A credit union is a not-for-profit financial institution dedicated to serving the needs of its members.
Credit unions are made up of people with a common bond, something that draws them together, for example, where they live or where they work. They are governed by a Board of Directors, elected by and from its membership.
When someone joins a credit union, they open a share account (savings). It is called a share account because the individual becomes part owner of the credit union. Loans are given according to a member’s regular savings, not on the source or the amount of their income.
Since credit unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of a dividend.
Credit unions are able to offer reasonable interest rates on loans as much of the work is done by volunteers, keeping running costs to a minimum.
The credit unions in Coventry and Warwickshire have formed a partnership with the Coventry and Warwickshire Reinvestment Trust to offer Heart of England Loans which can be accessed by people on very low incomes.
For more information about credit unions call us on 024 7663 3911 or email info@cwcda.co.uk.
Credit Unions in Coventry & Warwickshire
Bedworth & Bulkington Credit Union
7 Leicester Street, Bedworth, CV12 8GG
Tel: 024 7631 1999
Coventry West Credit Union
33 City Arcade, Greyfriars Walk, Coventry CV1 3HX
Tel: 024 7663 3456
Coventry East Credit Union
Willenhall Advice Centre, 104 Remembrance Road, Willenhall, Coventry CV3 3DP
Tel: 024 7651 1117
New Way Credit Union
The Arcade, Long Street, Atherstone, North Warwickshire CV9 1AE
Tel: 01827 718851
Nuneaton Credit Union
Unit 6, Cooperative Arcade, Abbey Street, Nuneaton CV11 5BT
Tel: 024 7635 2478
South Warwickshire Credit Union
6 Windsor Court, Greenhill Street, Stratford Upon Avon, Warwickshire CV37 6GG
Tel: 01789 261505
Rugby Credit Union
11 Little Church Street, Rugby CV21 3AW
Tel: 01788 577900
All credit unions are authorised and regulated by the Financial Services Authority, just like banks and building societies. They are members of the Financial Services Compensation Scheme to keep members’ money safe, and subscribe to the Financial Ombudsman Service to allow members some redress, should they have a complaint.