What is a Credit Union?

A credit Union is a not-for-profit financial co-operative whose membership is open to anyone who qualifies under the registered rules and the common bond of either working or living in Chester.
Credit Unions are run by members, for the members, and offer a convenient savings and low interest loans service. Savings are kept and used within the community, giving us more power over the money in our pockets and more choices over where we spend it. This benefits local businesses and helps to strengthen the local economy in a sustainable way.

Who runs the Credit Union?

Once a Credit Union has been established in the community by a ‘steering committee’, officers are elected from among the members to run the Credit Union.
All Credit Unions are registered in accordance with the Credit Unions Act 1979.
All officers and volunteers sign a declaration of confidentiality, so all members’ information is kept totally confidential at all times. A qualified auditor prepares the Annual Audit Report which is submitted to the members at their Annual General Meeting.

Is my money safe?

Yes we are members of ABCUL
And we are regulated by the same banking authority as your high street branch the FSA

How do I save?

Credit Unions encourage their members to save, however small the amount. They operate friendly and accessible collection points, at times and in places which are most suitable for their members. You can choose to save weekly or monthly.

How do I make withdrawals?

Members can withdraw their Credit Union savings after a small notice period, provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact to maintain your capacity to borrow.

Do you offer loans?

Loans are granted to members of the Credit Union on the basis of their saving record, their capacity to repay and according to the Loans Policy of the Credit Union. Repayment is through the same local collection points. You can take out affordable loans once you have been saving with us – contact us for more information relating to this.

Are there any hidden costs?

There are NO hidden fees or costs involved in transactions with the Credit Union. All transactions are also confidential.

What is in it for me?

We can honestly say that joining the Credit Union is good for the individual and the whole community. The whole ethos of the Credit Union is to keep the money in the local area which in turn helps to boost local shops and businesses and in so doing this makes the local community stronger and more self sufficient. The nature of credit unions at large is for people to help people.