May 15th 2015
CREDIT UNION Update
The BFAWU Credit Union was the first ‘national’ Credit Union set up in 1997 with the ‘common bond’ being membership of the Bakers, Food and Allied Workers Union. The aim was-and remains- to assist members in financial problems, to encourage savings and to keep members out of the hand of money lenders. Thousands of BFAWU members and their families have benefited from this facility. Why not become one of a growing number of Union members that use this benefit?
The Credit Union’s aim also was to assist members in short term financial problems that ordinary Banks would not help as the loans being sort were of small amounts and short term -no money in that for Bankers. Again thousands of your fellow Union members have reaped the benefit from this facility.
Credit Union members save and borrow for many reasons. It may be for that family holiday; for that emergency purchase; for a wedding or funeral expenses and many more. Savings are made at regular-weekly or monthly- periods as are repayments on loans. And, unlike Banks, interest is paid on the reducing repayment figure not on the whole capital borrowed.
So how are we doing? The Table below sets out our record in 2014 and in the first quarter of this year:
Total of 464 Loans in 2014 totalled £526,190.00
Approved loans 149 January to April in 2015 totalled £184,319.00 so far.
The Credit Union is a major benefit for Union members and their families as the table above shows. Savings are protected under the Financial Services Compensation Scheme, covering up to £85,000 of savings for each member.
Now is a good time to join the Credit Union and applications are welcome. Why struggle to make ends meet by falling into the hands of loan sharks or by paying high interest rate returns. Why look to discredited Banks for assistance for that one off purchase or holiday? Here are Union members saving and lending to each other. That is what trade unionism is all about. So come and join us. Application forms are available from the Credit Union Head Office, Stanborough House, Great North Road, Welwyn Garden City, Hertfordshire AL8 7YA
Pauline Nazir, Secretary Joe Marino, Chair.
JOIN YOUR CREDIT UNION TODAY
NOTICE-THE CREDIT UNION AGM WILL BE HELD IN THE CONFERENCE HALL, SOUTHPORT ON THE 8 JUNE AT 12.30PM. ALL MEMBERS, AND POTENTIAL MEMBERS INVITED.