WHAT IS A CREDIT UNION

A credit union is a member-owned financial cooperative that provides a range of financial services, such as savings accounts and loans to its members. They are run on a not-for-profit basis, meaning any profits generated are either reinvested into the credit union to benefit members or distributed back to members in the form of dividends.

Credit unions in the UK operate on the principle of mutual support, where members contribute to the financial wellbeing of one another....People Helping People. Membership is based on a common bond, such as living in a particular area, working for a certain employer, or belonging to a specific group. In terms of West Cheshire Credit Union membership is open to anyone who lives or works in Cheshire West, Cheshire East and Flintshire.

Key features of credit unions include:

Savings and loans: Members can save money in the credit union and borrow at competitive interest rates.
Member-focused: The primary goal is to serve the financial needs of its members, rather than making profits for shareholders.
Community-oriented: Credit unions often focus on supporting local communities and providing financial inclusion.

They are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), ensuring they meet certain standards for consumer protection.

In short, credit unions in the UK offer a more community-based and ethical alternative to traditional banks.

PEOPLE HELPING PEOPLE

By saving together also gives scope to help other fellow members with an affordable loan. The pool of money saved is used to distribute loans, then as the loans are repaid including interest, the pool of money grows.

ETHICAL ALTERNATIVE

Many investors choose West Cheshire Credit Union as a means to support those in the community and an alternative to high street banks. Money is safe and secure and covered by the Financial Services Compensation Scheme.

REGULATED

Credit Unions throughout the UK are regulated the same as any high street bank or building society. Credit Unions must report its performance to the Bank of England quarterly and annually. Audited internally and externally to monitor governance and compliance.

BOARD OF DIRECTORS

West Cheshire Credit Union has a volunteer Board of Director's bringing a wealth of experience to the development and oversight of the business. Backgrounds in finance, credit union leadership, audit and compliance compliment the team who run the credit union on a daily basis.