Yes, the Transport Credit Union is regulated and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.

You can apply to become a member if you work within the transport industry, for one of our named employers listed here. If you do not see your company listed but are interested in joining, please contact our Member Services Team

Yes. Due to your employer providing free payroll facility all we ask is that you maintain a minimum payment of £5 per week into your account. As long as you retain £1 in your standard share account, you are a member.
The £5.00 Annual Membership Fee will not be charged where a Member has made at least one payment of a minimum of £1.00 between each AGM.

Along with other financial institutions like your bank, we are required by law to hold proof of who you are. The law stipulates that we must ask for and verify our members’ identity by way of official documents.  We cannot open your account fully without this.

In order to verify the above, we ask you to provide one form of photographic ID such as passport or driving licence and one form of proof of address dated within the last three months such as bank statement, utility bill or council tax demand.

See the list of acceptable documents here.

We may also carry out an electronic ID check when you first join. This process involves checking the details you supply against those held on a number of specific databases which the credit referencing agencies have access to. This is not a credit check and will not affect your credit score.

Your employer will deduct the amount instructed by you, from your wage each week, fortnight or month. Payroll deduction does not require anything further from you – it’s that easy!

You may be able to make some of the changes through our online forms here. If you need to update things like your address or bank details, please contact us and we can take you through this securely over the phone.

You do not have any insurance policy through the Transport Credit Union, however all members are afforded  a free life insurance benefit. While you are a member of the Credit Union  Loan Protection and Life Savings cover is at no cost to you, but helps to ensure the financial peace of mind for your loved ones in the event of your death (terms and conditions apply). Please see here for full information or contact the office.

It is very important to keep your next of kin nomination up to date, as it is effectively a legal document the Credit Union will use to carry out your wish, in the event of your death.

This signed instruction from you supersedes your will and we must honour this; whoever is stated on your most recent nomination form will be the person(s) who receives your shares.

If you wish to make any changes to your nomination, please complete this form and return the original form to the office. Please give us a call if you would prefer for this to be posted to you.

Yes. We pride ourselves in providing members with one-to-one account enquiries by telephone or email and this service will continue, however you can now view your balances and request share withdrawals online using our brand new  online service, operating 24 hours for members’ convenience.

Please note that most of our forms are available to download online here

You can request a statement at any time however you will receive an annual statement at the beginning of the year, along with your Annual General Meeting notice

If members of your family work within our Common Bond too, then they can certainly apply to join the Transport Credit Union.

If you change employers, we ask that you let us know as soon as possible. If you are moving within the transport industry, there is the chance that you may be working for a company that has the same payroll facility – your payment won’t continue automatically so it is important that you get in touch with us in order to set up your payments again.

If your new employer is out-with our Common Bond then payments can be made by bank transfer, secure card payment over the phone or via a recurring standing order with your bank. If you have an outstanding loan then this method would need to be used.

If you have a loan and fail to notify us of your change of employer, we may send you a reminder letter once your payment stops, in order to prompt contact. If you have received one of these, please contact us

Yes, our Common Bond allows those who retire from their job within the transport industry to continue in membership if they wish.

To close your account you need to complete a closure form and an earnings deduction form. They are available to download from our website and can be scanned and emailed/faxed back to us. If you would prefer, we can post these out to you, and you can return to us the same way.

Please note that if you have an outstanding loan balance, this will need to be settled before we can carry out any request to close the account.


Every member has a standard share account with the Credit Union – this is your main account and the account used to borrow against.

There are three other accounts available which may suit you if you are looking to save long term; Easy Saver, Gold Saver and Platinum account and you can see more about these here.

Yes there is an annual dividend paid on the balance of each of your share accounts. The rate is recommended by the Board of Directors for the current year and then approved at the Annual General Meeting held in February. Your account must be open on the date of the AGM to be eligible to receive a dividend. You can find out more about our current dividend rates here.

Yes. As with banks and building societies, your savings are protected by the Financial Services Compensation Scheme (FSCS), currently up to £85,000 per person. Please note the maximum shareholding in a Transport Credit Union account is £60,000.

You can save from a minimum of £5 per week/£20 per month up to a maximum of £250per week/£1,000 per month.

Yes you can but this there is a limit of £5,000 over a 12-month period. You cannot make lump sum deposits to Gold Saver or Platinum accounts. Please get in touch if want to do this.

You can withdraw from your standard share account at any time, up to 6 times over a 12-month rolling period. It will normally take two working days for the funds to arrive in your nominated bank account. As long as you leave £1 in your shares your account will remain open.

If at any point your share balance exceeds your loan balance, you can withdraw the difference.  The rest of your shares are held as security for your  loan and will continue to be until the balance reduces or is cleared. This is one of the terms you will be asked to agree to when taking out the loan.

If you have registered for the online account facility, you can request to withdraw shares through the members’ area. Alternatively, you can complete a share withdrawal form (or Higher Dividend Account withdrawal form if you wish to withdraw from Platinum/Goldsaver account). They are available to download from our website and can be scanned and emailed back to us. If you would prefer, we can post one out to you, and you can return it to us the same way.


If you don’t currently have a loan, you can apply to borrow from us at any time. If you have an existing Standard Loan balance a new loan obtained will be added on to the existing balance as a “top-up loan”. We also provide other loan products which run alongside your main Standard Loan account.

If you are a new member, you can apply for an introductory loan once your first payment has been deducted from your wage.

If you would like to apply for a loan, you can download a loan application form here. If you are unable to print this off please email or call the office and we can post one to you. If you are local, you can always pop into our office and complete there and then.

Yes we do.  As a responsible lender we must comply with Government lending guidelines and this means we may have to carry out a credit check. All loan applications are assessed on affordability and sustainability. We do not make automatic lending decisions.

We understand that people go through difficult financial periods and it’s not always easy getting back on your feet. The Loans Department consider each loan application on its own merit so we would always invite you to apply, even if your credit rating isn’t the best. We may need to ask some additional questions and cannot guarantee the outcome, but we do try to assist where possible as a responsible lender.

Yes. This will reduce the term of the loan but not the monthly repayment. You can repay your loan early, penalty free. Please give us a call if you wish to do this and we can assist you.

If you do not have an outstanding loan balance, you can complete an earnings deduction form to amend your payment.

If you have a loan, reducing your deduction will require authorisation from the Loans Department. If your financial circumstances change or you experience difficulty meeting your repayments please contact us immediately and we will put you through to the relevant department in order to assist as far as possible.

Yes, you can certainly apply however the Loans Department will most likely require some further information from you. If you wish to apply for one of these loans, please give the office a call to discuss.