3. Information we collect

Information we collect from you

Generally, we collect personal information about you directly from you. We do so when you open a membership, open an account, or perform a transaction with us. The kind of information we collect will vary according to whether, for example, you wish to open a membership, apply for credit, act as a signatory or as a guarantor, or open an account as a customer. When you open accounts with us, we collect information about your transactions, such as payments to and from your account and the details of those payments, including source and destination.

We have “KYC” obligations under the Anti-Money Laundering and Counter Terrorism Financing Act 2006. “KYC” stands for “Know Your Customer” which means we are required to verify that our members and customers are who they say they are and to monitor account and transaction activity.

When you open a transaction or savings account, we usually ask for, at least, your full name, date of birth, residential address and contact details. We also ask for evidence of your identity. We may also ask for your occupation and source of income and/or wealth. If you apply for credit, we ask for details of your financial history and position. In all cases, we may collect further information at any time to meet our obligations under the “Know Your Customer” requirements of the anti-money laundering and counter-terrorism legislation.

When you use our website or mobile applications we may collect information about your location or activity. Some of this website information we collect using cookies. Please refer to our website terms and conditions for more information about cookies.

Information we collect from third parties

We also collect information about you from third parties such as brokers or your employer.

If you apply for credit, we may need to obtain a credit report from a credit reporting body. Our Privacy Consent - Lending has more information about credit reports and your credit information.

Sensitive information

We may need to collect sensitive information, such as health information, where necessary for insurance or hardship applications. We may also collect details of your membership of a professional or industrial association to determine whether you are eligible to become a member.

What happens if you do not provide us with sufficient personal information about you?

If you do not provide us with the personal information we need, we may not be able to provide (or continue to provide) you with the products or services you are seeking or using. This means that we may close your accounts and terminate our relationship with you.