Credit union savings accounts can be the best way to save up money for a rainy day, a treat, or to meet your financial goals. So, one day you’ll want to draw your money out. Here’s Metro Moneywise’s quick guide to what you need to know about drawing your money out of your credit union.
How to Withdraw Money From Your Credit Union Account
There are three main ways to access the money in your savings account:
- Transfer money from your credit union account into a bank account. You can do this either by using the credit union’s online portal, going into a branch, or calling them on the phone. Some credit unions like Metro Moneywise also have apps that make this process extra fast and easy. Access Metro Moneywise’s online portal.
- Visit the credit union branch, and a member of staff will help you withdraw money and hand over your cash.
- Some credit unions offer debit cards that can be used at ATMs or PayPoints in shops to withdraw money.
When can you withdraw money?
Usually, you can withdraw money from your credit union savings account at any time. There are only a few limitations you might need to consider:
- The credit union opening times if you need to go in or call them.
- The opening hours of your local PayPoint if you need to use this to withdraw cash.
- Transfer times associated with sending money to a bank account via BACS.
- Individual processing times for administration are associated with making a withdrawal.
When our members want to make a withdrawal, we can process it on the same day if the request is made before 3pm Monday to Friday. We make this clear to all our credit union members so they know in advance how long it will take to get their cash.
There is another consideration, too. If your savings account is a ‘notice’ account, this means you need to give a set amount of notice time to the credit union before you can make the withdrawal. If you do have a notice account, this should be made clear to you when you join your credit union.
How much can you withdraw in one go?
This really depends on your credit union’s policy. Some credit unions impose a limit on lump-sum withdrawals or a limit on withdrawals within a certain time frame. At Metro Moneywise we have no limitations on the amount of money you can withdraw.
Find out how savings with a credit union works and what happens to your savings after you die.
Is there anything preventing you from withdrawing money?
There aren’t often many limitations of saving with a credit union, so what could prevent you from drawing out your money?
The main hurdle to withdrawing your savings is when they are secured against a loan. Credit unions often hold member savings in their accounts as leverage against loans until they are paid off. This is one way of enabling members to take out loans in a way that is realistic and secure for both parties to avoid debts accumulating on loans that can’t be paid back. This is the case if you’re a member of Metro Moneywise. Find out how credit union loans work.
A charge could also be associated with withdrawing money from your account, but many credit unions don’t impose this. It’s a good idea to check before becoming a member, so you know about any limitations before you need to withdraw money.
How does withdrawing money affect your dividend rates?
One of the benefits of credit union saving is members’ dividends. Credit union dividend rates are similar to savings rates available in high-street banks. At the end of the year, all credit union members receive a dividend payout. Because this payout is a percentage of the value of your savings account, withdrawing your money will impact the dividends you receive.
What to Do If You’re Having Problems
Credit unions are known for their friendly, open staff who are more than willing to help members and potential members get their heads around financial services. If you have any problems withdrawing money from your account the best thing to do is get in touch.
Get in touch with Metro Moneywise on the telephone by calling 01706298966, by email via info@metromoneywise.co.uk, or by downloading our app. You can also call into our branch in Oldham: Lock 50, Oldham Road, Rochdale, OL16 5RD.