Ealing Credit Union provides a safe way of saving and borrowing that is inexpensive, flexible and very responsive to its customer’s needs.

How Does it Work?

The regular savings of Ealing Credit Union’s members form a pool of cash from which members can then take loans. Because the credit union is a not-for-profit company the interest charged on loans is as little as 1% each month on the outstanding balance.

What Do You Mean By Not-For-Profit?

The only expenditure that the credit union has is the administration costs and legal fees. There are no office blocks or shop fronts to fund and no shareholders demanding returns on their shares. In fact the members of the credit union are the shareholders and own the company as well.

So What Do Members Get?

As well as an account for general savings there are three other savings accounts to make budgeting easier for our members.

- a Xmas Club which pays out to members the first week of December.

- a holiday or special occasion’s savings account to make saving for anniversaries and weddings as painless as possible.

- a “Back to School” account. Provided that members have at least £60 in that account by the first week of September the union will advance them a loan of £200 to assist with school uniform, shoes, PE kit etc.

They make no charge

 

• For arranging loans.
• For early repayment of loans.
• For Credit checking.
• For statements and newsletters.
• For rescheduling loans.

 

So Who Runs the Credit Union?

There is a Board of Directors that comprises a number of volunteer Directors who meet monthly to ensure we keep legal and report to the Financial Services Authority regularly.

How does the union protect  reliable savers from other savers who may default on payments?

Anyone that deliberately defaults, in other words the won’t pays as opposed to the can’t pays, go through the same process that banks and building societies go through for recovery of the money.  Shares are protected by the Financial Services Compensation Scheme set up by the FSA to protect all investors in banks building societies and credit unions. You need to be a regular saver before you can take your first loan which is usually 3 times your savings.

How do I Join

 Anyone that either lives or works in Ealing is eligible to join Ealing Credit Union and application forms can be downloaded from www.creditunionsolutions.co.uk and selecting the clients tab and choosing Ealing Credit Union. Alternatively you can call 0208 573 8010 to receive forms through the post and answers to any questions that you may have.

July 4, 2006