LAS UNISON
and The London Ambulance Service are jointly introducing a
new Staff Benefit through the Southwark Credit Union. This
benefit will be available to all employees and their
immediate family.
As partners, London Ambulance Service and LAS UNISON are
concerned not only with the welfare of staff, but the
problems that the use of expensive financial services can
cause. This is why we are working with Southwark Credit
Union to raise awareness among London Ambulance staff about
the benefits of Credit Union membership and to facilitate
staff access to the reasonably priced financial services
that the Credit Union offers.
Employees at the King’s Healthcare NHS Trust, Guy’s & St.
Thomas’ NHS Trust and London Borough of Southwark already
have access to the Southwark Credit Union benefits.
Southwark Credit Union is also investing its resources in a
number of community projects. They believe that ‘financial
fitness’ has a beneficial effect on the health and welfare
of the community as a whole.
The Credit Union encourages its Members into the habit of
saving money via their salary and provides loans at low
interest rates.
What are Credit unions?
Credit Unions are co-operatives that provide financial
services to their Members. They offer a safe and convenient
place to save and also provide loans at a very reasonable
rate of interest.
They are mutual organisations and are driven by an ethos of
service to their members, rather than maximising profits.
Credit Union Current Account
The Credit Union offers a Credit Union Current Account (CUCA)
to its members. This account has no overdraft facility and
if we have to recall a direct debit payment b ecause
there is not
enough money in your account, we won’t charge you £30.00!
There is a charge, currently £15.00* if we have to recall a
direct debit, that covers actual costs. The account does
have an ATM card and a Debit card, and you can set up
standing orders and direct debits to pay your bills. There
is a small weekly charge for the CUCA – please ask for
details or check our website for the current charge.
Why save with the Credit Union?
Southwark Credit Union encourages its members to save
regularly through payroll deductions, however small an
amount. Additional sums can be paid into your account at any
time in cash or by cheque. This makes your savings plan
flexible and convenient. Savings soon build up – you won’t
even notice it!
Dividends
The Credit Union does not pay interest on savings – we pay
an annual dividend based on the profit the Credit Union
makes after all the operating expenses and reserves are
calculated.
The amount varies depending on the profit and it should be
noted that in some years there may not be a dividend at all.
We do pay interest on our Young Savers’ accounts, so why not
encourage your children to save with the Credit Union as
well?
What is the cost of borrowing?
Our interest rates are from 8.00%APR* depending on the
amount you borrow and we calculate interest each day on the
reducing balance, which saves you interest on your loan.
Also, there are no set up fees or charges for early
repayment.
What is the free insurance?
Making sure your loved ones are taken care of is even more
important when you are no longer here. Every eligible
Southwark Credit Union member receives free Life Savings and
Loan Protection insurance – you don’t pay for this, we do.
When you join Southwark Credit Union, we will ask you to
nominate a person who you want to benefit upon your death.
• We will pay up to double the amount of your savings
(currently up to £10,000) to your nominated beneficiary.
• If you have a loan outstanding to Southwark Credit Union,
your family will not have to worry about meeting your loan
repayment as the free loan insurance will repay your debt to
the credit union. In effect – your debt will die with you.
Conditions apply.
* Correct at time of going to print – January 2009
Where can I obtain the services?
Southwark Credit Union Limited offices at:
• 79 Denmark Hill, Camberwell, London SE5 8RS
• 18 Pilgrimage Street, London SE1 4LL
• 221 Rye Lane, Peckham, London SE15 4TP
The Credit Union exists only to benefit you and your fellow
members...
Established in 1982 to provide Credit Union services to
employees of the London Borough of Southwark, Southwark
Credit Union has expanded rapidly during the past five
years. We are one of the fastest growing Credit Unions in
the country.
We currently have a membership of 8,500 and assets £8.5
million (as at January 2009)
Like other financial institutions, Credit Unions are
regulated by an Act of Parliament – Credit Union Act 1979
and section 2 of the industrial and Provident Societies Act
1965.
Credit Unions, banks and building societies are supervised
by an organisation called the Financial Services Authority
(FSA). Credit Unions are required to send regular financial
reports to the FSA.
The Financial Service Compensation Scheme provides a final
safety net if a bank, building society or Credit Union
should collapse. If the worst should happen, the Financial
Services Compensation Scheme is able to provide
compensation, to ensure that you do not lose all your
savings.
Worldwide statistics...
There are 177 million members representing 49,000 credit
unions in 96 countries (as at December 2007)
Membership Fee
A one-off membership fee of £2.00 will be charged to all new
members. |
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