FAQ

Why should I join Swan Community Bank?

Swan Community Bank is a not-for-profit financial cooperative. As a Community Bank, we are different to high street banks and other commercial lenders: we are run and owned by all our members. We are authorised and regulated in the same way as high street banks, so your money is just as protected.

Our mission is to help people get on top of their finances by encouraging them to save money when times are good, so we can then make affordable loans available to them when necessary.

Can anyone join?

We offer Ethical Savings and Affordable Loans for people in Milton Keynes, Aylesbury Vale and Oxfordshire. If you live or work in this area, we would love you to join us.

How do I join?

Click on the Join Now Button at the top right of the Homepage on our website. Once you have joined you will get a membership number and a welcome email. The welcome email will tell you how to access the members only area and our great new app to make things easy for you to help manage your money.

Who are you regulated by and are my details safe?

We are authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority, and are fully compliant with Data Protection Laws. Our Privacy Policy can be found on our website in full and can be obtained from our admin office (see contact us) Your details are not sold to anyone else and only used for our purposes.

Do you have accounts for children?

We know how important it is that saving starts early so we want to encourage under 16s to save. An existing adult member needs to endorse the opening of an account. Our Junior Saver’s Account attracts an interest rate of 1% to encourage saving. Contact us for a paper application.

 

Savings

How do I add to my savings?

Regular savings –

Set up a standing order with your bank to regularly add a set amount to your savings. With a Standing Order you have total control so you can change it when you want.

Either email us for your personal Swan Community Bank info or log onto to the app / online members area to get the bank details and give them to your bank.

One Off Amounts –

Members can also make a one-off payment via bank transfer, using the bank details are as follow:

Sort code: 089299

Account number:65196124

REFERENCE Number – (Your personal Swan membership number must also be quoted otherwise we will not know it’s yours)

How do I withdraw my savings?

We appreciate you may need your savings quickly so the quickest way to access them is via the app or the online members area. You can have the

money transferred to your nominated bank account or added to a pre-paid card if you have one.

We cannot take withdrawal instructions over the telephone.

 

Loans

How do I apply for a loan?

If you are already a member, please apply via the app or online member area. We sometimes ask for additional information, but most loans get a decision in principle very quickly if applied for this way.

If you are not a member, have you considered joining us and using our savings accounts to help for future expenditure. If you want to apply for a loan without becoming a member, please contact us.

What does APR mean?

APR stands for Annual Percentage Rate. By law, the APR is required to be displayed on any financial products which involve a loan element. It tells you how much the loan will cost you over the term of the loan, considering additional costs such as annual fees and other charges. So, the higher the APR, the more you will pay for the loan.

The interest rates on our loans are fixed – so if your application is successful the interest rate you apply for is what you will get charged.

Why did I get declined a loan?

The decision to decline a loan is made up from many factors and it may be difficult for us to explain which specific factor has resulted in our decision. However, we encourage you to continue saving regularly and reapply in a few months. If you want to discuss further, please contact us.

What if I am struggling to pay my loan?

We understand that there are circumstances when you might struggle to afford a payment, and at those times we’re here to help. Let us know straight away if you’re experiencing any difficulties and we’ll work with you to find a solution. The sooner you talk to us the easier it is to sort.

 

Technology

How do I register for an online account?

If you have just joined, we will send you instructions in your welcome email. Kee an eye out for it and check your junk email folder

If you need a reminder the instructions are here (link to doc?)

Do you have an app?

Yes, we have a great app. Its available on Android & Apple (called Swan Community Bank with our logo) and is a very easy way for you to manage your account. Give it a try we are sure you will love it

I have forgotten my log in details

Not a problem. Just go to the members area & click on Login Help / Forgotten my log in details and you can reset them. You will need to have your mobile that is registered with Swan so we can confirm its really you.

Can I change my contact details online?

It’s really important that we have your correct mobile number and email and address, so we have made it very simple for you to update these details yourself within the members area and the app.

Please make sure you type them in correctly though as we will use these details to confirm your identity if you contact us and contact you if there are any issues with your account

Can I deal with my account over the phone instead?

You may contact us about your account by telephone if you can answer the security questions to verify it is your account. We cannot take withdrawal instructions over the telephone.

Contact Us

If your question is not answered here, feel free to contact us

By Phone – 03030 300 147

Our phone lines are answered Monday – Friday 10am-2pm

By Email – enquiries@swancommunitybank.org.uk

Message – via the online portal / app

If you need help with your Engage card the best people to help are Customer Services who you can call on 0333 202 36 42 or the Engage website for help is www.engageaccount.com

· Complaints – A credit union is run and owned by our Members – our Members interests always come first. If you feel we have made an error or done something wrong, please let us know and give us the opportunity to put things right. Please contact us by email

complaints@swancommunitybank.org.uk

· Feedback – If you like our changes or think we could do something different we would love to hear from you. Please contact us by email

admin@swancommunitybank.org.uk

Swan Community Bank is a trading name of Swan Credit Union which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority.

Swan Credit Union Ltd. Our registered address is Foundation House, Aylesbury St, Wolverton, Milton Keynes, MK12 5HX. (Company no. 417717).