Credit Unions Feedback April 2025
LACVS LOCAL Annual Conference 2025: Working Together to Tackle Poverty. Using Mentimeter an online surveying tool, with information complied from results taken on the day, this is a breakdown of the answers received to the Credit Union scoping exercise:
When delegates were asked about credit unions, it was no surprise that 40% of them said they didn’t know which credit unions covered their local area, as even though we’ve had credit unions in Great Britain for 60 years, we are still the best kept secret!
Dawn Vear, CEO, UK Credit Unions Ltd
Question 1: Do you know of a credit union in your local area?
Question 2: Do you have a specific partnership with your local credit union?
“70% of the delegates said they had no specific partnership or had not worked with their local credit union in the last 6 months, which further reiterates the need for much wider promotion – if people across the voluntary sector, that credit unions are part, of don’t know of, work with or partner with their local credit union then we urgently need to change that! “
Question 3: Have you worked with your local credit union in the last six months?
“Promotion of credit unions needs more support from local authorities, local employers and other supporting organisations, we know there are so many more individuals that we could be supporting with our services, but they don’t know we exist or understand what we do.
The difficulty is that many credit unions just don’t have the resources to spend on marketing and advertising so are limited in how much they can do to promote themselves, if other voluntary organisations, local authorites and local employers all helped promote their local credit union to their staff, clients or tenants and the general public, that would make a huge difference. “
“Please get in contact with your local credit union and ask them along to an information session so your organisation can learn first hand how they operate, what services they can offer and how you can support and promote them to your staff, clients or tenants and the general public”. Dawn Vear, CEO, UK Credit Unions
Many thanks to all the Annual Conference participants who posted questions to Dawn, to learn more about credit unions and partnership working. Below is a selection. Full document: link to all Questions & Answers
Q. Do you offer the same protection as banks like FSA registered?
“Yes, all deposits (shares and junior savings) are protected by the FSCS up to £85,000.”
Q. How can we support you to increase your reach and membership?
“By becoming a member, using our services, promoting us to your family, friends, and colleagues, asking your employer to offer a payroll deduction service.”
Q. Should employers be automatically enrolling employees into credit unions as a means of increasing membership and bolstering the sector?
“This would be ideal! There is currently some discussions taking place with some outside organisations to see if this would be feasible.”
Q. How can a partnership be set up?
“Just contact your local credit union and have a discussion about it.”
Q. How do I find my credit union and how do I join/pay in to the union
“You can search on www.findyourcreditunion.co.uk (not all credit unions are on this site as it is purely optional to take part) you can also ask at your local council, citizens advice or volunteer bureau.”
Q. Are credit unions being engaged in work in Lancashire on community wealth building
“Unfortunately not in all areas, but they definitely should be.”
Q. Can I put money into a credit union like a bank?
“Yes, you can deposit money into your share or savings account at any time, some credit unions still offer over the counter cash services, all will offer the option of standing orders or bank transfers, and all can offer payroll deductions if your employer signs up.”
Q. What specific policies could LAs adapt or create to support credit unions. Would signposting/referrals from council be part of a policy?
“They could have a policy to state how they will support their local credit union. This could include things like they will offer all their employees a payroll deduction facility, they will offer financial support or offer in kind support such as help with Marketing, they could promote the credit union across their area and signpost and refer, or even ask the credit union to manage some of their services such as the Household support funds.”
*We would love to hear from any groups and organisations who are working closely with their local credit unions – Please contact The LOCAL Team*
Posted: April 2025