Our credit union has been operating for over 18 years and we have lent out over £26M to our members. However in that time the cost of technology and audit has increased with the growth of the business.
You could say we have become a victim of our own success as we have now almost 9,000 members, and the increasingly tough regulatory regime requires constant scrutiny of the credit union. Additionally in the recent survey conducted, members indicated the need for systems and services to be modern and appropriate where instant balances and the ability to switch funds are a given.
Therefore, we are introducing a fee of £5 per annum per member to offset these increasing demands on the credit unions resources and to secure the sustainability of our Credit Union for many years to come. As always we aim for a dividend to be paid to members that will offset the fee each year. The fee will be introduced on the 1st August 2016 and be paid from shares accounts each year on this date.
The credit union continues to provide free life insurance on all member loans balances up to £5,000.00 and aged up to 70, potential access to cheaper energy @ Coop Energy and Financial Planning , Investment Advice , Pension Advice etc through Cooperative Wealth.