At our Special General Meeting held on 7th May 2009, unanimous agreement was received from all members in attendance to expand our common bond and change our name - details are given below. This is a massive moment for the credit union and provides a wondeful opportunity for development of our business and services to members. Thanks to all members who attended the Special General Meeting and who have shown widespread support to the development plans of the credit union Board of Directors.
NEW NAME -
NHS CREDIT UNION LTD
NEW COMMON BOND QUALIFICATION AREA -
NHS Employees and their linked family members (residing at the same address) within the whole of Scotland the North East, North West and Yorkshire and Humberside regions of England.
The credit union have already received agreement in principle from the Financial Services Authority to update our name and common bond area - the next stage is formally get approval for this which should be achieved within the next month or so.
More news will be available once formal approval is granted. If anyone has any queries in the meantime then contact details are shown below.
West of Scotland NHS Employees Credit Union Ltd is authorised and regulated by the Financial Services Authority (FSA)
Act now! Join our new Christmas Club savings
We have recently introduced a tailored Christmas Club savings scheme so that you can prepare for next Christmas now. The main benefits of the scheme are: • You decide how much you want to save, and then make regular deposits to build towards your goal • Join at any time throughout the year; • Members’ savings are SAFE! Unlike unregulated retail savings schemes, the credit union is authorised and regulated by the Financial Services Authority and members’ savings are covered by the Financial Services Compensation Scheme. • Annual savings dividend will be paid on all sums deposited in the Christmas Savings account • Temptation barrier in place to stop you from dipping into your Christmas savings. Contact the office and one of our staff will be delighted to give you more information on this new service- alternatively check the website for further details. Join this scheme today – it’s never too early to plan ahead.
Celebrating 10 years of member service
West of Scotland NHS Employees Credit Union Ltd has recently entered its 10th year of dedicated service to our member base which currently stands at over 4,600 NHS employees. To celebrate this landmark occasion the credit union aims to strengthen our business by engaging more effectively with our current members as well as setting out a clear vision of development for the next 10 years. Our main development strategies include: • A current proposal to extend our common bond area to the whole of Scotland and the North of England for NHS employees and their family members; • Possible introduction of new services and products (e.g. Child Trust Funds, ISA’s, current accounts and insurance); • On-going review of the credit union lending policy; • Compliance with FSA regulations including specific initiatives and training around the ‘Treating Customers Fairly’ regime; • Increased awareness of the services on offer from the credit union serving the NHS family in a personalised and professional manner – better marketing and publicity; and • Better all round communication with the membership - telephone and on-line enquiries/applications. Robert Kelly – our recently appointed General Manager commented: “Our 10th birthday provides the perfect platform for the credit union to take stock of what we have achieved over the years and where we want to be going forward. Our ambitious plans for common bond extension have been well researched and we are convinced there is a demand for an extension of our services within the NHS family across the country”. Robert went on to say: “However, we don’t have any intention of losing sight of our commitment to our existing members and so we want to engage in more effective and productive ways so that any new services/products will add value to what makes us strong already – our 4,600 current members. I am extremely keen to hear from any member regarding any aspect of our service in what is undoubtedly a very exciting time for our organisation”
Lending comparisons
If you wish to compare our loan rates with another lender it is important that you take into consideration any set-up fees that many Finance Companies and Banks may charge.
The Credit Union DOES NOT charge set up fees or early repayment fees - interest is only charged on the reducing balance of your loan. Please review our comparison table below for full details on two different illustrative amounts:
Please note that: Our loans are covered by FREE life insurance No set up early repayment fees apply Repayments are fixed for term of loan
Source: www.moneysupermarket.com. Illustrations correct as at 22nd October 2008
The above should be used as an illustration only and does not constitute an offer of loan.
We will continue to inform our member of any changes to our loan policy as they become effective.
Interested in volunteering within the Credit Union
The Credit Union currently has two vacant positions on both its Supervisory (internal audit committee) and Credit Committee’s.
About the Supervisory Committee The Supervisory Committee is responsible for ensuring internal controls are in place within the Credit Union and that they are implemented.
Members of the Supervisory Committee should have a working knowledge of the Credit Union and its governing legislation. In addition, experience within a finance roll is desirable but not compulsory, as volunteers will be given full training on all aspects of the Credit Union.
About the Credit Committee The Credit Committee is responsible for developing and streamlining policy and procedure surrounding Lending facilities and can act as a point of reference for larger loans, loan appeals made by members and out of policy applications. Again, it is recommended that Credit Committee members have a working knowledge of the Credit Union as well experience of credit applications processes however full training would be provided to any successful applicant.
If you would like to find out more about any of the Credit Union Committees please call Robert Kelly – General Manager on 0141 445 0022.
Other Products Available
The credit union is not just about savings and loans, we now offer a host of other linked services with more in the pipeline for the near future:
Instant Access Savings Account For those of you who want to save a little bit extra now and then our Instant Access Savings Account may be just the thing for you.
Members will now have the opportunity to deposit savings in a 2nd savings account. These savings will not be related in any way to the amount of loan you can apply for and unlike savings in Share 1 accounts, savings in this account will not be pledged against any loan you have meaning you will be able to withdraw savings from this account at any time.
Family Protection Plan We offer Family Protection Plans designed to save your family from the economic burden caused by unexpected funeral expenses. Four coverage options are offered allowing you to choose the coverage that best fits your needs and family situation.
As a credit union member, you can protect yourself and up to five members of your family under one policy. The cash benefit paid by the policy provides an immediate financial support when your family is most in need. The best part is that there are no restrictions on how you use the cash benefit.
Plan A Individual Benefit £2,000 Monthly Premium £9.60
Plan B Individual Benefit £3,000 Monthly Premium £14.40
Plan C Individual Benefit £4,000 Monthly Premium £19.20
Plan D Individual Benefit £6,000 Monthly Premium £28.80
Family Protection Plan premiums can be paid via your credit union account.
Call the office today on 0141 445 0022 today for more inform.
Pay Point Card Each member of the Credit Union now receives a Pay Point card when joining. Pay Point is a convenient and secure method of making deposits to your credit union account. The card you are issued with can only be used to make deposits to your account with West of Scotland NHS Employees Credit Union and cannot be used to deposit money into any other account. It is not intended to replace payroll deduction and you cannot withdraw funds using your card. All money deposited using pay point cards will be credited to your 'Instant Access Account'. Should you want to transfer money from this account to your loan you will be required to complete a 'Share to Loan Transfer' form.
As the Credit Union is charged £0.45 for each deposit made we ask that the minimum deposit using pay point is £10.
Junior Accounts For those of you who have children you may be pleased to know that we now operate Junior Accounts (Little Lollipop's for those under 12 and Smart Savers Account for those who are 12 and over).
These accounts are ideal if you want your child to learn the value of regular saving or if you want them to save money gifts received from friends and family. Parents and Grandparents are able to deposit money by payroll deduction or by standing order on their behalf and children will be issued with their very own pay point card to enable them to make their own deposits.
For full details of these products and services please call our office on 0141 445 0022 where a member of staff will be happy to assist you.
Let your Colleagues know about us!
Credit unions have been described in the past as “Scotland's best kept secret”.
Why not try changing that by telling the staff in your team about our excellent products and services?
At the credit union member’s savings are pooled to allow us to lend to each other, so it goes without saying that the more members we have the healthier the credit union becomes.
As at 1st October 2008 we have over 4,500 active members with combined savings of over £5.5m and over the last 10 years we have lent over £21m to our members.
Membership application forms can be requested by calling our office on 0141 445 0022, alternatively they can be downloaded from this website.
About our Credit Union
West of Scotland NHS Employees Credit Union has been offering a safe and secure way for its members to save since our inception in December 1998.
NHS Staff within the West of Scotland can start saving at any time to make sure they have enough money for expensive events including Christmas, holidays, home improvements or annual events like car insurance. Saving regularly means that money is always available for financial emergencies when they arise. Better still saving is made easy by way of payroll deduction.
Money saved in credit unions is protected by the Financial Services Compensation Scheme – see above for full details.
Credit Unions also provide affordable loans with no set-up fees and no early repayment penalties.
During the financial year October 07 - September 08 our credit union provided 2,500 loans to its members. The total amount allocated was a whopping £2.9m showing the level of commitment and trust between the credit union and its member base.
As an added benefit to members, and at no extra cost, we also grow the legacy members leave loved ones upon their death. The amount saved by the member is doubled and passed on to the bereaved family. We will also pay off all outstanding loans upon the death of a member making sure loved ones won’t be left 'loan alone'. Terms and conditions apply – please contact the office for full details.
Credit Unions are growing each year and West of Scotland NHS Employees Credit Union is no different.
We currently have over 4,500 members with combined savings of over £5.5m. In ten years the credit union has lent over £21.1m to members and what's more credit unions are owned and controlled by their members and exist only to serve their needs.
To join today you can download a membership application by clicking on 'Apply for Membership' on our home page.
Concerned about the credit crunch?
Worried about the implications of government intervention in the banking system? West of Scotland NHS Employees Credit Union Ltd would like to re-assure all our members that their savings with us are protected under the Financial Services Compensation Scheme (FSCS). The FSCS is an independent fund set up by UK financial bodies and regulated by the Financial Services Authority (FSA) which promises that, in the event of a regulated financial institution collapsing, the first £50,000 you have saved within this institution is protected. As our maximum savings levels are well below this limit you would be fully compensated 100 percent for any savings you had. Therefore you can relax knowing your savings are safe and secure with a credit union you can trust. Please feel free to contact our new General Manager – Robert Kelly on 0141 445 0022 should you have any concerns or queries regarding this or any other relevant issue.
CREDIT UNION OFFERS SECURITY and PEACE OF MIND
West of Scotland NHS Employees Credit Union has been offering a safe and secure way for its members to save since December 1998.
NHS Staff within the West of Scotland can start saving at any time to make sure they have enough money for expensive events including Christmas, holidays, home improvements or annual events like car insurance. Saving regularly means that money is always available for financial emergencies when they arise. Better still saving is made easy by way of payroll deduction.
Unlike money saved within social or work clubs, money saved in credit unions is protected by the Financial Services Compensation Scheme, which will cover 100 percent of the first £2000 in savings and 90 percent of the remainder. This offers the same level of protection as any bank or building society.
Credit Unions also provide affordable loans with no set-up fees and no early repayment penalties.
During the financial year Oct 05 - Sept 06 WOS NHS Employees CU provided 2712 of its 4000 members with loans. The total amount allocated was a whopping £3.7m.
This trend looks set to continue with over 800 members receiving loans totaling over £912k from Oct 06 - December 06.
As an added benefit to members, and at no extra cost, we also grow the legacy members leave loved ones upon their death. The amount saved by the member is doubled and passed on to the bereaved family. We will also pay off all outstanding loans upon the death of a member making sure loved ones wont be left 'loan alone'.
Credit Unions are growing each year and West of Scotland NHS Employees Credit Union is no different.
We currently have over 4100 members with combined savings of £4.7m. In its eight years it has lent over £15.5m to members and what's more credit unions are owned and controlled by their members and exist only to serve their needs.
To join today you can download a membership application by clicking on 'Apply for Membership' on our home page.
Let your Colleagues know about us!
Credit unions have been described in the past as “Scotland's best kept secret”.
Why not try changing that by telling the staff in your team about our excellent products and services?
At the credit union members savings are pooled to allow us to lend to each other, so it goes without saying that the more members we have the healthier the credit union becomes.
Currently we have around 4100 active members with combined savings of over £4.5m and over the last 8 years we have lent over £14m to our members.
Membership application forms can be requested by calling our office on 0141 445 0022, alternatively they can be downloaded from this website.
Other Products Available
The credit union is not just about savings and loans, we now offer a host of other services.
Instant Access Savings Account For those of you who want to save a little bit extra now and then our Instant Access Savings Account may be just the thing for you.
Members will now have the opportunity to deposit savings in a 2nd savings account. These savings will not be related in any way to the amount of loan you can apply for and unlike savings in Share 1 accounts, savings in this account will not be pledged against any loan you have meaning you will be able to withdraw savings from this account at any time.
Family Protection Plan We now offer Family Protection Plans designed to save your family from the economic burden caused by unexpected funeral expenses. Four coverage options are offered allowing you to choose the coverage that best fits your needs and family situation.
As a credit union member, you can protect yourself and up to five members of your family under one policy. The cash benefit paid by the policy provides an immediate financial support when your family is most in need. The best part is that there are no restrictions on how you use the cash benefit.
Plan A Individual Benefit £2,000 Monthly Premium £9.60
Plan B Individual Benefit £3,000 Monthly Premium £14.40
Plan C Individual Benefit £4,000 Monthly Premium £19.20
Plan D Individual Benefit £6,000 Monthly Premium £28.80
Family Protection Plan premiums can be paid via your credit union account.
Call 0141 445 0022 today for more information. Or, contact CUNA Mutual Group directly on 0121 359 0221.
Pay Point Card Each member of the Credit Union now receives a Pay Point card when joining.
Pay Point is a convenient and secure method of making deposits to your credit union account. The card you are issued with can only be used to make deposits to your account with West of Scotland NHS Employees Credit Union and cannot be used to deposit money into any other account. It is not intended to replace payroll deduction and you cannot withdraw funds using your card. All money deposited using pay point cards will be credited to your 'Instant Access Account'. Should you want to transfer money from this account to your loan you will be required to complete a 'Share to Loan Transfer' form.
As the Credit Union is charged £0.45 for each deposit made we ask that the minimum deposit using pay point is £10.
Junior Accounts For those of you who have children you may be pleased to know that we now operate Junior Accounts (Little Lollipop's for those under 12 and Smart Savers Account for those who are 12 and over).
These accounts are ideal if you want your child to learn the value of regular saving or if you want them to save money gifts received from friends and family. Parents and Grandparents are able to deposit money by payroll deduction or by standing order on their behalf and children will be issued with their very own pay point card to enable them to make their own deposits.
For full details of these products and services please call our office on 0141 445 0022 where a member of staff will be happy to assist you.
INTERESTED IN HELPING RUN YOUR CREDIT UNION?
The Credit Union currently has two vacant positions on its Supervisory Committee (internal audit committee).
About the Supervisory Committee The Supervisory Committee is responsible for ensuring internal controls are in place within the Credit Union and that they are implemented.
Members of the Supervisory Committee should have a working knowledge of the Credit Union and the legislation surrounding it, in addition, experience within a finance roll is desirable but not compulsory, as volunteers will be given full training on all aspects of the Credit Union.
If you would like to find out more about the Supervisory Committee or any of the Credit Union Committees please call Debbie on 0141 445 0022.
INTEREST RATES REDUCED
At a Board meeting on Thursday 17th March 2005, it was agreed the interest rate on loans of £5000 or more be reduced.
The new interest rate for loans of £5000 or more is now 11 percent (Base Rate 6.1 percent).
This rate is effective immediately and will apply only to NEW LOANS.
The Board of Directors is committed to reviewing all loan rates on a regular basis. Our aim is to remain competitive whilst ensuring the Credit Union continues to thrive financially.
If you wish to compare our loan rates with another lender it is important that you take into consideration any set-up fees that many Finance Companies and Banks may charge.
The Credit Union DOES NOT charge set up fees and interest is only charged on the reducing balance of your loan.
We will continue to inform our member of any changes as they become effective.
AGM APPROVES 2 percent DIVIDEND
Members attending the Annual General Meeting (AGM) on Thursday 27th January accepted the Board of Directors proposal to pay out a 2 percent dividend for the financial year October 2003 to September 2004.
The dividend (totalling over £47,500) will be transferred to members' accounts on Friday 28th January. All other surplus will be added to our general reserve account to further strengthen the financial position of the credit union.
Changes to the Board of Management where also made with James Coyle and Mary Kane being elected to serve as Directors.
Robert Rae replaced Robert Stewart who stepped down from his position as President. The Board would like to thank Robert Stewart for his hard work over the years and wish Robert Rae and the new Directors well in their new positions.
In his final address as President Robert Stewart informed the AGM that in the last year the credit union has grown from strength to strength, increasing share holding (members savings) by over 25 percent. Loans issued to members throughout the year also seen a sharp increase of over 28 percent from the previous year.
Robert also thanked fellow Board members and staff for their efforts and commitment throughout the year.
INTRODUCTION OF BACS PAYMENTS
We are happy to announce that from 1st December 2004 West of Scotland NHS Employees Credit Union will offer loan and withdrawal disbursements by BACs transfer directly into your bank account.
Once your loan or withdrawal is approved funds will be available in your bank account within 3 working days.
No more waiting on the postman to arrive, queuing at the bank during your lunch break or waiting for a cheque to clear!
OFFICIAL OPENING OF OUR NEW OFFICE PREMISE
Elinor Smith, Chairperson of South Glasgow Division, NHS Greater Glasgow was delighted to officially open our new premise on Paisley Road on Friday 15th October, where she took time to praise the work of staff and volunteers who have made your credit union such a success.
Chair of the credit union, Robert Stewart, was delighted to welcome all guests to the new premise, amongst them Brendan Fagan and Catherine Byrne who represented our Twin Credit Union, Health Services Staffs Credit Union, in Dublin.
Robert also took the time to thank all those over the years who have helped West of Scotland NHS Credit Union become what it is today.
Liz Degning, Board Director said: 'In six short years the credit union has grown steadily reaching a number of landmarks along the way. Employing our first member of staff was a major step forward. But being able to develop the membership beyond the boundaries of the Southern General Hospital to include all of the NHS Trusts within Glasgow was a major highlight. We have come a long way since November 1998'
Over the coming year the credit union will be providing Road Shows throughout our common bond. This will provide members with the opportunity to speak to staff on a face-to-face basis and learn more about the future development of the credit union. Likewise all non-members will be able to pick up membership application forms and literature explaining how the credit union works and how they can become active members.
The Road Show diary will be available on the website soon. If you would like us to visit your place of work, please call our office on 0141 886 7246 or email admin@nhscreditunion.com
LOAN PROTECTION NOW AVAILABLE
West of Scotland NHS Employees Credit Union is pleased to announce the introduction of 'Loan Protection Plan'.
Provided and underwritten by Norwich Union through a partnership with CUNA Mutual Group, these products offer excellent value for money and added peace of mind when you borrow from your Credit Union.
Loan protection is available in two ways, 'Accident and Sickness'cover or 'Accident, Sickness and Unemployment' cover, and its easily arranged at the same time you are arranging your loan.
Payment is also made easy, with premiums being deducted from your shares in exactly the same way as your loan repayment is.
If you require further details on this new payment protection please call our office on 0141 886 7246.
Providing you with all your Insurance Needs.
Members of NHS Credit Union now have access to 'Credit Union MEMBERS Financial Services'
Credit Union MEMBERS Financial Services provide a range of insurance products exclusively packaged and priced for credit union members - from motor, holiday and home insurance to a health cash plan and term life cover.
Provided and underwritten by Norwich Union through a partnership with CUNA Mutual Group, the products offer excellent value for money. All you need to do is call free phone 0800 731 4205.
So whether you're looking for travel insurance or you have just got a loan from us to buy a car and now you need to buy your insurance - why don't you call the MEMBERS free phone and ask for a quote?
If you would like any further information about MEMBERS Financial Services please do not hesitate to contact us. If you would like a quote please call free phone 0800 731 4205.
Share Withdrawal or Loan? Make an Informed Choice!
Share Withdrawal or Loan? Make an informed choice - make the right choice!
At the Credit Union we pool members savings to make loans to each other. Therefore it is safe to say that the more savings we all have then the more loans we can provide, but at the Credit Union there are other reasons to keep your savings intact, here are just some of them:
All shares you have in the Credit Union receive Free Life Insurance*; therefore if you make a share withdrawal you are reducing your life insurance should you die.
Any loan you have outstanding with the Credit Union dies with you.
As we have a ratio-based loan policy you will be reducing your borrowing power should you need to borrow in the future.
You will not receive a full dividend if the Credit Union announces one at the end of the financial year if you reduce your shares.
Quite often your payroll deduction will not be increased - your payment may stay the same, so if you decide to take a loan your life insurance and dividend entitlements will not be affected.
Loan applications take no longer to process than withdrawals do and can be arranged today over the telephone (0141 886 7246).
Loan repayment terms are flexible and are tailored to meet individual needs.
At the Credit Union we charge only 1 percent per month on the reducing balance of your loan (12.68 percent APR - base rate 6.5 percent).
Unlike other lenders our loan rates are 'fixed' by law, so we can guarantee that our interest rates will never increase.
There are no set up fees and should you decide to repay your loan early there are no interest penalties.
* Conditions Apply
LOAN APPLICATIONS APPROVED OVER THE TELEPHONE
Members of the West of Scotland NHS Employees Credit Union can now have loan applications 'approved in principle' over the telephone.
To take advantage of this speedy service simply call us on 0141 886 7246, where we will be happy to discuss your loan application and loan repayment terms.
In order for us to process your loan quickly it would be helpful for you to have to hand an up-to-date payslip and have knowledge of your regular expenses.
Once the loan amount and repayment plan has been agreed we will send you out a completed Application Form for your signature together with the Agreement Form. We will process your loan as soon as you have returned the forms to us.
Site Launch
Our members may now apply for PIN numbers to view their accounts online. Please contact the Credit Union Office on 0141 886 7246. Alternatively, members may use the online PIN Request form.
Members cannot access the account enquiry section of our web site without a PIN number.
Our New Premises
The Credit Union is now officially operating out of our new office premises at 1A Paisley Road, Renfrew PA4 8JH
Tel: 0141 886 7246 Fax: 0141 886 7244
Dividend Approved
West of Scotland NHS Employees' Credit Union is delighted to announce that a dividend of 1 percent for the past year has been approved at our recent Annual General Meeting.
04 July 2009
