Support from Local MP, Michael McCann
Local MP Michael McCann has given East Kilbride Credit Union his wholehearted backing and has urged constituents across East Kilbride and Strathaven to support the local, community-based financial organisation where members save together and have access to affordable credit. And the MP followed up his words with actions this week by opening his own account at the credit union’s headquarters in the Village, East Kilbride. Michael said, “The banking crisis was a real body blow to the nation’s economy, but if you analyse the banking sector it was the cooperative-based models, like credit unions, that weathered the storm best and have emerged from the crisis intact. “The credit union is owned and controlled by its members but it also benefits from strong support from the Association of British Credit Unions Limited (ABCUL) and is regulated by the Financial Services Authority. “I suppose, like many people, I have always wanted to join the credit union but never got around to it. I have changed that this week by opening my own account and I hope many others follow in my footsteps. “Its worth remembering that credit union membership is open to anyone who lives in East Kilbride and Strathaven. Other local credit unions are available across the constituency.” John Lange, the general manager of the EK credit union, and board members, briefed the new local MP on forthcoming proposals to change regulations governing credit unions and are now seeking Michael’s support for their continued success. John said, “We are delighted Michael is involved with our work and that he has confirmed he can advocate for our industry’s needs in parliament. We look forward to a long and fruitful relationship.”
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New Reduced Interest Rate on Secure Loans
East Kilbride Credit Union Ltd is pleased to announce it is now offering a new reduced interest rate on all secure loans to its members. All secure loans will now be charged at a very attractive 6% APR. If you were considering withdrawing your savings, why not take out a secured loan instead at our new lower rate. You can borrow the sum you require at a low cost, your savings remain intact and your free life insurance with the credit union will not be affected.
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Debit Card Payments Now Accepted!
East Kilbride Credit Union Ltd can now accept payments to your credit union account by debit or credit card. You can make payments to your account using your card by phoning or calling into the office and speaking to a member of staff. Please note that there is a minimum deposit of £10.00 on all debit or credit card payments.
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FSCS Compensation Arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.
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SoLVE Quality Award
East Kilbride Credit Union recently won the SoLVE Quality Award for 2009. This is in recognition of the excellent policies and practices that we adopt in recruiting and retaining volunteers including induction, training, ongoing support, expenses policy and equal opportunities. If you are keen to help us out as a volunteer and have some free time please do not hesitate to contact us on info@ekcreditunion.co.uk
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Pay Point
East Kilbride Credit Union now has a Pay Point service up and running. All members should have received their new Pay Point card by post and can start depositing into their credit union account straight away. If you would like more details or have not received your card, please contact the office for futher information.
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Loan Guidelines Update
Loans granted by East Kilbride Credit Union to members will now be insured until the age of 74. Loans taken after the age of 74 and members who reach this age during the term of a loan will not be insured by our Loan Protection Scheme.
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Returned Cheques
Members who pay by cheque will be subject to a charge of £7.50 for any cheques that are returned from the bank unpaid.
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Is your Next of Kin up to date?
Some of you have now been members for several years. During that time your circumstances may have changed, e.g. you may have moved house or married or divorced. Next of Kin details are very important. All members shares are insured by the Credit Union at no extra cost to you. It is therefore very important that you keep your beneficiary information current to ensure that insurance payments are made promptly and according to your wishes. If you need to change or amend your beneficiary information for any reason Please come in to one of our offices and ask for a change of details form. WITHDRAWALS MAY AFFECT THE AMOUNT PAYABLE AS WITH ALL INSURANCE POLICIES TERMS AND CONDITIONS MAY APPLY Authorised and Regulated by the Financial Services Authority reg. No. 213849
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