Renfrewshire Wide Credit Union
41 High Street, Paisley
Renfrewshire Wide Credit Union was established in 2006 as a merger of 3 smaller credit unions in Erskine, Renfrew and Linwood which has served the local community for over 30 years.
A credit union is a financial co-operative owned by its members. It is a not-for-profit organisation which offers a savings and low cost loans service to its members. Credit unions basically work by members saving together to create a pool of money from which low cost loans are made. The aim of the credit union is:
‘To increase financial inclusion by providing savings, affordable credit and money management services which are ethical and accessible to all members of the community’
Your savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositors accounts with the credit union, including their share of any joint account, and not to each separate account.
Confidentiality: All business within the credit union is conducted in the strictest confidence and each elected officer and staff member must sign a pledge of secrecy which is binding for life. Credit unions must also comply with the Data Protection Act 1998 and Renfrewshire Wide Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, registration number 446350
For more information on the recent changes you can head over to the FSCS website.