Nuneaton Credit Union Limited
Hatters Space, Upper Abbey Street,
Nuneaton
CV11 5DN
Hatters Space, Upper Abbey Street,
Nuneaton
CV11 5DN
Telephone 024 7664 2480 or 077 6704 8078.
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.
- It is a member owned and run financial co-operative, offering its members a local savings facility with access to low interest loans.
- You can save as much or as little as you like (up to the legal maximum of £10,000 or 1.5% of the Credit Union’s total assets, which ever is the greater). You can even save by banker’s order.
- Each pound saved equals a pound share in your Credit Union, a constant reminder that YOU are a co-owner.
- 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 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?
- Yes – The Financial Services Authority must legally register all Credit Unions. The FSA is a government body responsible for registering and monitoring Credit Unions.
- 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 let the cashier at the collection point know, or write to us at the above address or leave a voice mail on 024 7664 2480.
To prove your identity when you enrol you must produce TWO items from the following list:
- 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
One of the forms of ID must contain your current address
Office opening for enrolment and paying in as follows:-
- Blackatree Court, Blackatree Road - every Monday from 10am - 12 noon
- George Eliot Hospital, Room 104 near Raveloe Restaurant - every Tuesday from 12 noon to 1.30pm
- Early Years Learning Centre, Hollystitches Road, Camp Hill - Wednesday from 8:30am to 9:30am (term time only)
- Camp Hill Community Centre, Ramsden Avnue - every Wednesday from 10:00am to noon
- Grove Farm Community Centre, Kingswood Road - every Wednesday from 7.00pm to 8.00pm
- Blackatree Court, Blackatree Road - every Thursday from 10:00am to noon
- Park Lane Primary School, Grove Farm - every Friday from 8:30am to 9:30am
- George Eliot Hospital, room 104 near Raveloe Restaurant - every Friday from 10:00am to noon
- Hill Top Sure Start Office (Donnithorne Ave) - every Friday from 10:00am to noon
- Stockingford Early Years Centre, St Pauls Road - every Friday from 2pm to 4pm
- Nuneaton Library, Church Street - every Saturday from 10.00am to noon
- Wembrook Primary School, Avenue Road - every Thursday from 8.30am to 9.30am (term time only)
