How it works
All members need to be saving regularly and this pool of savings provides the cash from which members may take loans. The income from loans pays for the administration, regulation, external auditor and the establishment of a general reserve.
Thamesbank has a Board of Directors that is comprised of volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration.
The Annual General Meeting also elects a three person Supervisory Committee that oversees the activity of the Board of Directors, these are also volunteers and ordinary members of the credit union.
Any surplus that the credit union makes will be split roughly into three areas. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services. Lastly, any remaining monies will be returned to savers in the form of a dividend.
If you are employed in a company where we have payroll agreements in place you must pay into your account using a deduction from your payroll this is by far the easiest way to pay into your credit union.
Other members may either set up a standing order from their bank account or use the Pay Point card that we give to members that prefer to use cash.
All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.
Members can have payments made to them by cheque or BACS or paid onto a pre paid debit card (CredEcard). The CredEcard costs £10 to purchase and 50p a week to keep it current. It is possible to set up standing orders from it and have your benefits paid onto your card as well. There may also be a charge for BACS payments.
Thamesbank has a Board of Directors that is comprised of volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration.
The Annual General Meeting also elects a three person Supervisory Committee that oversees the activity of the Board of Directors, these are also volunteers and ordinary members of the credit union.
Any surplus that the credit union makes will be split roughly into three areas. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services. Lastly, any remaining monies will be returned to savers in the form of a dividend.
How to join
Every new member must complete an application form and provide proof of ID and address in order to satisfy the requirements of the money laundering regulations.Paying into your credit union accounts
There are a number of different ways to pay into your credit union account.If you are employed in a company where we have payroll agreements in place you must pay into your account using a deduction from your payroll this is by far the easiest way to pay into your credit union.
Other members may either set up a standing order from their bank account or use the Pay Point card that we give to members that prefer to use cash.
Products and Services
The key activities of the credit union are to assist members to save and to provide a range of loans for members to take advantage of. All members savings and loans are covered by, free to the member, loan protection and life savings insurance so the debt always dies with the debtor and is not passed on to the next of kin.All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.
Members can have payments made to them by cheque or BACS or paid onto a pre paid debit card (CredEcard). The CredEcard costs £10 to purchase and 50p a week to keep it current. It is possible to set up standing orders from it and have your benefits paid onto your card as well. There may also be a charge for BACS payments.
Thamesbank Partners
- Hounslow Council
- Hounslow Homes
- Hounslow PCT
- Richmond Council
- Richmond PCT
- Crane Park Primary School
- Strand on the Green Primary School
- Ivybridge Park Primary School
- Green Dragon Primary School
- Credit Union Solutions
