There are alternative ways to borrow, save and manage your money. Find out more about credit unions...
What are credit unions?
They are a not-for- organisations that promote savings, financial services and ethical banking. They are owned, managed and operated by their members. This allows the community to come together and save and borrow at low rates.
What services do they provide?
Savings, loans and ethical banking.
How are they run?
Profit made from their loans is ploughed back into the business and once running costs and staff salaries have been deducted, the credit union pays a dividend to its members.
Is my money safe with Wolverhampton City Credit Union?
We are covered by the same rules and regulations as banks and building societies; your money is secured up to £85,000 with the Financial Services Compensation Scheme
Why should I use a credit union instead of a high street bank?
We are the first choice for lifelong ethical financial services. We are able to help people from all walks of life including people who may be financially excluded or have a low credit rating and benefits the local community to come together to save and borrow at low rates.
How many members does Wolverhampton City Credit Union have?
4,500 - and growing.
How do I join?
Complete a membership form, providing identification and proof of address. You need just £1.00 to open an account. Find out more at www.wccul.co.uk
How do I get a loan from the credit union?
You would need to be a member, complete a loan application and provide 3 months' bank statements and proof of income (for example through 3 months' salary slips and/or benefit letters).
How do I save?
Call into our office at Worcester Street, or save by standing order, pay point card, or through payroll deductions.
Do you offer money advice?
We don't offer money advice as such, however we run workshops in partnership with Children's Centres all over Wolverhampton.
I'm struggling to budget. Can you help?
We would ask you to complete a budget planner with every loan application, directing you to the Money Advice Service at: www.moneyadviceservice.org.uk/
Can I pay my bills through the credit union?
We will shortly be producing a jam-jar account to help you pay your rent, council tax and other bills.
Where are you located?
73 Worcester Street, Wolverhampton WV2 4LE.
- released: Wednesday 14 August, 2013
Information for Christmas and New Year Period
Credit Union - 01902 572340:
Welfare Assistance Loans and Crisis Loans
Note the Civic Centre will be closed to the public from (and including) Friday 23 December to (and including) Monday 2 January. However, the Credit Union office on Worcester Street will be open Wednesday 28 December, Thursday 29 December, Friday 30 December (reduced office hours - 9.30am to 2.00pm). Reopening on Tuesday 3 January normal hours.