About credit unions

Credit unions

. Are member-owned, financial co-operatives. Credit union directors are volunteers elected from the membership, by the membership, on a one-member, one-vote basis.

. Draw membership from a 'common bond' - e.g. living or working in a certain locality, being employed by a certain employer or industry, or belonging to a particular association

. Provide a range affordable, inclusive financial services including

. Savings

o A range of accounts including accounts for junior savers, Christmas Savings Accounts, ISAs and Child Trust Funds

o Pay in at local offices or collection points, through payroll deduction, from benefits, via PayPoint or by standing order or direct debit

o Savings in ABCUL credit unions come with life insurance at no cost to the member

o Many credit unions are geared up to launch Saving Gateway accounts when these launch in July.

. Affordable credit

o From small sum, short term loans to larger loans and even mortgages

o Loans from ABCUL credit unions come with loan protection insurance at no cost to the member

. Members in 25 credit unions offering the Credit Union Current Account can

o Access their cash through the LINK ATM network and use a VISA debit card

o Use direct debit and standing order to pay bills and benefit from discounts from utility companies.

Credit union members have been impressed by the personal touch that comes with their current account. Credit union staff will alert members if payments are due to leave their account without the funds being in place and will transfer money from a savings account to ensure that the transaction can go through with no charges to pay.

Some credit unions charge a transparent weekly or monthly fee to their members. This charge means that the credit union does not rely on high charges for defaults to cover costs.

Credit unions work in partnership with a range of organisations in local communities and workplaces to ensure people have the financial services and information they need. Typical partner organisations are:

. Schools

. Employers

. Housing Associations

. Citizens Advice Bureaux

. Job Centre Plus

. Surestart

. Prisons

ABCUL: Credit unions welcome progress on legislation

ABCUL – the Association of British Credit Unions – has welcomed steps taken in Parliament this week which will see increased access to safe and ethical financial services in communities and workplaces across the country.

Credit union delight at £73 million Government boost

Mark Lyonette, Chief Executive of ABCUL - the Association of British Credit Unions, has welcomed today's announcement that the Government is investing up to £73 million in credit unions over the next four years, and that the Post Office could play a central role in delivering credit union services.

ABCUL: Now there's an easier way to find your local credit union

Around 80% of people in England, Scotland and Wales can join a credit union because of where they live, work or the organisations they're members of, and this is growing all the time. Now there's one place where they can find out about the credit unions they can use.

ABCUL: Credit unions welcome Post Office plans

ABCUL - the Association of British Credit Unions - has welcomed today's policy statement from The Department for Business, Innovation and Skills (BIS) on its plans to secure the long term future of the Post Office.

ABCUL: Credit unions can help increase diversity in financial services

Speaking at a fringe event at the Conservative Party Conference, Mark Lyonette explained how credit unions now serve nearly a million people in England, Scotland and Wales and sought reassurance from Financial Services.