In order to help MCUL and CUNA understand your great efforts, we ask that you complete this brief CUNA survey once you have defined the support measures you wish to offer your member. If your application is accepted, you will be asked to sign a loan agreement that will set out the terms of your loan, including details such as the amount to be borrowed and the repayment term. For credit unions, this means that account opening and credit agreements concluded only through distance communications, i.e. without personal contact, will be concluded by the DMD. The most common forms of remote communication are telephone, Internet, e-mail or mail. However, if there is an interface with a human being, for example. B the return of a form to a collector, the transaction is no longer done at a distance. Main features/characteristics of the service offered and, in the case of credit agreements, the total price of the rights of withdrawal to be paid by the member (14 days in both cases) Compensation rights Appeal procedure Two main elements are involved in the implementation of the Distance Selling Directive, which applies to both account opening contracts and loan agreements. Under the DMD, the member has the right to terminate his membership in the credit union or loan agreement without contractual penalty within 14 days from the date of conclusion of the contract or to receive the terms of the contract. However, if a member needs to take out a loan within 14 days, it is an acceptance of membership. The credit union does not calculate the interest accrued on the loan before the member resigns. This is the usual practice that new members pay £5 when they apply to join the credit union.
If they then decide to use the DMD option and terminate their membership, the credit union only reimburses £3, since £2 must be paid as an administrative fee. When a member decides to exercise his right of withdrawal, the credit union must return, no later than thirty days after the date, the money paid to the credit union. The credit union reserves the right to require members to pay for all services provided up to the date of termination, unless this gives rise to a penalty. You can get information on how to terminate contracts concluded remotely in the terms and conditions of the service you want, but if you are not sure, please contact the credit union. If an employer only provides employees with information and request packages, any resulting contract would be a distance contract and would have to meet the disclosure and termination requirements of the DMD. However, if, for example, an employment representative meets face-to-face with potential members to discuss credit union membership or loan terms, this would not constitute a distance contract. Once the credit agreement is signed, we transfer the money to your account within 2-3 business days. The repayment of the credit is then made on the agreed date and by the agreed method. Below is a list of support programs by category….