal application to provide details of the account you wish the money to be paid into.

When you reach age 18 you can apply to become a full member of the credit union and change your junior account to an adult one. You can then take advantage of all the benefits of credit union membership.

Anyone who resides or is employed in a Liverpool post code. (Riverside CreditUnions common bond).

Find out more about becoming a member.

One of the biggest differences between credit unions and banks is the member’s ownership or involvement in the institution.
While you think this may not affect you, it actually does.

Credit unions are not-for-profit organisations owned by their customers, who are called “members.” As a member and owner, you are given the opportunity to gain greater control over your finances.

As a member of the credit union, you own part of the credit union through your shares.

The members own, control, and administer the Society (the credit union).

Because you are a member and partial owner, the credit union works for you. Therefore, as a member of the credit union you will have access to ethical and affordable loans and more financial advice as to which loan product is best for you.

Credit unions strive to offer fair, competitive financial services to individuals from all walks of life, regardless of their social status and economic background.

Additionally, we believe that borrowing money should be a carefully thought through process, and the way we lend is built around your ability to repay.

Our dedicated employees want to work with you personally to create a repayment plan that best fits your situation.

As an added benefit of membership, Riverside Credit Union currently provides free life savings insurance for its members up until their 70th birthday.

Further information on the insurance and the level of cover provided can be found here.

Yes. We do understand that circumstances can change, if you find that you might not be able to make a loan repayments then please contact us at the earliest opportunity. Our Missed Payments Hotline number is 0151 448 0565.

We do want to work with you to manage your loan arrears. Members who do fall behind with their payments are able to come to an arrangement with Riverside Credit Union, and are able to have another loan in the future without their arrears adversely affecting their credit rating.

However, if you fail to make regular repayment and do not respond to offers of help, Riverside Credit union reserve the right to follow all legal recourse to protect members saving and will pursue measures including court action.