Junior Saver Terms & Conditions
- Junior accounts are available to those under the age of 18.
- The junior and trustee must live within CLEVR Moneys common bond area.
- The age for full adult membership will be as stated in the registered Rules of Blackpool Fylde & Wyre Credit Union, as agreed from time to time by the membership at an Annual General Meeting.
- On attaining the age of 18, the Junior Saver Account will be transferred to a full adult membership and the member will gain full control of the account.
- The account is operated in accordance with Section 9 of the Credit Unions Act 1979, Co-operative and Community Benefit Societies Act 2014 & The Trustee Investment Act 2000.
- Junior Saver Accounts must be co-signed by a parent or legal guardian who will act as the Trustee of the account.
- Accounts may only be opened in branch.
- CLEVR Money must be able to confirm the identity and residence of the Trustee, we will use electronic checks to do this. A report will be produced and retained on file in order to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and the Proceeds of Crime Act 2002.
- CLEVR Money requires that an original, valid EU passport or birth certificate is provided for the junior at the time of application.
- A Junior Account may be opened by the Trustee by the completion of a Junior Saver Application if the junior is under the age of 13 years.
- The junior must be present for the account opening if they are aged 13 or older.
- Junior membership will commence from the date of the first deposit received in the Junior Saver account.
- The accepted deposit methods are the same as those for Membership Accounts.
- The maximum amount that may be held in any Junior Saver account at any one time is the same as the level set for Membership Accounts.
- Junior Saver Accounts are not eligible for dividend payments, however monies raised through investment of the junior savers funds may be distributed in interest to the Junior Saver Accounts at a rate determined by the Board of Directors from time to time.
- No loans may be taken on any Junior Saver account by either the Junior Member or the Trustee.
- Withdrawals may be made from the Junior Saver account on receipt of a properly completed withdrawal request.
- Withdrawal to be limited to 2 withdrawals per year, requiring both the Junior Saver and the Trustee’s signature and will be paid into the authorised bank account of the Trustee. If the junior is under the age of 13, the trustee may submit a withdrawal request on the juniors behalf.
- Withdrawals may not be made that will take the balance of the account below £5.
- We may use any contact details you provide to us for service related reasons.
- It is your responsibility to notify CLEVR of any changes to your contact details. If you do not notify us promptly of any changes to your details, the security of your personal information could be put at risk.
- If there has been no activity on your account in a twelve month period, and the balance is below £200.00 we may make your membership dormant. You will be contacted prior to us taking this action and given the option of reactivating or closing your account.
- The maximum amount that you can save in your CLEVR accounts is £10,000 or another amount set from time to time by the board of directors. The latest amount can be supplied by office staff on request.
- These terms & conditions may be varied from time to time and an up to date copy will always be available on our website or from the office on request.
- All members have a 14 day cooling off period on all of our financial goods and services. If you change your mind about any of our financial goods and services and decide not to proceed, you need to notify us in writing of your decision
CLEVR & CLEVR Money are trading names of Blackpool Fylde & Wyre Credit Union Limited, authorised and registered by the Financial Conduct Authority (FCA) with the Firm Reference Number 478917. Our members’ savings are protected under the terms and conditions of the Financial Services Compensation Scheme (FSCS). This guarantees 100% of the first £85,000 you have saved. Our registered address is 13 Birley Street, Blackpool FY1 1EG.
We aim to provide our members with a first class service, however we appreciate that mistakes can happen and we therefore welcome the opportunity to put things right. We will investigate your concerns as quickly as possible and take steps to rectify the situation and where appropriate, prevent a recurrence. Please contact the Complaints Officer in the first instance to address any of your concerns. If however you remain dissatisfied, a full copy of our complaints policy and procedure is available on request from our office. You may also be able to refer your complaint to the Financial Ombudsman Service (FOS) once CLEVR has had the opportunity to respond to your complaint.
Your information will be held in accordance with the principles of the Data Protection Act 1998.
- From 25 May 2018 your information will be held in accordance with the General Data Protection Regulation (GDPR), when it supersedes the UK Data Protection Act 1998.
- We will use your and your trustees personal details for the purposes of managing your accounts with the Credit Union.
- Your personal data and your trustees personal data may be accessed for support purposes by our software providers outside of the EEA.
- Your information and your trustees information will be shared with other agencies only for the purposes of ID & Residency verification, fraud prevention and debt recovery or where required by law.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
We take the security and confidentiality of your personal data seriously. We will only share your data and your trustees data with:
- Our agents or subcontractors for operational reasons.
- Any persons including but not limited to, insurers, who provide a service or benefits to you or for us in connection with your accounts.
- Licensed Credit Reference Agencies, fraud prevention and other agencies to help prevent crime or where we suspect fraud.
- For the purpose of compliance with regulatory requirements.
- Where required by law.