It was good news for Clivey Credit Union members who agreed a dividend at the Annual General Meeting in June after an external audit.
Unlike infamous big financial institutions, there are no staff bonuses, no big running expenses, and no debts to pay. The Credit Union is run entirely by volunteers.
And as the profits came from members, the net profits go back to them, after essential regulatory fees, audit fees and insurance payments are made.
Each member in 2009 will receive a 4 per cent pay-out on their average savings. “It might sound too good to be true but our members are laughing all the way to the credit union counter,” said Dorothy Brown, chair of Clivey Credit Union. “In these times of banking crisis, low interest rates and economic instability, we are delighted to be rewarding our members for their business.”
And that business is all about safe and affordable loans. The more members take out loans, the more interest goes into the shared pot for everyone. The more time the volunteers put in, the more members are signed up and savings and loans are processed.
Credit Unions are regulated by the Financial Services Authority.
Anyone living or working in Swindon can join. Two forms of ID – a passport or driving licence – and a recent household bill are required to join.
North of the main railway line – Clivey Credit Union, Clive Parade, 541 Cricklade Road. Open: Wednesday 10am to 12noon; Saturday 11am to 12noon;
Toothill Church, Monday 10.30am to 11.30am. Tel: 07905 636152.
South of the railway line – Steam Ahead Credit Union, Cavendish Square, Park South. Open: Monday, Tuesday, Thursday, Friday, Saturday, 10am to 12noon. Tel: 522216.