FAQs

Frequently Asked Questions about Credit Unions

What is a Credit Union?

A Credit union is a mutual financial co-operative that offers a secure way to save and provides low-interest loans to its members.

It is owned and controlled by the members.

Are Credit Unions a new thing?

Not at all - but they are growing. Globally there are now 172 million people who are members of credit unions.  In the UK and Ireland, there are over 400 independent Credit Unions.

Bramley Credit Union is an independent, community-based credit union, that has been in existence since 1992.

Who can join West Leeds and Bramley Credit Union?

Anyone who lives or works in West Leeds and Bramley, including household family members.

You can join on completion of an application form, together with satisfactory proof of identity and address, and payment of a £3 membership fee.

What are the benefits of West Leeds and Bramley Credit Union?

After saving with us for 3 months you can apply for a low-interest loan.

You will be encouraged to continue saving regular amounts on a weekly or monthly basis whilst you make your loan repayments.

Any surplus made by the credit union is paid back to the members in the form of a dividend on savings, which is decided annually at the Annual General Meeting.

Who runs West Leeds and Bramley Credit union?

Volunteer directors are elected by the members to sit on the Board as officers. These officers are directly accountable to the members and have to supply audited accounts to the members at an Annual General Meeting.

Will my money be 100% secure?

Yes. Our credit union is regulated and overseen by the Financial Conduct Authority and so is covered by the Financial Services Compensation Scheme (FSCS).

The FSCS will cover up to £85,000 of your savings in the UK authorised Credit unions such as West Leeds and Bramley Credit Union.

Safer Saving and Spending
West Leeds and Bramley Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
- FRN 213926