• FAQs

RENCAM Credit Union FAQs

What is a Credit Union?

A Credit Union is a financial co-operative. Every member of a credit union must share something in common – this is known as a Common Bond. The bond could, for example, be living or working in the same area or working for the same employer. Credit Unions are run democratically and operate in the interest of the people/customers who use their services – their members.

Why do Credit Unions have members rather than customers?

As credit unions are co-operatives, the people who use the credit union also own the credit union. Once you open an account with us, you become a member of RENCAM Credit Union and a part owner of the organisation. As a member you have the right to attend our Annual General Meeting and influence the running and policies of the organisation.

How do Credit Unions work?

Members make regular savings, these savings form a common pool of money from which loans are issued to members. The interest charged on loans is the credit union’s main income. Once the operating costs of the credit union have been deducted, money is returned to members in the form of a dividend.

Who can join RENCAM Credit Union?

RENCAM Credit Union is open to Cameroonians, foreign spouses of Cameroonians and descendants of Cameroonians who are ordinarily resident in the UK. Membership is also open to other nationals living in the UK, who have interests in the Cameroonian heritage. Full membership begins at age 16 with Junior Saver Accounts also available.

Corporates/Group membership is also now available. Please contact the RENCAM Credit Union office for further information or visit the Corporates/Group section of our website.

How much does it cost to Join?

It costs £10 per annum membership fee for Adults and £20 for Groups & Corporate bodies.

Are my details secure?

At RENCAM Credit Union we take security very seriously. All employees and members who have access to personal information are required to act in a confidential manner at all times.

What is a Remittance?

“Remittance” is another word for a Money Transfer.

These are usually sent between friends and family in different countries, for personal use. That can include paying household bills, healthcare, education and general living costs. Sometimes people send money to themselves if they have a mobile phone or bank account overseas.

More than 450 billion in remittances are sent around the world annually, a number that is increasing every year.

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