What are the minimum and maximum payments per
month and year?
Monthly - minimum £5; maximum £83
Annually - minimum £60; maximum £1 ,000
The above limits are as set out in the Club rules.
When is my monthly standing order payment due?
They are due on the 15th of the month.
I have changed banks and my bank is transferring all my standing orders for
me. Do I need to tell you?
No. The bank will deal with the new arrangement. We can send you a new standing order
form if you wish to change the bank account.
I would like to decrease/increase my monthly/annual payments?
Your payments are made by standing order and not direct debit, so we can either send
you a replacement standing order form, or you can simply contact your bank direct.
As long as you stay between the min and max for the month/year, you have no need to
contact us. We will be aware of the changes when we do the monthly accounts.
I live abroad, do you accept money from international banks?
Yes, but we can only receive sterling and any transaction charges must be
suffered by the member.
Can I make one lump sum payment?
Annual payments are allowed. A lump sum can be paid as an annual payment but no further
payments can be made for one year. In subsequent years the member may make another
annual payment or change to monthly payments.
Can I put my holding into an ISA?
No, professional advice states that it is not possible.
I would like to take some money out but stay with the club.
You will need to write to us stating how many units or £'s you would like to take
out and that you wish to remain with the club. You can continue to make contributions
or let your remaining units "ride".
I would like to leave the club.
You will need to write to us stating that you no longer wish to remain a
CIC member (a signature is required). You will need to make sure that your standing
order is cancelled immediately on doing this.
When will I receive the cheque?
Cheques issued on approximately 15th of the month, following the month of request.
Withdrawals.
We are now able to pay withdrawals by way of electronic transfer to members' bank accounts. In order to facilitate this, we still require the request in writing but will also require details of member's bank account, i.e. name on account (must include member's name), sort code and account number. As long as we have the correct details, we aim to have any withdrawal payments made by 17th of the month following withdrawal request. Please contact us if you have any queries. We suggest that when a member sends any personal data to us through the post that it is sent by recorded delivery.
I would like to stop payments but still continue as a member.
That is fine. Members are able to let their investments 'ride'.
I would like to know how much I have?
Statements are issued quarterly made up to March (year end), June, September and December
each year. Members may contact us at any time for an up-to-date valuation.
I need to know units etc for tax purposes?
Details are sent out after the March year end with the Annual Report.
I am acting for a member who has died, what should I do?
If you would like the investment repaid we need copies of the death certificate and
the Grant of Probate or Letters of Administration (details available from your local
County Court). The investment will be frozen as soon as we are notified of the death.
If a spouse would prefer to take over the investment then this can be done. We need
the paperwork per above and the spouse must be a member of CAMRA.