PENWITH CREDIT UNION LIMITED

12 Easy steps to understanding the Credit Union

What is a Credit Union?
The Credit union is a democratic financial Cooperative owned and controlled by its own members.  All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union.

What is a Common Bond?
The common bond is the factor that unites every credit Union member.  A ‘common bond’ is defined as:
·    an area where all the members live or work together in the same locality.
·    where all the members are in the same profession or work for the same employer.
·    where all the members are in the same club or association.

Savings
    Credit Unions encourage their members to save regularly, however small the amount.  They operate friendly and accessible collection points, at times in places, which are most suitable for their members.

Withdrawals
Members can withdraw their Credit Union savings after a small notice period, provided they are not pledged as security on a loan.  However, you are encouraged to keep your savings intact to maintain your capacity to borrow.
   
Loans
Loans are granted to members of the Credit Union on the basis of their saving record, their capacity to repay and according to the loans policy of the Credit Union.  Repayment is through the same local collection points.

Repayments
Repayments are designed to be flexible and are negotiated with you to meet your own capabilities

Low Interest Charge
Because Credit Union exist only to serve their members, loan costs are only 1% per month on the outstanding balance.  This 1% is worked out on the reducing balance on your loan.
   
Insurance Protection
Your savings are protected by insurance which covers theft, fraud and misappropriation of funds in addition to cover for loans in the event of the demise of a member.  All at no cost to YOU.

No Hidden Costs
        There are NO hidden fees or costs involved in transactions with the Credit Union.

Confidential
All transactions are confidential.  Every volunteer who works in the Credit Union will treat all information as strictly confidential.

Volunteers
Credit Unions are run by volunteers, from whom are selected the officers who give their time to see to the everyday running of the Credit Union.  Any member is eligible for these positions.

Democracy
Equal rights exist for every member, whatever amount they have saved, to use the
service of the Credit Union and to work as a volunteer within the Credit union.

The principle is: 1 member = 1 vote
WHY WAIT…WHY NOT JOIN TODAY

If you would like more information on how to become a member please contact our Registered Office at.
St. John’s Hall, Penzance -  between 9.00am and 1.00pm
Monday to Friday  Tel: (01736) 366200
Fax   (01736) 366225
E-mail: office@pcu.org.uk
or
Visit our Website on
www.Penwithcreditunion.co.uk
Our Collection Points are open as follows:
Penzance (St John’s Hall)
Tuesday    10.00am to 2.00pm
Saturday    10.00am to 12pm

St Just (Old Barclays Bank, Building)
Friday (9.30am to 11.30am)