British Credit Union Historical Society

Wolverhampton Credit Union Ltd.

Started by a small group of enthusiastic volunteers early in 2000a s a study group and registered in 2002. It is one of the city’s truly outstanding success stories. The largest credit union in Wolverhampton, WCCU is a fair community bank offering ethical financial services for people living and working in the WV postcode areas of Wolverhampton, South Staffordshire and Shropshire Today it is a substantial not-for-profit business with £2.2 million in savings and £1.2 million in loans, more than 6,500 members across Wolverhampton and South Staffordshire. In 2015, we merged with the New Friends Credit Union in Low Hill to become the largest credit union across Wolverhampton and South Staffordshire. They have two branches in Wolverhampton. The main branch is at 73 Worcester Street and a smaller branch where members can pop in which is on the ground floor of the Civic Centre in St Peter’s Square. 2016 the Living Wage commitment will see that everyone working at WCCU, regardless of whether they are permanent employees or third-party contractors, receives a minimum hourly wage of £8.45 - significantly higher than the National Minimum Wage and the new National Living Wage for over 25s of £7.20 per hour. The community bank will be launched in Low Hill for the first time (JULY 26 2017), as part of efforts to drive out loan sharks preying on local people. The credit union had taken on doorstep lenders and loan sharks in local communities by setting up two pop-up credit unions in Low Hill and The Scotlands. This innovative development in 2017 had seen a growth in members, savings and ethical loans in those neighbourhoods, places that are cynically targeted by lenders who profit out of people’s financial desperation and who care little about the impact of problem debt. The credit union also signed up five more local employers to its payroll deduction scheme in 2017. 

Norwich Credit Union Ltd.

Was formed in 1989 as Norwich Community Cooperative Credit Union, to serve the organisations based at 38 Exchange Street, Norwich. Over time these developmental and environmental organisations changed or moved to other locations in the city. The common bond was then expanded to Living or working in Norfolk or within the Norwich postcode area (NR1-NR35). In June 2013, it merged with Ketts Credit Union in Norwich, to provide an expanded and more cost-efficient service. In 2016 As well as its head office in the city, the new service point in Great Yarmouth joins seven other local service points which bring the credit union’s services closer to communities across the county. Norwich is to be one of the first credit unions to receive the FairLife Personal Loans Mark. This demonstrates to the public that loans are well designed in the interest of the consumer. It has been established to encourage customers to repay their debts, promote a competitive loan quote market and protect customers who find themselves in financial difficulties. FairLife Personal Loans Mark is a sign of trust, highlighting organisations that put the wellbeing of the public at the heart of their business. NCU President, was interviewed in the BBC studio February 2018 and discussed how joining a credit union helps members create saving habits and become financially responsible. He said: “One of the main fundamentals of a credit union is to teach its members to be responsible with borrowing and saving.” Since the news feature there has been an increase in applications received to join NCU and website hits have spiked since the credit unions news slot. It is interesting to note that Exchange Street was the home of the Norwich Mutual Loan Fund Society from 1907 to 1979 and that society was established in 1885, with the object of a common fund from which to supply loans to its members carrying the tradition of People Helping People.  

Croydon Plus Credit Union Ltd

In 1998 there were just 120 members and were trading as Crocus Valley Savers. This was registered as a friendly society, and in 1999 they became a Credit Union. It was named Crocus Valley because that is what “Croydon” originally meant when the area was named.

The Credit Union was originally established in 1999 as Croydon Savers Credit Union Ltd (Croydon Employees Credit Union); a credit union for Croydon Council staff. In 2004 the credit union expanded membership, to anyone living or working in Croydon. In 2010 the name changed to Croydon Merton & Sutton Credit Union to reflect the further expansion into Merton and Sutton. In February 2016 the name to CroydonPlus was tomark the beginning of a sustained process of modernisation for current and new members, as the credit union responds to the opportunities and challenges of financial services in the digital age. The office team based in Croydon look after daily transactions and operations. The team includes paid staff and volunteers, with both providing support to customers at additional locations in Merton and Sutton. Andrew Wakefield, Chair of CroydonPlus passed away on Wednesday 26 October 2016. In recent years Andrew played a key role in leading the credit union with a mix of leadership, guidance, creativity and ambition. He is remembered in the roll of honour of credit union activist.

 In December 2017, and the credit union achieved membership of 5000. While the name is CroydonPlus, the credit union continues to trade as Croydon Merton & Sutton Credit Union. In June 2017 A NEW INCENTIVE has been launched across Croydon, Merton, and Sutton as part of a scheme to encourage residents to start saving and warn them of the dangers of borrowing from loan sharks. The England Illegal Money Lending Team (IMLT) worked in partnership with the credit union.

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18.08 | 14:55

I am very proud to be a part of the credit union and the ethos of people helping people.

Congratulations to No1 CopperPot.

14.07 | 04:57

A very inspiring and educational experience. It awaken my interest to serve the community.

01.07 | 13:06

As schools Development Worker for Unify Credit Union, I found the schools project resources very useful.... some really good ideas, Thank you x

23.11 | 16:41
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