CREDIT UNIONS FOR ALL There are 40,258 credit unions in 79 countries around the world

CREDIT UNIONS FOR ALL Helping the community Giving help & advice to the financially excluded Getting people to start the discipline of saving Protecting the community from high-APR doorstep Lenders

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29/08/2015PEOPLE HELPING PEOPLE4 CREDIT UNIONS FOR ALL Authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority

29/08/2015PEOPLE HELPING PEOPLE5 CREDIT UNIONS FOR ALL In the past three decade people in Great Britain have achieved a better way of life through participation in their Credit Union A credit union is a group of people who save together and lend to each other at a reasonable rate of interest Today thousands of members enjoy the benefits of credit unions by saving together and borrowing

29/08/2015PEOPLE HELPING PEOPLE6 CREDIT UNIONS FOR ALL Reasons for joining To encourage thrift by helping themselves save on a regular basis building up a fund for money for their own benefit and that of other members. To create a source of credit for the benefit of members at a fair and reasonable rate of interest.

29/08/2015PEOPLE HELPING PEOPLE7 CREDIT UNIONS FOR ALL Self Help Any group of people sharing a common bond can form a credit union. Every eligible person has the right to join an existing Credit Union. All depending on where you live or work there is more than one choice of credit union

29/08/2015PEOPLE HELPING PEOPLE8 CREDIT UNIONS FOR ALL Credit Union and you The members decide on the distribution of surplus at year end September each year (DIVI) The management is of a voluntary nature (elected by the members at the AGM)

29/08/2015PEOPLE HELPING PEOPLE9 CREDIT UNIONS FOR ALL Membership Offers Easy way to save Access to low cost loans Flexible repayment terms Revolving credit, carousel loans

29/08/2015PEOPLE HELPING PEOPLE10 CREDIT UNIONS FOR ALL Membership Offers No arrangement fee No early redemption penalty No final settlement fee

29/08/2015PEOPLE HELPING PEOPLE11 CREDIT UNIONS FOR ALL Membership Offers Valuable Life savings and loan protection insurance at no cost to you Christmas club Credit Union current Account

29/08/2015PEOPLE HELPING PEOPLE12 CREDIT UNIONS FOR ALL Local Credit Unions Membership is for anyone living or working in the Metropolitan Borough Rochdale Townships

29/08/2015PEOPLE HELPING PEOPLE13 Local Credit Unions Christmas club Savings account Loan account Budget account Credit Union current Account Prepaid card

29/08/2015PEOPLE HELPING PEOPLE14 CREDIT UNIONS FOR ALL Local Credit Unions Membership is employee based Credit union Interest on Loans remains at 1% and below Dividend 2012 was paid at 2.75%

29/08/2015PEOPLE HELPING PEOPLE15 Payroll Deduction This service can be set up with agreement of Your Your Employer Savings CREDIT UNIONS FOR ALL

29/08/2015PEOPLE HELPING PEOPLE16 CREDIT UNIONS FOR ALL Local credit Unions The largest independent Transport Credit Union operating in England and Wales

29/08/2015PEOPLE HELPING PEOPLE17 CREDIT UNIONS FOR ALL On The Buses

29/08/2015PEOPLE HELPING PEOPLE18 CREDIT UNIONS FOR ALL Local Credit Unions Bacup The Credit union for living and working in and around Bacup Share accounts Christmas savings account Loan account Junior savings account

29/08/2015PEOPLE HELPING PEOPLE19 CREDIT UNIONS FOR ALL Local Credit Unions Bacup The Credit union for living and working in and around Bacup Prepaid card Budget account Funeral Plan

CREDIT UNIONS FOR ALL Other National credit unions 29/08/2015PEOPLE HELPING PEOPLE20

29/08/2015PEOPLE HELPING PEOPLE21 CREDIT UNIONS FOR ALL Local Credit unions The Credit Union for all Police, Staff and Family members

CREDIT UNIONS FOR ALL 29/08/2015PEOPLE HELPING PEOPLE22 Loans are available for all members of up to £25,000 unsecured and £100,000 secured. (Current guidelines) Maximum term for unsecured loans is 90 months and 25 years for secured. (Current guidelines) Top up loan facility available. All loans include life cover up to age 65 at no cost to the member, so in the event of death the loan will be cleared.

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Share accounts Holiday account Christmas savings account Housing Benefit account Loan account Junior savings account to age 16. CREDIT UNIONS FOR ALL

29/08/2015PEOPLE HELPING PEOPLE25 CREDIT UNIONS FOR ALL Prepaid Visa Debit Card The Credit Union Prepaid Card works like a pay- as-you-go Visa card. You 'load' money onto the card through your credit union,

29/08/2015PEOPLE HELPING PEOPLE26 CREDIT UNIONS FOR ALL Prepaid Visa Debit Card You can also obtain cash back when you make purchases in person The Credit Union Prepaid Card costs less than £5.00 to purchase (check with your credit union) There are small fees for loading and using the card

29/08/2015PEOPLE HELPING PEOPLE27 CREDIT UNIONS FOR ALL Safety for the member Credit unions are covered by the Financial Services Compensation Scheme (FSCS), All your money is just as safe as it is with regulated financial institutions Up to the value of £85,000

29/08/2015PEOPLE HELPING PEOPLE28 CREDIT UNIONS FOR ALL Together We Can Open a pop in shop Ask firms to back local Credit Union Be a Director Start a young savers club in the local School

29/08/2015PEOPLE HELPING PEOPLE29 CREDIT UNIONS FOR ALL Together We Can Recruit families to join, save and borrow Recruit friends neighbours to join Recruit credit union volunteer champions Run credit union stations

29/08/2015PEOPLE HELPING PEOPLE30 CREDIT UNIONS FOR ALL Remember always The members run the Credit Union The members own the Credit Union The members grow the Credit Union

29/08/2015PEOPLE HELPING PEOPLE31 CREDIT UNIONS FOR ALL Thank you for listening Jim Clancy Training Coordinator Greater Manchester Forum of Credit unions

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