CPCU is a democratic, non-profit making financial co-operative. It is owned and controlled by its’ members and every member no matter how much they save has an equal vote in the running of their credit union. The Directors and Officers of the Credit Union are all voluntary and elected by the membership. Paid staff and volunteers run the offices.
HOW DOES IT WORK?
Members save regularly into a common fund. This fund is used to finance loans to members. Members are encouraged to save. Each loan application is considered on its’ merits and the credit record of the member. Interest received on loans is used to cover running costs and any surplus is repaid to members as a dividend on their to anyone who lives or works in Devon, Cornwall and the Isles of Scilly
WHAT ARE THE BENEFITS?
• A convenient way to save – savings can be made in a number of ways; by cash or cheque at a Member collection points by standing order, by payroll deduction, by post office giro slip or by direct payment of salary, wages or benefits.
• Low cost loans – cheaper than most credit cards or banks for small loans.
• Free insurance – free life insurance potentially doubles your savings on death and repays any outstanding loans. (18 to 70 years of age and certain financial limits)
• Fees – the Credit union will charge a £2.00 membership joining fee.
• Free – For Juniors. Local & Friendly – a credit union is run by its’ members for its’ members and as such any dividend distributed and any re-investment is kept in local community.
• Savings Covered – By the Financial Services Compensation Scheme. Up to £85,000
• Authorised – by the Prudential Regulation Authority and Regulated by The Financial Conduct Authority and the
Prudential Regulation Authority. Our firm Reference Number IP00511C
Find out more about City of Plymouth Credit Union here