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The Regulatory Reform (Credit Unions) Order 2003
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- UK Statutory Instruments
- 2003 No. 256
- Article 5
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Power to charge for ancillary services
5. After section 9 (deposits by persons too young to be members), insert—
“Power to charge for ancillary services
9A—(1) A credit union which provides an ancillary service to a member or any other person from whom the credit union has accepted a deposit may charge a fee to cover the cost of providing that service.
(2) In this section, “ancillary service” means any service which is ancillary to the activity of accepting a deposit or making a loan, and includes—
(a)the making or receiving of payments, made by way of standing order, direct debit or any other means, as agent for a member or any other person from whom the credit union has accepted a deposit;
(b)issuing and administering means of payment (for example, chequebooks and debit cards);
(c)money transmission services;
(d)giving advice on the services specified by paragraphs (a) to (c) above.”.
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