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About Drumchapel Credit Union

 
 
Welcome to Drumchapel Community Credit Union Limited
 
Background of Drumchapel Credit Union
 
Drumchapel Credit Union was formed in 1970 and is known as the first credit union in Scotland.  Bert Mullen was the main driving force behind setting up the Credit Union and he inspired many others throughout not only Glasgow but the whole of Scotland to set up Credit Unions within their communties.
 
What is a Credit Union?
 
A Credit Union is a not for profit financial co-operative owned and managed by its members. Anyone wanting to use the services must join  Drumchapel Credit Union and therefore become a member. To become a member you must live or work within the G postcode area.

Our mission is to provide our members with access to affordable loans and savings.  The credit union, is regulated by the Financial Conduct Authority (FCA) and authorised by the Pruduential Regualtion Authority (PRA).  All deposits are protected by the Financial Services Compensation Scheme that also covers banks and building societies. 

On becoming a member of Drumchapel Credit  Union you are agreeing to save at regular intervals i.e. weekly, fortnightly, four weekly or monthly and maintain a balance of at least £5.  You can save as little or as much as you like, your savings are called Shares and each share is worth £1. All our member's savings are pooled together in the one big pot and from this we provide Low Cost Loans to members, who pay back into the pot to allow other members to borrow, and so on.  Drumchapel Credit Union is a Not For Profit Organisation and this means that any money left, after all the running costs are met, are paid back to the members in the form of a dividend. A dividend would be expressed as a % of your Shares and would normally be declared by the Board of Directors on the advice of the independent accountant who must annually audit the accounts of the credit union.

We are affiliated to the Association of British Credit Unions Ltd. (ABCUL) and are registered under the Data Protection Act.

Who runs the Credit Union? 

The Credit Union is run by a voluntary board of directors, who have been elected by the membership and trained in all aspects of the credit union. The board have appointed 2 full time and 4 part time staff to ensure the smooth running of the credit union on a daily basis.

How do I join Drumchapel Credit Union?

Any one who lives or works within a G postcode is eligible to join. Proof of identity and address will be required as well as a minimum £5 to open the account.  For more information about membership please visit apply for membership.