What is a Credit Union?
A Credit Union is similar to a bank but is owned and operated by its members. You can save as much or as little as you wish and have access to loans at a permanently fixed low interest rate of 1% a month, no matter how much you borrow.
Regular savings, whether on a weekly, fortnightly or monthly basis for at least three months, entitles you to apply for a loan. Your first loan cannot exceed £100, but after you have paid it back then your next loan can be up to three times your saving balance. Interest is permanently fixed at 1% per month on the reducing balance (12.68% APR), e.g. £100 borrowed and repaid in equal instalments over 12 months would cost you just £6.50 in interest.
Who can join?
- Residents aged 18 and over living within the boundary of Nuneaton.
- Those under 18 can join the Credit Union, but they cannot borrow, become a volunteer or vote at the Annual General Meeting until they are 18. However, members joining under the age of 18 are exempt from the £1 registration fee.
How to join us
You will need to complete an application form and submit it along with two proofs of identification to your local Credit Union collection point or office.
To prove your identity when you enrol you must produce TWO items from the following list (one proof must show your current address);
To prove your identity when you enrol you must produce TWO items from the following list (one proof must show your current address);
- Driving Licence
- Benefit or Pension Book
- Medical Card
- Cheque Guarantee Card
- Works ID (with Photo)
- National Insurance Card
- Bank or Building Society Book or Statement (most recent)
- Rent Book
- Utility Bill (Gas, Electric or Water)
- Council Tax Bill
- Travel Pass (with Photo)
- Blood Donor Card
How does it work?
Loans are possible through pooling of members’ shares (money). After bills and reserves have been taken care of, any profits are redistributed amongst the members by way of dividend. Overheads are kept low as members do work voluntarily.
Is it all legal?
- all Credit Unions must abide by the 1979 Credit Union Act
- after successfully meeting the FSA’s requirements, Nuneaton Credit Union was registered in October 2001
- other legal obligations include: having in place, and continually maintaining, an insurance policy which protects members money against fraud, theft, robbery, etc
- it is also a requirement that accounts are externally and professionally audited by a qualified auditor/accountant
- Credit Unions also have to obey the law on money laundering
The Credit Union is run and managed by volunteer members, training support is provided and we are happy to welcome new volunteers. It provides a great opportunity to gain new skills in cashiering, bookkeeping, committee work, etc. Perhaps you would like to join one of the committees, or help as a cashier to collect or bank money. If you do decide you would like to help us then please contact us.
The opening times for joining and paying in money at the local collection points and Head Office are as follows;
Tuesday | Town Office | 6 Co-op Arcade, Abbey Street | 10am to midday |
Wednesday | Town Office | 6 Co-op Arcade, Abbey Street | 10am to midday |
Grove Farm Community Centre | Kingswood Road | 7pm to 8pm | |
Thursday | Camp Hill Early Years Centre | Hollystitches Road | 9am to 10am |
Town Office | 6 Co-op Arcade, Abbey Street | 10am to midday | |
Friday | George Eliot Hospital Office | Room 104, next to Raveloe Restaurant | 10am to midday |
Saturday | Town Office | 6 Co-op Arcade, Abbey Street | 10am to midday |
The following school collection points take place during term time only
Monday | Croft Junior School | Northumberland Ave | 12.15pm to 12.45pm |
Thursday | Queens C of E Primary School | Bentley Road | 8.30am to 9.00am |
Wembrook Primary School | Avenue Road | 8.30am to 9.00am | |
Friday | Park Lane Primary School | Park Lane | 8.30am to 9.00am |
How to contact us
Please visit our website for further information www.nuneatoncreditunion.org.uk. You can also email us with your inquiry office@nuneatoncreditunion.org.uk. Alternatively, please telephone us on 024 7635 2478 for further information.Our office is located at 6 Co-op Arcade, Abbey Street, Nuneaton CV11 5BT, and we are open on Tuesday, Wednesday, Thursday and Saturday between 10am to midday.
