The Transport Credit Union

FREQUENTLY ASKED QUESTIONS

 

WHAT IS A CREDIT UNION?
A Credit Union is a financial co-operative equally owned and controlled by its members.

WHAT ARE ITS FUNCTIONS?

To provide the opportunity for members to apply for lending at very reasonable rates based on their regular savings, from a maximum of 8.3% interest (15.9% APR on the reducing balance) which means £1,000 borrowed would cost £83 over a complete year, our cheapest loan is only 3.7% flat rate. (6.9% APR on the reducing balance)  These are highly competitive rates and remember free life cover is included on our loans.


WILL MAXIMUM LENDING RATES INCREASE?


Although rates are constantly reviewed, we are proud to say our maximum lending rate has only increased on small loans (by 1.1% flat rate) since 1981, while we have other rates that have decreased by up to 3%.

ARE THERE MANY CREDIT UNIONS ?
There are around 400 Credit Unions in Gt Britain affiliated to the “Association of British Credit Unions” and 47,000 Credit Unions in 97 countries with 184 Million members.
Worldwide = 8% of population, US = 30% of population and in Ireland = 50% of population are Credit Union members. Credit unions have always been part of a large international movement. There are 40,258 credit unions in 79 countries around the world, enabling 118 million members to access affordable financial services.


WHO REGULATES CREDIT UNIONS?
We are Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority who ensure that Credit Union’s democratically elected Board of Directors operate within the "Credit Union Act" and follow the relevant Regulations, also that we act in a fair and reasonable way toward our Members.

We are required to provide quarterly financial returns over and above the regulatory internal and external Auditing requirements, and of course, the members are the owners and we report to members at their A.G.M. on the third Tuesday of every February.

 

CAN I PROTECT MY FAMILY BY BUYING LOAN PROTECTION COVER?
There is a FREE Loan Protection Cover on loans up to your 70th Birthday, this is already is paid for by the Credit Union and there is also a FREE Life Savings Cover up to your 65th Birthday on your shares- in a successful claim, the Credit Union’s insurance will match your savings pound for pound up to a maximum as set by the Board from time to time and currently stands at £10,000. The usual terms and conditions apply, details can be obtained from the credit union office.


WHO CAN JOIN?
PERSONS EMPLOYED IN THE RAIL, PASSENGER TRANSPORT, NHS AMBULANCE, AND HAULAGE INDUSTRY IN GREAT BRITAIN, ARE ELIGIBLE TO APPLY FOR MEMBERSHIP. IN ADDITION, DUE TO EMPLOYER’S GOODWILL IN PROVIDING FREE PAYROLL DEDUCTION FACILITY, THE £5 PER YEAR MEMBERSHIP FEE IS NOT CHARGED, SO LONG AS YOU SAVE AT LEAST £1 PER YEAR.

DOES MY COMPANY PROVIDE FACILITIES FOR ME TO BECOME A MEMBER?

MANY COMPANIES NOW RECOGNISE THE BENEFITS OF PROVIDING PROVISION FOR CREDIT UNION MEMBERSHIP. CLICK HERE TO SEE A LIST OF EMPLOYERS

 



The better way to save
A cheaper way to borrow 



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Our Member Service Team can take your personal call


Mon - Thurs 8.45am - 16.00pm
Friday 8.45am - 15.00pm
10 Lines waiting for your call.



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