Manchester Unity Credit Union

Not to be confused with Manchester Unity Friendly Society.
Manchester Unity Credit Union
Founded 2001 (1991)
Type Industrial and Provident Society
Location
  • Oddfellows House, 184-186 Deansgate, Manchester M3 3WB
Website manchesterunitycu.co.uk

Manchester Unity Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. The credit union was first established for members of the Independent Order of Oddfellows by Manchester Unity Friendly Society in 1991.[1]

History

The credit union traces its roots to Manchester Unity (No 1) Credit Union, which was founded in the English Midlands in 1991, followed by Manchester Unity (No 2) Credit Union in North London in 1994 and Manchester Unity (No 3) Credit Union in Yorkshire in 1997.[2] In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the Financial Services Authority.[3] With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001.[2]

Activities

Membership of Manchester Unity Credit Union is restricted by common bond to members of the Oddfellows, or a member of the same household who is a relative. New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution.[4]

A member of the Association of British Credit Unions Limited,[5] Manchester Unity Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[6]

See also

References

  1. ↑ Gibbons, Damon Local welfare provision, low-income households, and third sector financial services provision (p. 84) Centre for Responsible Credit, March 2013
  2. 1 2 Credit Unions in the Oddfellows Manchester Unity Credit Union (retrieved 24 October 2015)
  3. ↑ Edmonds, Timothy Credit Unions (p. 21) House of Commons Library, Briefing Paper No. 01034 (PDF), 5 January 2015
  4. ↑ How to Join Manchester Unity Credit Union (retrieved 24 October 2015)
  5. ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  6. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)

External links

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