Credit Unions 2012
Aims of Credit Unions • To Promote Thrift help people save for Christmas, bills and other savings goals • To Provide Access to Fair Credit each credit union chooses what to charge up to 26.8% APR • Education and Training in managing money Some credit unions are widening services to offer “community banking” services
Regulated and Protected The Financial Services Authority (FSA) regulates all credit unions The Financial Services Compensation Scheme (FSCS), and the Financial Ombudsman Scheme (FOS) cover credit unions Deposits are protected
Additional Services Some credit unions offer: • Cheque cashing • BACS transfers • Foreign Holiday Money • Western Union transfers • Budgeting accounts • Junior Savers accounts • ISA’s and Child Trust Funds • Immediate loans to new members
All Credit Unions are Different Small ………….. Or going for Growth ........
PayPoint Deposit Cards Some credit unions provide PayPoint cards so you can pay in cash deposits at shops with the PP sign
Pre-Paid Visa Debit Card Participating credit unions hold stocks to issue immediately. Costs £10, with minimal usage charges of 50p per load, and 75p per ATM use. No charges for: purchases, cashback, online shopping, phone orders/bill paying
Why should you join? Reason 1: Banks are stopping some of the services they offer : NatWest have withdrawn the normal Debit Card from lots of customers and replaced it with a “Cashcard” instead. The Cashcard can only be used at a Natwest ATM, not at shops or other ATM’s Co-op Bank have just announced that they will not offer the Cashminder account to any new applicants from Sept 2012 If your bank starts limiting the services you can get, think about joining your local credit union
Why should you join? Reason 2: People like putting some money in an alternative to a Bank Look on Facebook or Twitter at the “Move Your Money” campaign
Why should you join? Reason 3: Next year the welfare reforms start biting and credit unions will be able to help you put some money aside into JamJar accounts Housing benefit changes, the introduction of Universal Credits and other changes mean that we all have to be budgeting carefully From October 2013 new claims will not be paid direct to the landlord, credit union can help keep your rent separate from the rest of your money
Why should you join? Reason 4: Save when you can, Borrow when you need to An average £300 loan from a credit union repaid at £9 per week will take 37 weeks to repay and cost about £30 in interest Each credit union chooses its own rates and size of loans
Why should you join? Reason 5: Small groups can now open accounts at credit unions Small voluntary groups, charities, social enterprises and other organisations like local authorities and businesses can now open accounts at credit unions Talk to your local credit union as not all credit unions have started this yet
Save for Christmas Credit union Christmas Clubs are local, flexible and and safe place to save Save as little or as much as you like Fran rankin incense Mmm …... Er.. r..... I I sho should hav have gone Go Gold to the to the Cr Credit it Un Unio ion
Working with Trading Standards Some credit unions work with the local Trading Standards teams to tackle locally identified issues including: Using local venues to hand out leaflets to promote safe savings accounts where cash held at home has been targeted by rogue tradesmen Recommending credit unions to people who have been victims of sharp practice by sub-prime lenders or illegal loansharks
in Norfolk Cobholm Island Credit Union Ketts Credit Union Lichfield and Southtown Credit Union Norfolk Credit Union Norwich Community Co-op Credit Union Rainbow Saver Anglia Credit Union West Norwich Credit Union Wherry Dragon Savers Credit Union
in Suffolk
in Cambridgeshire Cambridge City Credit Union Ltd
in Bedfordshire
in Hertfordshire St Albans Credit Union Ltd Stevenage Credit Union Ltd
in Essex Holdfast Credit Union Ltd (whole of Essex) based in Witham Essex Savers based in Chelmsford Colchester Credit Union Harlowsave Basildon Credit Union
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