Credit Union information for our residents

Posted on the 23rd June 2017

What is a Credit Union?

A credit union is a democratic, not-for-profit, financial co-operative owned and controlled by its members and run solely for their benefit. All of its members have something in common – the Common Bond. This is the statutory principle that defines the areas in which individual credit unions can work. It is usually geographical i.e. members live and/or work in a specified area but can also be for a particular group such as Paradigm Housing.

Credit unions in the UK were in existence for some time before the movement gained momentum in 1979 with the passage of the Credit Unions Act. Since then, the credit union philosophy of mutual self-help has proved very popular, and there are now over 360 credit unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales.

In the UK over 1.2 million members have recognized the value of credit unions, with savings approaching £1.1 billion pounds. Total assets are over £1.3 billion. Thousands of people are employed in the sector and many more thousands of volunteers are involved in the movement.

Hillingdon Credit Union (HCU)

HCU were formed in January 1991 originally just to serve the employees of Hillingdon Council. Since then our Common Bond has extended to anyone who works or lives in the London boroughs of Hillingdon, Harrow, Ealing, Brent and Hounslow, as well as Slough and South Bucks together a number of housing associations and other employers. Further extensions are planned.

They have over 3000 members, including 400 junior savers, and over £3.2 million in deposits.

Their aims

Hillingdon Credit Union exists to empower everyone within their Common Bond to take control of their finances, so that money supports them to achieve their goals and to live well and safely within a fair, equal and supportive society.

Specifically they aim to:
• encourage members to save regularly
• provide low cost loans to members
• provide a bank account solution that is open to all members
• encourage careful money management among members
• develop a sense of co-operation and community

It is straightforward to join through HCU’s new online account opening process which will shortly be available. Alternatively you can contact their office on 01895 250958 between 10am and 3pm Monday to Friday, or visit their website.

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