FAQs
FAQs
Like all credit unions, Metro Moneywise is a financial co-operative owned and controlled by its members.
While credit unions offer some of the same services as high street banks, they operate a different business model with members electing the directors. All profits after reserves and running costs are met are paid back to members by way of an annual dividend.
Members can decide how little or how much they wish to save, and all are welcome to attend the AGM so they can have a say in how their credit union is run.
The loan products they offer are suited to members needs, with the focus being on the members ability to afford repayment.
You can save anything from £5 to £350 per month. Plus, an extra deposit of £1,500 in a 12-month period.
Join online via our website here
We can also be contacted by phone at 01706 298966 and by email at info@metromoneywise.co.uk
Our opening hours: Monday to Friday 9am to 4.30pm. Wednesdays 9am to 1pm
Messages can also be sent via our app - see below
The maximum savings you can hold per member if £15,000.
You can download our App here
Withdrawals can be requested via the phone or over our App
If you are not running a loan you can make as many withdrawals as are available
You must keep a holding balance of £5 in your account and if applicable plus your monthly lottery ticket payment. For example, £5 savings and 2 lottery tickets = £7 to be left as a minimum on your account
Withdrawals requested before 3pm will be in your bank by 6pm that night with the exception of a Wednesday as we close at 1pm. Where a withdrawal request is received after 3pm or after 1pm on a Wednesday this will be processed and paid into your bank by 6pm on the next working day.
Contact the office via phone or over our App and will instruct your payroll to amend your deduction from salary. Do not contact your payroll direct.
Yes, as we are not for profit financial co-operative, we always endeavor to pay a healthy dividend on our members savings. All profits (after reserves and running costs are met) are paid back to our members by way of an annual dividend.
Savings in our Prize Link Savings account do not attract a dividend, but are entered in a monthly draw with a £5,000 prize.
Yes, we are aware sometimes we like to transfer money to family members, their a facility to have up to 4 bank accounts on your credit union account.
Yes, our savings are covered under the Financial Services Compensation Scheme, meaning your savings are protected up to £85,000.
We believe in the philosophy "once a member always a member". So even if you leave your employment, as long as you are already a member with us you do not have to leave. You can just switch your repayment to a Direct Debit, so rather than it is coming straight from your salary it comes direct from your bank.
Yes, immediate family members who are living at the same address as the existing member can join.
You can apply for a loan as soon as you open an account with us.
You can apply for a loan on our Mobile App
You can apply for a loan up to £20,000 T&Cs will apply.
All our loans are based on affordability, so as a responsible lender, it is important that we ask you to confirm your income and expenditure. For this reason, many loan applicants will be required to share their bank statements and wage slips to show these incoming and out goings.
This ensures that we do not take unnecessary risks with the credit union’s funds, and we do not give out loans where we feel it will result in the member getting into financial difficulty. It also means that we can look beyond a member’s credit report to try to help them in every way we can.
There are times when we need to do a quick affordability check, and in order to do this we look at your most recent bank statements.
We use a system called Open Banking which is a secure, quick and easy way to share certain financial information that only you and your bank can see, such as your balance and transaction history.
Here at Metro Moneywise, we only ask for the information we need, and we can access this information for a limited period, and the transactions are limited to the most recent 3 months.
You are never asked to share your password or login details with anyone other than your own bank or building society. Banks will not issue date to a company that is not officially authorised and regulated by the FCA (Finance Conduct Authority), so this means that companies have to follow strict rules to keep your date secure.
If you would like to know any more information about open banking, here is the link to the Open Banking website.
As part of our loan application process, we do carry out both soft and hard credit checks.
As your Credit Union, we want to make sure our loans are affordable and responsible, so we consider the amount of loan you are applying for, the purpose of the loan, and your account in general. We don’t make the decision on the score; we look at all the information including your most recent bank statements and payslips.
If you need any more information on the process, you can call our Loans team in the office on 01706 298966 and we can talk you through the process.
Any loan with Metro Moneywise is the responsibility of the individual member. Although we may ask for information about a partner's income, this is solely to help ensure that the household income can afford the repayments. A member's partner is NOT liable for loan repayments.
Yes, in the event of a member’s death whilst running loan, loan repayments are covered by our free Life Assurance up to the age of 70 (some qualifying conditions will apply)
If your loan is declined, you have to wait a minimum of 4 months before re-applying.
There are no early repayments penalties on Metro Moneywise loans. The interest is calculated on the reducing balance.
All members must keep two loan repayments in their savings plus £5 in their account.
We credit the funds to your account once we have received them from your payroll department. As long as the deduction shows on your payslip please be assured the funds will reach us and your account will be credited. Please bear in mind there can often be a delay from the date you get paid to the date we receive the list of deductions from the relevant payroll departments.
Your monthly payment is deposited into your Share 1 savings account and on the loan repayment date stated on your loan agreement, the amount is transferred automatically to your loan account to make your monthly payment.
