|
Merthyr Tydfil Borough Credit Union Ltd. |
|
Home |
|
About Us |
|
Contact Us |
|
Credit Union Services |
|
Download Forms |
|
Related Links |
|
About Us |
|
Merthyr Tydfil Borough Credit Union was established in October 1998 by community members who identified the need to tackle issues such as social and financial exclusion, unlicensed leaders (loan sharks) and regeneration. What is a Credit Union? A Credit Union is a financial co-operative that is owned and controlled by its members. Credit Unions offer a wide variety of financial services; providing a safe and convenient place to save your money, accessible loans at a very reasonable rate of interest. As such, Credit Unions have the potential to offer a much more accessible, efficient and cost-effective financial service than either banks or other financial institutions. How is it different from a bank? Banks are owned by private shareholders and all profits are returned to them. Credit Unions are owned and controlled by every member, who employ a small staff team to run the Credit Union on their behalf. After the costs of running the Credit Union are met, the profits are returned to the members through annual returns known as dividends. This keeps money within the local area and the pockets of each member. Credit Unions are not-for-profit organisations and are driven by an ethos of service to its members, rather than maximising profit. They are also seen as an ethical way to bank, as they provide social benefits, help renew a sense of community identity and retain wealth within the local area. How Safe are Credit Unions? Credit Unions are regulated like other financial institutions by the They have to comply with the Credit Unions Act 1979 and are regularly audited and monitored. In addition, each Credit Union must be covered by Fidelity Bond Insurance to ensure that Member's savings are protected.
Benefits of Credit Union Membership. Savings and Loans have life insurance cover provided by paid for by the Credit Union (certain age and health limitations apply).
Money Saving Expert Website
|
|
To contact us: |
|
OFFICE HOURS 9am to 1 pm Monday to Friday
19 Park Place Merthyr Tydfil CF47 0DJ
|
|
To contact us: |
|
A SAFER WAY TO SAVE—A CHEAPER WAY TO BORROW |
|
©2010 MTBCU Ltd | Regulated by the Financial Services Authority - Reg No: 213643 |
To contact us call:01685 377888 |