Background to Quids In Bolton Credit Union
The Bolton Community Finance Partnership
The BCFP was established in May 2002 with
representatives of the local community who live or work in the borough of Bolton and also:
The BCFP aims to work with the community to improve access to financial services by helping people to manage their money more effectively and reducing the demand for costly sources of credit.
Following extensive research into the available options the BCFP identified a number of potential projects for the Borough
Credit Union
A credit union is a not for profit financial organisation. It is run on co-operative principles whereby each member has one vote regardless of the level of savings they hold. An annual general meeting is held each year where a Board of Directors is elected.
According the Credit Union Act (1979) the objects of a credit union are:
Quids in Bolton Credit Union is affiliated to the Association of British Credit Unions Limited (ABCUL) and you can find out more about the history and development of credit unions by visiting their website: www.abcul.coop
If you are not eligible to join Quids In Bolton Credit Union you can conduct a search to find one you can join.
Quids In Bolton Credit Union is regulated and authorised by the Financial Services Authority and you can find out more about credit union regulations and the role of the FSA by visiting their website
Common Bond
Each credit union must designate a common bond. Only members of the common bond can join a credit union. Quids In Bolton's common bond extends to anyone who lives or works in Bolton Borough. If you have a vote to Bolton Council or pay your council tax to Bolton MBC, then you live within the common bond area for Quids In. Not everyone who has a Bolton postcode is eligible to join and likewise some people who do not have Bolton postcodes may be eligible to join. This is because the postcode boundaries do not exactly match the borough boundary. If you are unsure as to whether or not you qualify, please contact us directly.
Governance
The credit union is directed by a trained Board of Directors who must be recognised as approved persons by the Financial Services Authority (FSA). Once the credit union is established it will hold an Annual General Meeting at which members can elect the Board of Directors. Any member may be nominated as a Director provided they can satisfy the FSA' approved persons regime. They must also be prepared to undergo training to enable them to carry out their role as a director in a responsible manner.
How a credit union works
Members of a credit union save in a common fund. As well as being a good savings option the money saved is used to make low interest loans to other credit union members. The interest we receive on the loans pays for the administration of the credit union with any surplus being put into reserves and when possible, being paid back to the members in the form of dividends. For this reason both savers and borrowers are essential to a successful credit union. Members know that invested money is benefiting other people in the community or workplace.
Quids In Bolton Credit Union is affiliated to the
Association of British Credit Unions Limited
Quids In Bolton is authorised and regulated by the Financial Services Authority
Quids In Bolton is a member of the Financial Services Compensation Scheme
The BCFP was established in May 2002 with
representatives of the local community who live or work in the borough of Bolton and also:
- Bolton Citizens Advice Bureaux
- Bolton Community Voluntary Service
- Bolton and Bury Chamber
- Co-operative Bank Plc
- Bolton Council
- Bolton Community Homes Ltd
- Bolton Business Ventures
- Bolton Community Legal Partnership
- Bolton Strategic Economic Partnership
- Local Credit Unions
- Bolton Affiliation of Tenant Residents Associations
The BCFP aims to work with the community to improve access to financial services by helping people to manage their money more effectively and reducing the demand for costly sources of credit.
Following extensive research into the available options the BCFP identified a number of potential projects for the Borough
- Credit Union
- Money Skills
- Personal Finance Education (aimed at schoolchildren)
- Micro-business loans
Credit Union
A credit union is a not for profit financial organisation. It is run on co-operative principles whereby each member has one vote regardless of the level of savings they hold. An annual general meeting is held each year where a Board of Directors is elected.
According the Credit Union Act (1979) the objects of a credit union are:
- The promotion of thrift among its members by the accumulation of their savings
- The creation of sources of credit for the benefit of members at a fair and reasonable rate of interest
- The use of members'savings for their mutual benefit
- The training and education of members in the wise use of money and in the management of their financial affairs.
Quids in Bolton Credit Union is affiliated to the Association of British Credit Unions Limited (ABCUL) and you can find out more about the history and development of credit unions by visiting their website: www.abcul.coop
If you are not eligible to join Quids In Bolton Credit Union you can conduct a search to find one you can join.
Quids In Bolton Credit Union is regulated and authorised by the Financial Services Authority and you can find out more about credit union regulations and the role of the FSA by visiting their website
Common Bond
Each credit union must designate a common bond. Only members of the common bond can join a credit union. Quids In Bolton's common bond extends to anyone who lives or works in Bolton Borough. If you have a vote to Bolton Council or pay your council tax to Bolton MBC, then you live within the common bond area for Quids In. Not everyone who has a Bolton postcode is eligible to join and likewise some people who do not have Bolton postcodes may be eligible to join. This is because the postcode boundaries do not exactly match the borough boundary. If you are unsure as to whether or not you qualify, please contact us directly.
Governance
The credit union is directed by a trained Board of Directors who must be recognised as approved persons by the Financial Services Authority (FSA). Once the credit union is established it will hold an Annual General Meeting at which members can elect the Board of Directors. Any member may be nominated as a Director provided they can satisfy the FSA' approved persons regime. They must also be prepared to undergo training to enable them to carry out their role as a director in a responsible manner.
How a credit union works
Members of a credit union save in a common fund. As well as being a good savings option the money saved is used to make low interest loans to other credit union members. The interest we receive on the loans pays for the administration of the credit union with any surplus being put into reserves and when possible, being paid back to the members in the form of dividends. For this reason both savers and borrowers are essential to a successful credit union. Members know that invested money is benefiting other people in the community or workplace.
Quids In Bolton Credit Union is affiliated to the
Association of British Credit Unions Limited
Quids In Bolton is authorised and regulated by the Financial Services Authority
Quids In Bolton is a member of the Financial Services Compensation Scheme