CUBE LAUNCHES CHILD BENEFIT · retailer that offers easy credit, check out how much you could save by taking a small loan from the credit union. If you purchase from Brighthouse paying

NEWS FROM CUBE CREDIT UNION 1Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 213804.

News from CUBE Credit UnionEmail: [email protected] Tel: 020 8756 3864 Internet: www.cubecreditunion.org

Issue #2 July 2014

Credit UnionBrent & Ealing

CU BE

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MAYOR CLLR BOBBY THOMAS JOINED CUBEThe Mayor of Brent signed up to become a member of CUBE Credit Union at the Annual General Meeting which was held at Brent Council on 10th April 2014.

Town Mayor Bobby Thomas said “I think it’s a very good scheme and I would urge people to join. Funds that members provide can be loaned to other members who need to borrow and then they will not be tempted by loan sharks or payday lenders.”From the left: Cllr Bobby Thomas and Annemarie Foster

Once we’ve received your child benefit payment your loan will be transferred to your nominated bank account and available for you to withdraw within a few hours.

CUBE LAUNCHES CHILD BENEFIT SAVINGS AND LOANS PLANWe are delighted to announce our new child benefit savings and loan plan. To be eligible for this offer you need to be a member and have your Child Benefit paid directly to CUBE. You can apply for a loan immediately and your funds will be available for withdrawal as soon as your first benefit payment has been received.

Borrow between £250 and £500 and repay it over up to 50 weeks. Repay £12 per week and save the rest. Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan.

Simply complete child benefit redirection of payment form and send it to us with the loan application.

Make sure you let us know your 10 digit child benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.

Savings after your loan is paid(based on £500 loan over 50 weeks)

Per Week Total Saving

1 Chid £20.30 £415.002 Children £33.70 £1085.003 Children £47.10 £1755.00

At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.

Life is now harder for those individuals seeking to borrow and those with existing debt as the banks react to the credit crunch by restricting lending and increasing the cost of borrowing.

CUBE remains committed to providing members with fair financial services. So if you need a loan or maybe you need to restructure your existing financial commitments speak to our staff on 020 8756 3864 who will be happy to help.

© Can Stock Photo Inc. / Anna_Omelchenko

WELCOME TOCUBE’S NEWSLETTER

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2 NEWS FROM CUBE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 213804.

Email: [email protected] Tel: 020 8756 3864 Internet: www.cubecreditunion.org

DIVIDENDAt the AGM it was decided that not enough surplus had been made to give dividends for the last financial year 2012-2013.

We are projecting a small dividend for the current financial year 2013-2014

Before you go to a pay weekly retailer that offers easy credit, check out how much you could save by taking a small loan from the credit union.

If you purchase from Brighthouse paying weekly, a Hotpoint Aqualtis 11kg 1600rpm spin speed washing machine will cost you £812.79. Spread over three years this rises to £1560.00.

If you purchase the same washing machine from a high street retailer it will cost just £500. By borrowing this £500 from CUBE you will repay just £702.04 over 3 years.

This will save you a massive £857.96. Don’t think that if you don’t have a great credit record, or you are unemployed, that you

HOW TO SPEED THINGS UP WITH OUR ONLINE MEMBER’S AREA

Just want to know your balance in a hurry?Over half of CUBE Credit Union members now use our online member’s area on a regular basis…register for a PIN today and you can:

view savings and loan accounts view recent transactions view and print a statement download forms use the loan calculator to work out loan repayments change a PIN number

JUNIOR ACCOUNT Last year 1% interest was paid to our Junior Savers accounts. The dividend can vary from year to year, depending on how much profit has been made by the credit union, but we are projecting that we will make enough surplus to pay dividend at the end of this financial year. We believe in encouraging children to save and see their money grow.© Can Stock Photo Inc. / monkeybusiness

MONEY MATTERS

Washing Machine broken down?

have no choice but to use these expensive options.

A credit union loan is flexible and affordable and means that more money will stay in your pocket.

Telly on the blink..?

© Can Stock Photo Inc. / diego_cervo

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NEWS FROM CUBE CREDIT UNION 3Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 213804.

email email email email email




Term of Loan(months)

Loan of £1,000(repayments)

Interest(26.8% APR)

Loan of £,2000(repayments)

Interest(26.8% APR)

12 £95 £134.71 £190 £269.4324 £53 £268.85 £106 £537.7636 £40 £412.27 £79 £824.7048 £33 £564.63 £66 £1,129.5860 £29 £725.97 £58 £1,451.94

go to members’ area log in on www.cubecreditunion.org

click on “Register for your PIN’’

complete the PIN register form

click on “Register’’

you will receive your PIN by post within 3-5 working days

you can now log in to CUBE’s secure online Members’ area

WHY NOT HANG ON TO YOUR SAVINGS..?

REMEMBER:• It takes time to accumulate savings and once withdrawn they

are hard to replace.

• If you have savings you will always be able to borrow should an emergency arise.

• CUBE loans are fair, fast, flexible and very competitive. Loans range from as little as £100 to a maximum of £7,500 above your savings. Repayment periods range from three months to five years depending on the amount borrowed.

• Your savings will of course be eligible for a dividend payment further offsetting the cost of any borrowing.

• So instead of withdrawing your savings why not consider a loan or a top up loan from your credit union?

It’s hard work saving so it can make sense to hold on to them.

Credit Unions exist to promote the savings habit which in turn provides a pool of funds from which loans can be made to members.

It makes good financial sense for you to protect your savings and spread your annual household costs such as holidays, cars and insurance.

FOLLOW THESE STEPS TO REGISTER FOR A PIN...© Can Stock Photo Inc. / karenr

WHAT WILL THE LOAN COST?Big or small, think before you borrow…Think loans from CUBE Credit Union.

HOW TO SPEED THINGS UP WITH EMAIL COMMUNICATIONEmail: [email protected] is keen to speed up communications with members. We are therefore happy to manage any member account requests received on the above email proving the request comes from the members’ registered email address.

For example if you need to withdraw savings simply:

email us on [email protected] confirm your name, membership number, credit union and the amount to be withdrawn

CUBE will then transfer your monies by BACS transfer to your bank account, details of which we hold on file


4 NEWS FROM CUBE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 213804.


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CREDIT UNION

What will you do with yours?

You can download the application form online at:www.cubecreditunion.org or email us at [email protected] call us on 020 8756 3864 and we will send you one by post, fax or email.

Join the credit union lottery and be in with the chance of winning exciting prizes of £100, £60 and £50 every month!

SHAREWITHDRAWALS

Your Credit Union shares can be withdrawn on giving the appropriate notice in writing.

By law this may be up to 60 days, but the Credit Union currently waives this requirement and shares may be withdrawn earlier without penalty.

Our aim is to process share withdrawal requests within 5 working days of receipt, however please be aware that this can take longer during busy times.

Please Note:

• That you cannot withdraw shares if your loan is greater than your share balance.

• You can use your shares to pay off your loan if you wish, but only if you have enough in savings to clear your loan completely.

• In order to keep your account open you must leave at least £1.00 in your shares.

That means that a quick trip through the supermarket where you grab the first familiar item of everything on your list can cost a lot more than looking up or down!

Did you know that stores put their most expensive products at eye-level?

A SMART SHOPPING TIP...

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RKIN

G IN PARTNERSHIP WITH:

LET’S GET SOCIAL!Remember to ‘like’ our Facebook Page and follow us on Twitter.

The more likes we have the more we spread the word on how great, credit unions are! The stronger we are the more benefits we can provide to our members.

Credit UnionBrent & Ealing

CU BE

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© Can Stock Photo Inc. / Altinosmanaj


Documents

CUBE LAUNCHES CHILD BENEFIT · retailer that offers easy credit, check out how much you could save by taking a small loan from the credit union. If you purchase from Brighthouse paying