Corporate accounts guidance
Who can apply for a corporate account?
Local organisations, community groups and associations can apply for a corporate account at Castle & Crystal. Please note you will need to operate in the West Midlands to join us.
How do I apply and what will I need in order to open a corporate account?
You will need to fill in our corporate account application form, as well as providing two forms of ID for the trustees (you will need two signatories on your account). Forms of ID include a driving license/passport and a recent utility bill/letter. You will also need a copy of the minutes from your last meeting confirming you wish to open an account with Castle & Crystal Credit Union signed by all attendees.
Will I be given a cheque book and a debit card when opening my account?
We do not issue cheque books with our corporate or personal member accounts; we also do not provide debit cards. However, you can purchase a pre-paid card from us on opening your account. Please ask a member of staff for more information.
How do I transfer money into my account?
You can deposit cash and cheques into your account at the counter when quoting your membership number. You can also make a BACS payment into your Castle & Crystal account as we will provide you with our bank details on opening your account.
How do I take money out of my account?
The best way to withdraw money from your account is via BACS transfer, if you need to do so you can fill a share withdrawal form in our office or we can send you the form via email or post. As mentioned above we also provide pre-paid cards which allow you to load your card with the funds from your account.
Do you offer business loans?
As a credit union we do not offer loans to corporate accounts.
What is the maximum and minimum amount I can deposit into my account?
Deposits can be made up to maximum of £44,479.43 (2022)* and a minimum of £1. It is an instant access account; please note this is not a current account.
*Subject to change annually, please enquire for details.
Will I receive interest on the money that is in my account?
A dividend will be paid in return for a corporate deposit, which is agreed at our AGM and is based upon the annual performance of the credit union.