Credit Union Info

What is a credit union?

Bulwell Credit Union is a non-profit making financial co-operative. That means that the members who put their money into it, own it. Bulwell Credit Union Ltd is a democratic, member-owned and controlled financial services co-operative for anyone living or working in North Nottingham (Bestwood, Bestwood Village, Bulwell, Carrington, Cinderhill, Mapperley, Old Basford, Rise Park, Sherwood, Top Valley and Whitemoor areas).

As an independent, non-profit, volunteer-based organisation, our aim is to provide quality services to meet the needs of our members whilst embracing the credit union philosophy. Bulwell Credit Union is affiliated to ABCUL (The Association of British Credit Unions Ltd).

History

Credit Unions originated in Germany and were founded by Friedrich Wilhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed a society for the purpose of assisting people to help themselves out of debt and poverty. The society evolved into a Credit Union. Today's modern Credit Union is neither the rich or the poor mans bank, but more the peoples bank. Operating not for profit or charity, but for the benefit of the members.

Benefits of a Credit Union

• A credit union encourages regular saving and is happy to accept deposits of all sizes
• A credit union provides access to low cost borrowing with interest rates fixed by law at 12.7% maximum
• A credit union provides an alternative to lenders charging high loan charges
• A credit union provides a good return on savings
• A credit union provides insurance protection
• In a credit union your money is secure
• A credit union can strengthen the local economy
• A credit union is owned and controlled by its members