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Shetland Islands Credit Union


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  • 1 month later...

The credit union will be opening its office at 8 Hillhead (next the Family History Society) for the first time on Saturday 30 April at 10.30 am.

 

http://www.shetnews.co.uk/component/content/article/36-latest-new/341-credit-union-opens-for-business.html

 

http://www.shetlandtimes.co.uk/2011/04/22/new-credit-union-due-to-open-next-weekend

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Is there going to be some information about becoming a member ?

 

I am already a member and was really surprised by the questions on the membership form. It practically needs your inside leg measurement and shoe size.....

 

Would also benefit from some... hip... cool and trendy PR work :wink:

 

Seriously though I hope there will be lots of interest and members.

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You can find out about membership here and download a membership form.

 

http://www.shetlandcreditunion.org/membership

 

The information on the membership form is dictated by the FSA. Some information eg your National Insurance Number, is needed because of their compensation scheme. There is a limit on how much can be repaid so they need to ensure that nobody has multiple fraudulent accounts to get back more money than they should in the event of the credit union collapsing. Also credit unions need to be vigilant about identity to avoid money laundering.

 

Good to hear that at least one Shetlinker has joined up!

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  • 3 weeks later...

At the moment you can only deposit at the office at 8 Hillhead. You do get a passbook. I would expect that the next development will be to enable saving by bank standing order. Also it is hoped that it will be possible to pay in money at Post Offices and there may be visits to local halls.

 

Internet banking is planned but I wouldn't like to speculate when at the moment.

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As this seems to have become something of a questions thread, there's one I'd like to ask.

 

Having had a look over the site, the impression I got was that the Credit Union is set up to cater for folk who sign up to save regularly with them, and, correct me if I'm wrong, only folk who do so will be eligible to apply for a loan. Is this a fair description, or have I gotten hold of the wrong end of the stick?

 

I'm asking, as while I don't envision the need for any kind of loan in the forseeable future, nor do I want to become tied down to a regular savings committment, I would not be adverse to considering depositing a modest "one of" sum with the Union and leaving it to earn for a period. Does the Union cater for this type of thing, or are they likely to in the future, and if so, would someone depositing a sum in that way have the same eligibility to a loan at some future time, should the need arise, as a regular saver?

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I would also like to enquire as to what rates of interest are payable for for a deposit made? Does it vary, as with other institutions, depending on the term involved and does it increase the more that is placed on deposit?

 

Thanks.

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I would also like to enquire as to what rates of interest are payable for for a deposit made? Does it vary, as with other institutions, depending on the term involved and does it increase the more that is placed on deposit?

 

Thanks.

 

Yes, good questions as I was also looking for an interest rate on the website but couldn't find one.

 

Mind you, I'm quite impressed with what I see - it all looks above board and very professional.

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The union will only be able to lend out the money that it has received in deposits thus it should advertise the rates to attract the funds.

Hopefully, they will be at a competitive level although, with base rate so low, there isn't a great deal of scope for manouevre for such a small institution.

I wish them all the luck going in making this work.

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The union will only be able to lend out the money that it has received in deposits thus it should advertise the rates to attract the funds.

Hopefully, they will be at a competitive level although, with base rate so low, there isn't a great deal of scope for manouevre for such a small institution.

I wish them all the luck going in making this work.

 

Credit Unions typically pay a dividend on savings rather than an interest rate. The dividend rate will be determined by the members.

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Whether it in the form of a dividend or interest, the return for an investor/depositor will surely need to be competitive in order to attract the money in. If the rate of return is not known in advance, will this not make it difficult to bring many deposits in?

Sorry if I appear to be naive about these things.

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