What Is The Sandwell Credit Union Project?

A credit union is a financial co-operative, owned and controlled by its members. Members of a credit union save together in a common fund. As well as being a good savings option, with successful credit unions paying an annual dividend of up to 5%, the money saved can be used to make low interest loans to credit union members. Only people who come within the common bond of the credit union can join it and make use of its services. The common bond for the 6 Towns Credit Union covers everyone who either lives or works within the borough of Sandwell.

What is a Credit Union?

The credit union is directed and controlled by a volunteer Board of Directors.  All officers of the credit union are members of the credit union, who are elected by the membership at the Annual General Meeting.  Every member of the credit union has one vote, regardless of how many shares they own.

Credit unions are registered in accordance with the Credit Unions Act, 1979 and are regulated by the Financial Services Authority.  This is the same organisation that regulates banks and building societies.

Credit unions have to be audited every year and make available the accounts to its members. The Financial Services Authority also receives a copy of these accounts.

Who runs the Credit Union?

The credit union is directed and controlled by a volunteer Board of Directors. All officers of the credit union are members of the credit union, who are elected by the membership at the Annual General Meeting.  Every member of the credit union has one vote, regardless of how many shares they own.

Credit unions are registered in accordance with the Credit Unions Act, 1979 and are regulated by the Financial Services Authority. This is the same organisation that regulates banks and building societies.

Credit unions have to be audited every year and make available the accounts to its members. The Financial Services Authority also receives a copy of these accounts.

How safe is my money?

There are many ways that your savings are protected within the credit union.

A group of members, known as the Supervisory Committee, checks that the credit union is running safely and taking care of its members money.

An external auditor must carry out an annual inspection of the credit union's business 

The credit union is required by law to maintain an insurance policy to protect the credit union against theft or fraud.

All credit unions subscribe to the Financial Services Compensation Scheme which protects members shares in the event that the credit union has to close down.  This is the same scheme that covers banks and building societies.

Do my personal details remain confidential?

Yes.  All staff and volunteers must sign, and are bound by a confidentiality agreement. The Data Protection Act also protects all your personal details.  Employers making deductions straight from wages or salaries do not have access to members' details.  All they know is that you are saving with the credit union.

Is there a minimum amount I must save?

No. You can save as much or as little as you like, as often as you want. You can save from 50 pence a week.

Are my savings used to pay off my loan?

No. Your savings stay in your account and whilst you are repaying your loan you continue to save. When your loan is repaid you will have more savings than when you started.

Who can join?

Anyone who lives or works in the metropolitan borough of Sandwell.  You can join by post, sending in your application form, standing order form, identification documents and first deposit.  Or you can visit the office at 382 High Street West Bromwich.  Contact the office at West Bromwich and they will send you details of the information needed to open an account.

Employees of the Primary Care Trusts and Council in Sandwell can also make savings through their salaries - just ask for a payroll deduction form when you join.

Where can I get more information?

http://www.sixtowns.co.uk

Contact Details:

Credit Union Project

382 High Street
West Bromwich
B70 9LB

Telephone: 0121 553 3110