About Us - Holywood Credit Union
What Is a Credit Union
A Credit Union is a non-profit making financial co-operative owned and operated by its members, within a common bond (members must reside or work within the BT18 area) to join this Credit Union. The Credit Union is managed by a voluntary Board of Directors who are elected at the Annual General Meeting and day to day operations are managed by a team of volunteers who generously give their time, skills and experience to ensure that Holywood Credit Union maintains its high regard, not just in the local community, but amongst other Credit Unions.
Holywood Credit Union was set up in 1989, over the years, millions of pounds have been taken out on loan and paid back by members who have benefited immensely by the existence of this Credit Union. Membership is approaching 1,600 adults while birth-16 year olds have accounts in the minor’s section.
To encourage members to save. To provide low cost loans for members.
To provide life insurance for eligible members at no extra cost to individual members.
What are Credit Union Operating Principles?
Credit Unions are unique, are unlike every other financial institution in their purpose, their governing rules, and the service they provide. Key differences include:
- Credit Unions do not and cannot (by law) speculate with members’ money.
- Credit Unions do not want, and cannot have, big deposits.
- Credit Unions can only lend for provident and productive purposes.
- Credit Unions only lend to their members, who must be saving regularly to be eligible for a loan.
- The savings and loans of our credit union members are insured (up to generous limits) at no extra cost to the individual member.
What about security and confidentiality?
In order to protect the interests and secure the operation of the Credit Union, this Credit Union carries a Fidelity Bond for all staff and volunteers. All Directors, Staff and Volunteers of Holywood Credit Union Limited sign a Confidentiality Pledge annually ensuring all members’ transactions are completely confidential.
All Credit Unions in Northern Ireland are regulated by the Financial Services Agency and are members of the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank building society or credit union is unable to meet its financial obligations and all individual members are covered by this scheme.