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Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members. Credit unions in the UK now offer a wide range of services to their members; including current accounts, payroll deductions, standing orders and insurance.
The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th Century had taken root in much of Europe. They drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing (see history of the cooperative movement ).
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts ( savings accounts ), share draft accounts ( cheque accounts ), credit cards, credit, share term certificates ( certificates of deposit ), and online banking.
All credit unions must have the words 'credit union' in the title, or in Wales they can have 'undeb credyd'. The main trade association for credit unions in Great Britain is the Association of British Credit Unions Ltd (ABCUL). ABCUL is based in Holyoake House, a Grade One listed building in Manchester owned by Co-operatives UK. In Northern ...
The Association of British Credit Unions Limited, commonly known as ABCUL, is the leading trade association for credit unions in Great Britain . ABCUL represents around 70% of credit unions who in turn provide services to 85% of the British credit union membership. [1] The Irish League of Credit Unions organises in Northern Ireland on an all ...
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland and England (including Wales, which had been treated as part of England since ...
The legal status of trade unions in the United Kingdom was established by a Royal Commission on Trade Unions in 1867, which agreed that the establishment of the organisations was to the advantage of both employers and employees. Unions were legalised in 1871 with the adoption of the Trade Union Act 1871 .
PCS Credit Union Limited is a savings and loans co-operative established by the trade union for its members in 2011. [11] It is a member of the Association of British Credit Unions Limited, [12] authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA.