not to be confused with the co operative bank or co operative permanent building society . the co operative credit union founded 1998 type industrial and provident society location 1 angel square manchester m60 0ag website co operativecreditunion.coop the co operative family credit union limited is a not for profit member owned financial co operative based in manchester and operating throughout the united kingdom . members elect the directors vote on share dividend and can become actively involved as volunteers . established in 1998 the credit union is a member of the association of british credit unions limited . 1 in 2012 it adopted the national co operative brand . contents 1 history 2 activities 2.1 products 3 see also 4 references 5 external links history edit see also history of credit unions in 1997 the head of strategy at the co operative group approached the manchester headquarters staff council with a proposal that it act as a steering group to oversee the creation of a credit union for employees of the various members of the co operative family in greater manchester . 2 the co operative group provided premises at the old bank building the former office of the bank s chief executive in hanover street manchester and by 2004 the credit union had lent over 3 500 000 with almost 2 000 members making it one of the fastest growing credit unions in the uk . 2 activities edit members of the credit union save regularly every month forming a pool of money which is lent by way of loans at reasonable rates of interest . 3 membership of the co operative credit union is restricted by common bond to employees pensioners and members of a range of co operative organisations promoting and offering credit union membership as a benefit . family members are also eligible to join provided they are living at the same address . 4 products edit the co operative credit union runs a payroll deduction savings and loans scheme in conjunction with the co operative group and participating regional societies . the credit union is responsible for the operation of the scheme with the employer facilitating monthly deductions from salary . members who are not paid through a co operative society can make contributions by standing order . instead of paying a fixed rate of interest on savings balances credit unions return any surplus profit to members . depending on reserves shares are eligible for an annual dividend . life savings and loan protection insurance is also offered at no cost to members . 5 registered under the industrial and provident societies acts the co operative family credit union is authorised by the prudential regulation authority and regulated by the financial conduct authority and pra . ultimately like the banks and building societies members savings are protected against business failure by the financial services compensation scheme . 6 the friends of the co operative credit union lottery is a private lottery for members drawn on the first tuesday of each month . 7 see also edit credit unions in the united kingdom the co operative group references edit credit unions in membership of abcul association of british credit unions retrieved 1 november 2014 a b history of the co operative family credit union the co operative credit union retrieved from archive 6 february 2015 what is a credit union the co operative credit union retrieved 6 february 2015 who can join the co operative credit union the co operative credit union retrieved 6 february 2015 membership benefits 10 reasons to join the co operative credit union retrieved 6 february 2015 credit union guide financial services compensation scheme retrieved 2 april 2015 the co operative credit union lottery the co operative credit union retrieved 6 february 2015 external links edit the co operative credit union association of british credit unions v t e credit unions in the united kingdom community alford and district community bank the co operative eastern savings & loans east london cherwell community bank leeds city lincolnshire london capital london community london mutual london plus louth community bank northamptonshire north london plaid cymru rainbow saver anglia thamesbank wandsworth plus white rose yourcu industrial changemaker churches mutual 1st class manchester unity national fire savers nhs ou employees pcs penny post plane saver police rmt scvo tcu money dissolved district of canterbury hornsey co operative north west london radio taxicabs london associations association of british credit unions gb irish league of credit unions ni ulster federation of credit unions ni retrieved from https en.wikipedia.org w index.php title the co operative credit union & oldid 692606294 categories credit unions of the united kingdomcompanies based in manchestercompanies established in 1998hidden categories engvarb from october 2015use dmy dates from october 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces 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