Trefechan Credit Union Collection Point will be starting on Friday 17th October 2008 from 12noon to 1pm. This will then run every friday.
Why save with a credit union?
Saving always makes sense but with your local credit union it's even better because as a member you're an owner with your say in how the credit union is run. Any profit your credit union makes is invested in services or returned to you the member. What's more, by saving in your local credit union you know that your money is being retained in the community to grant loans to other members- people like you.
Credit unions also provide life saving insurance to their members (subject to a certain age restrictions). This is an insurance cover which is paid to members' dependants in the event of their death.
Members are also able to access low cost loans granted on the basis of their saving record, their capacity to repay and according to the Loans policy of the Credit Union. Under the law, credit unions are restricted to a loan rate of 1% per month on the reducing balance. That works out to 12.65% APR. For example a loan of £200 has weekly repayment of £4.10 and the cost of the loan is £13.24.
Credit unions are regulated by the Financial Services Authority and are bound by acts of Parliment and are fully insured against theft and fraud.
