Jubilee Tower Credit Union Products and Services March 2016

Savings Accounts An easy access account to encourage people to save up. We take small deposits (anything from 1p upwards – and we’ll take loose change). We make it easy to open the account; we have to take ID but are flexible for people who don’t have standard ID. We DO require notice to make withdrawals from the account, but this helps people plan and stops people just dipping into their savings. Dividend rate (similar to interest rate) is the same for everyone – last year it was 0.5% whether you had £100 or £10,000 We take payments by cash or cheque at collection points; by standing order; by debit card through a telephone payment line and secure internet payment site; by payroll deduction (selected employers) – or by having benefits paid into the account. Withdrawals can be paid out by cheque, by bank transfer or to our Prepaid Debit Card

Loan Accounts Available to regular savers who have been saving for a qualifying period. The amount of loan and repayment terms are tailored to ensure that borrowers can afford the loan. Interest rates are typically 12.6% APR (1% per month on the declining balance), with the legal maximum interest rate of 3% per month. We lend for all sorts of things from holidays, to household goods, Christmas and even new teeth and gravestones. We provide a good alternative to Doorstep lenders, Payday lenders and Rent-to-Buy stores. (£500 from a doorstep lender over one year costs £410 in interest – the same loan costs between £30.28 and £62.47 with JTCU) Last year we saved our members over £150,000 in interest charges compared with other lenders Loans from us may not be the best solution for some people.

Engage Prepaid Debit Card A prepaid debit card is a sort of electronic purse; you can only spend the money that you have ‘loaded’ onto the card. So you can keep control of spending. Can be used in shops and online, as well as to get cash from an ATM (small charge applies) or cash-back at a till. It can help people feel ‘normal’ as they are using a card just like everyone else It’s safe and secure – keeps the money separate from other money you may have in a bank account The Engage card can be ‘loaded’ via the credit union through a savings withdrawal or loan, by a bank transfer or at a Paypoint. The Engage card offers a cash-back scheme for spending in selected shops, including ASDA (3% cashback) & Argos (4% cashback). Small monthly charge (just £2.00 per month) deducted directly from the card balance

Housing Benefit Payment Acc. An account for tenants of private landlords to have their Housing Benefit paid into. We receive the housing benefit payment directly from the local authority and pay this on to the landlord on behalf of the tenant. Tenants like it because it helps them manage their money; it keeps their rent separate from other benefits and they know that their rent will be paid. Landlords like it because they can be sure they will get the housing benefit payments Helps tenants maintain their tenancies We also arrange for Rent Top Ups to be paid to the landlords alongside Housing Benefit. This account can run alongside a standard JTCU account Account holders can access other JTCU products and services

DWP benefits All current DWP benefits can be paid into a Jubilee Tower Credit Union Account The benefit is paid into the account; we then automatically transfer an agreed amount to the claimants bank account or prepaid debit card. We can arrange to pay regular bills, such as council tax or rent top up from the regular benefit/s. We encourage claimants to retain a small amount of their benefit to build up some savings – e.g. 70p from weekly child benefit of £20.70 A credit union account is much more flexible than a Post Office Card account as other monies can be credited to the account

Direct Payments Account A managed account for people who receive a direct payment from the local authority to help pay their own care costs. We receive the payment directly from the local authority and then pay this to the carer on behalf of the client. We can arrange for regular payment of carers wages and HMRC tax payments. This account can run alongside a standard JTCU account. Account holders can access all other JTCU services

BwDBC Crisis Fund We work with Blackburn with Darwen Borough Council on a scheme to administer short-term Crisis Funds for emergency gas & electric meter top-ups; which were passed from the DWP to local authorities in April People have to meet the scheme criteria which includes residing in the Borough, evidence of a temporary financial shortfall and documentation that the gas/electric accounts are in the applicant’s name. The small, humanitarian top-ups (typically £5 to £10) are helping to keep families warm, clean and fed during difficult personal times.

Crisis Fund process We request that claimants bring the following documentation to support their claim: –Evidence of ID –Evidence of receipt of benefits – e.g. recent letter about DWP claim –Evidence that the fuel account is in the name of the claimant – e.g. annual usage statement or welcome letter from supplier. We complete an application form and ask the reason WHY they need support. We do not normally provide support where a claimant is on DWP sanction or if they have no money due to poor budgeting (but we do consider each case individually and will support someone in a vulnerable situation). If the claim is approved, we action the gas or electricity Top-Up on behalf of the claimant. No cash is given to the claimant.

Co-op Electricals Scheme Credit Union membership allows people to have access to discounts on household electrical items Top name branded, warrantied goods with free delivery and free removal of the old appliance. Gives access to online pricing to people who may not have internet access A Beko 9 kg 1400 spin speed washer through the main Rent to Buy store, Brighthouse, is: cash price £ weeks at £7.00 – total payable £1, Through the Co-op Electrical Scheme the same model washer is £ and a JTCU loan would be 53 weeks at £6.50 – total £ saving a total of £ The scheme offers special discounted bundles of items – e.g. Washer Cooker and Fridge for £499. Goods can be ordered through the scheme at any of our collection points Items can be paid for with a savings withdrawal or loan (or by direct debit card payment) Full range of electrical items available, not just white goods and TVs

Young Savers Savings accounts for under 16s We encourage children to get into the habit of saving early Work with 16 Schools operating School Savers Scheme for pupils as well as the young savers through any of our collection points. Parents like the Young Savers Scheme as it allows them to easily save for their children. Young Savers can access their money easily, but we require a parents signature as well until they are 12 years old.

Other Initiatives Universal Credit – we are working in partnership with Pennine Credit Union to develop a new account for people in receipt of Universal Credit. This builds on the accounts we already offer for Housing Benefit and Direct Payments of Care costs. Blackburn Foodbank – JTCU is an official voucher-holder for the new Foodbank. This means we can refer people in crisis situations so they can receive a 3-day food parcel. Offenders leaving prison – we are working with South Yorkshire Prison on a scheme whereby due-to-be released prisoners can open an account with us in preparation for their release. The account opening is performed when we receive pre-verified documentation directly from the prison. FRED (Financial Responsibility, Education and Development) - we are currently establishing a charitable arm to deliver financial capability training and awareness raising.

Other Initiatives – cont. Flexible ID – although we work to the same regulations as Banks & Building Societies on Identifying & Verifying new account openings we utilise the flexibility within the rules. The rules do not that state high-level photo ID like passports or driving licences MUST be used; we can take others. Plus, if all else fails, YOU as a supporting professional can provide ID on a letterhead. Volunteering – we encourage volunteers to be involved in the day to day running of the credit union. Volunteers gain skills, experience & confidence and frequently use this in jobseeking. Illegal Moneylending – we work in partnership with the national Illegal Moneylending Team to raise awareness of illegal moneylending and help fight loan sharks.

Cameron Ashton, Outreach Manager 5-7 Bolton Road, Darwen, Lancashire, BB3 1DF Tel: