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Membership

RENCAM Credit Union Membership

Benefits of membership

Membership of RENCAM Credit Union makes financial and social sense for you as well as for your community:

  • As a saver, you know your savings are completely safe as they are covered by the UK Financial Services Compensation Scheme (FSCS) for up to £85,000 in the event where the Credit Union became insolvent.
  • As a saver, you take comfort in knowing that your savings are used to lend to people from your own community.
  • Also as a saver, you are entitled to dividends when they are declared annualy.
  • As a borrower, you know the Credit Union can provide you with an affordable and flexible loan. There are no hidden charges with loans, no penalties if you repay early.
  • When you send money home through RENCAM Credit Union’s money remittance service, you have a share in the profits (currently 25p for every £3.00 fee is credited to your savings account). This means you send money home to your loved ones at a reduced fee of £2.75 for every £100 sent!
  • As a member and user of its services, you are helping RENCAM Credit Union to grow and potentially provide employment opportunities to people of your community.

Eligibility

Individuals

Adults – 18 years and above:

  • You are a Cameroonian, foreign spouse of a Cameroonian or of another nationality/ethnicity with an interest in Cameroonian heritage and
  • You are ordinarily resident in the UK

Young Person – 0 to 18 years:

  • Either of your parents or guardian must be a member of RENCAM Credit Union

Corporates and Groups

  • Any UK-based Cameroon cultural or social groups, charities and other community interest businesses with an interest in the Cameroonian heritage

”How to become a Member

Once you meet the eligibility criteria and have decided to join RENCAM Credit Union, please Apply Online or Download an Application Form.

  • Attach a certified copy of your common bond document (see below), which must be independently certified with the words

This is ‘Certified to be a true likeness of Joe Bloggs”, if certifying Joe Bloggs’s document

Certifier’s Name and Address:

Certfifier’s Capacity:

Date: DD/MM/YYYY

  • Attach your ID Documents and Proof of Address (See List Below):
  • Pay an annual membership fee of £10.00 into the following account:

Bank: The Co-operative Bank
Account Name: RENCAM Credit Union
Account Number: 65709663;
Sort Code: 08-92-99;
Reference: Joe Bloggs and Credit Union number if known

  • Include at least £10.00 savings when paying your membership fees so that any amount above £10.00 will be credited to your savings account.
Note: You can ONLY be admitted as a member when you have paid your membership fee together with a Start – up savings of at least £10.00 and have successfully submitted all relevant ID Documents with  your application.

Once we receive the above, we will process and provide you with your membership number. This number proves that you OWN the credit union with other members and you can start saving with YOUR Credit Union.

  • Proof of Common Bond (that which binds us together) – Any one of the following:
    • Current Cameroonian passport or British passport showing Cameroon as place of birth
    • UK photo-card driving licence showing Cameroon as place of birth
    • Marriage certificate supported by spouse’s common bond document
    • Birth certificate – Young persons

    Proof of UK address – Any one of the following:

    • Utility bill of not more than 3 months old
    • Bank/Building Society statement
    • Council Tax Bill, Current TV License, tax man documents

    PLEASE NOTE: UK LAW REQUIRES THAT THE CREDIT UNION OBTAINS AND KEEPS COPIES OF DOCUMENTS!

Our Common Bond

“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”