Terms & Conditions* I confirm that I am over 18 years old, and that I agree to the rules of the Lottery. I authorise London Mutual Credit Union to deduct the amount indicated from my Membership account each month.
Lottery Rules A lottery is provided for the members of London Mutual Credit Union (LMCU) by SCU Enterprises Limited. SCU Enterprises Limited is responsible for ensuring that the lottery is registered with the local authority. SCU Enterprises Limited is a separate entity to LMCU. The Credit Union administers the Lottery on behalf of SCU Enterprises Limited. All members of LMCU aged 18 or over are eligible to join the Lottery. Each entry into the lottery costs £1. Members can have up to ten entries per month. Payment for entries will be deducted from the Membership Savings Account of participating members on the 5th day of every month. The lottery draw is made on or around the 10th or 11th day of each month. Winners are selected at random each month using our special random lottery winning selection system. The draw is prompted through our lottery system by a senior member of staff. The prizes are then credited to winners' accounts by a Member of the Financial Accounting team. This is a different person from the person who prompted the lottery draw. Prizes are deposited to the winning accounts within three working days of the draw Winners will be notified via SMS text message or email about their prize and informing them that it has been paid into their Credit Union account. A list of the winners’ names and the prizes won are available in our branches. Prize funds will be credited to the Membership or Holiday Savings accounts of winning members. 50% of the lottery revenue will be allocated to prizes each month. The first prize is 50% of amount available, second prize is 15%, third 10% and rest 5% each. The amount available is 50% of whatever has been deducted in the current month for lottery. Lottery funds which are not distributed as prizes will be reinvested into LMCU for the purposes of outreach, education and community work. Refunds of lottery deductions are not permissible for cancellations received after the lottery deduction for the month has taken place. Requests to amend the number of entries can be made at any time via online banking, email or in branch. If on the day of the payment being taken, there are insufficient funds in the participating member's Membership Savings account to cover all lottery entries, the member will not be entered into the draw for that month. Lottery entries will continue until the member notifies us that they wish to withdraw. Members who have defaulted on their loan repayment agreements with LMCU may have their lottery entries cancelled by the credit union at any time. Members who cancel their membership of LMCU will be withdrawn from the Lottery as part of the closure process.