DIRECTORS
CLEM McPHERSON (President)
PETE NORMAN (Vice-President)
JOHN MOORE (Treasurer)
KEN ATKINSON (Secretary & Chief Cashier)
JOHN CONNOR (Director, IT Officer & Insurance Officer)
MANDY HILLSDON (Director & Loans Officer)
LYN CARTER (Director & Loans Officer)
JIM NOBLE (Director)
SHIRLEY WARR (Director)
CYRIL DAVIS (Director)
|
OPENING
HOURS
TUESDAY
10AM - 1PM
FRIDAY 10AM
- 1PM
The Maypole
Centre (opposite the Library)
SATURDAY
10AM - 1PM
The TMO office
(behind the Phoenix Pub) |
What is a Credit Union?
A Credit Union is a members only savings
and loans co-operative, which offers a savings and low interest loans
service to its members.How
would I benefit from joining a Credit Union?
Credit unions encourage small savers and grant
low interest loans. For instance, for every £100 you borrow you repay
£106.50 over 12 months that is equal to 1% per month on the decreasing
balance of your loan. To be able to offer such a low interest rate, members
have to save for sixteen weeks before they can borrow and their savings
in the Credit Union are used as security for their loan.Why
would I need a Credit Union?
Unless you are born very rich everyone needs to be able to have access
to low interest credit at sometime or another. The new school uniforms
may be more expensive than you budgeted for. You could go to one of the
personal finance companies for a loan and pay anything up to 168% interest,
or more, or, you could take out a Credit Union loan. Everyone needs a
Credit Union, even British Airways pilots, the Police and Fire services,
but most of all, ordinary people. If you are low paid, or on benefit,
the banks are unlikely to offer you credit at a cost you can afford, the
only other people you can go to is your local Credit Union.Who
can join the Maypole Credit Union?
Anyone who lives within the ‘common bond’ area, that is, anyone who
lives on the Bells Farm/Monyhull, Pennyacre or Druids Heath and Millpool
Gardens estates, and who is over 18 years old.How
do you become a member of a Credit Union?
All you have to do is fill in an application form,
show us two forms of identification and pay £1 entrance fee. When the
board of Directors has approved your application and you have saved at
least £1 you then become a member of a Credit Union.How
much do I have to save?
You can save as little or as much as you like providing that you can
save regularly. Any loan that you apply for will assessed by how much
you have saved and how regularly you have saved.Do
I have to be employed before I can take out a loan?
No. The only criteria laid down by the Loans
Policy is that you must have been a member for at least sixteen weeks
and have a record of saving regularly.Do
I get interest on my savings?
The law does not allow Credit Unions to pay interest on member’s savings.
However for the last two years the Maypole Credit Union has been able
to distribute a dividend to its members from profits received from interest
on loans.Is
my business private in the Credit Union?
Absolutely. All of the officers and staff have taken
an oath of confidentiality. No one can see or discuss your account except
the appropriate officer of the Credit Union. Your account is kept totally
confidential.Is
the Credit Union insured against fraud or robbery?
Yes. The law insists that Credit Unions have
comprehensive insurance against fraud and robbery. Because all the officers
and cashiers of the Credit Union are insured by a Fidelity Bond, in the
event of dishonesty members will not lose their savings.Who
runs the Credit Union?
The members run the Credit Union. At the Annual General Meeting they
elect members to the three main committees:
- The Board of Directors
(who decide overall policies on loans and dividends).
- The Loans Committee (who
consider all loan applications).
- The Internal Audit Committee
(who act as ‘watchdogs’ for the members and oversees the books of
accounts).
All the members of
the above committees are members of the Credit Union. Credit Unions are
legally registered organisations. They are registered in accordance with
the Credit Union Act 1979 and the Industrial and Provident Societies Acts
1965-1978. All Credit Unions have to operate within the Rules laid down
by these Acts. Credit Unions have to submit Quarterly & Annual Reports
to the Registry of Friendly Societies and, they have to have a fully qualified
Chartered Accountant holding a current practice certificate as their auditor.Who
does the work of the Credit Union?
The Credit Union is run voluntarily by its members. Committed people
offer their time and services to the Credit Union without payment. Volunteers
give up to 1-5 hours each week. You can HELP by talking to any officer
of the Credit Union with the offer to help. You can also help in promoting
the idea of Credit Unions to friends and family in the area. |
