How do Credit Unions work? Regular savings by members create a common pool of money, which in turn is used to provide low interest loans to members. Who runs Oldham Credit Union?
A full-time professional staff team controlled by a locally elected Board of Directors, who are unpaid. The Financial Services Authority approves both the management and Directors in the same way as a bank or building society. Is my money safe? Oldham Credit Union is regulated by the Financial Services Authority, which also regulates all the banks and must operate within the law and cover their members against any dishonest acts. Since July 2002, all Credit Unions are also part of the Financial Services Compensation Scheme, which guarantees your savings up to £33,000. Want to find out more? Please contact your local office on 0161 678 7245 or visit on-line at: www.oldhamcreditunion.co.uk We've Moved! Due to its huge success, Oldham Credit Union has relocated to new offices in Oldham’s famous Tommyfield Market. The Credit Union has taken over the old “Parking Shop”. Situated opposite the Halifax Bank and opening into the Market Hall, they will be ideally placed to serve the, ever expanding, membership. With over 1,800 members it had become apparent that the old offices just could not meet the needs of its membership. Since the Credit Union was formed in Oldham over £1,000,000 has been lent to its members, proving that there is a real need for loans at reasonable rates not door step rates. | Oldham Credit Union have launched a new First Savers Account for children & young people to the age of 16 years old. Adults may enrol their children or grandchildren as Account Holders and would act as a joint signatory to the account. Contact the Credit Union to find out what First Savers has to offer. |
