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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 co-operative movement grew during the 1890s in response to the expansion of large corporate monopolies. The country's first credit unions were in Massachusetts while The Cooperative League of the United States of America, known today as the National Cooperative Business Association was organized in 1916 to promote cooperatives.
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 ...
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.
London Mutual Credit Union Limited (LMCU) is a not-for-profit member-owned financial co-operative, based in Peckham and operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include retail banking, deposit-taking and lending . Established in 1982, by June 2020, the credit ...