A Credit Union is a financial co-operative that is owned and controlled by its members. Credit Unions offer a variety of financial services; providing a safe and convenient place to save your money, accessible loans at a very reasonable rate of interest and a variety of other financial services. As such, Credit Unions have the potential to offer a much more accessible, efficient and cost-effective financial service than either banks or other financial institutions.
Credit Unions are not-for-profit organisations and are driven by an ethos of service to its members, rather than maximising profit. They are also an ethical way to bank, as they provide social benefits, renew a sense of community identity and retain wealth within the local area.
In the face of powerful multinationals and increased globalisation people feel isolated and less in control of their lives. Credit Unions are a positive response to claiming back control and rebuilding local communities.Credit Unions give you control of your finances.
Do I receive any kind of statement from the Credit Union?
Yes, members can request a statement when they visit us at 260 Main Street. The statement will have details of your account transactions for up to a year. If you require a statement at any other time, you can contact us to request one.
How easily can I withdraw my savings?
Withdrawals can be made from our main office in 260 Main Street during our opening times. Please have some sort of identification with you. Withdrawals will be made by cheque, unless cash is available on the premises. If requested, a letter may be issued allowing cheques to be cashed at the Clydesdale Bank Cambuslang branch.
If you have a loan with the Credit Union, you must leave an equivalent amount in your savings account, but may withdraw any or all of the difference. You may not make a withdrawal while your account is in arrears.
How do I start saving with the Credit Union?
To start saving, you simply need to complete a membership application and return it to the Credit Union office with confirmation of identification, at least one of which must be a letter with your name and address, dated within the last three months. A one off £1 membership fee is required and a minimum £5 for your Membership Share deposit. A membership fee of £2 is payable every quarter.
Are my savings and loans protected if anything happens to me?
As well as an easy-to-use savings scheme and low cost loans, you get free life insurance on your loans and savings with the Credit Union. If you die while owing money to the Credit Union, all your debts will be covered. Your nominated beneficiary will also receive any savings you had with the Credit Union and a matching amount through the insurance scheme.
Can I borrow more from the Credit Union if I have a loan outstanding?
Yes you can, provided you are 50% paid on your current loan. All loan applications are considered individually based on affordability and the level of lending risk to the Credit Union.
What can I do if I start finding it difficult to repay my loan?
Get in touch with the Credit Union as soon as possible. The Credit Union is committed to helping it's members if they have any financial problems and takes a more understanding view of such problems than many mainstream lenders. We can help schedule your payments to make life easier for you and can refer you to agencies qualified to give financial advice, e.g. your local Citizens Advice Bureau or contact the charity Consumer Credit Counselling Service.
How does the Credit Union pay for everything?
The Credit Union runs off the interest paid by members with loans and a return on members' savings which are kept in a high interest savings account.