What is a CU?
Credit unions enable people in a community to come together to save ethically and to borrow money at competitive rates. We are a mutual organisation – this means that there are no external share-holders and we pay out any surplus at the end of each year as a dividend to our members. It also means that each adult member has one vote at the AGM, which sets the direction we take.
100% of members’ savings are protected by the Financial Services Compensation Scheme. Like all other credit unions, MCCU is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
And what’s special about MCCU?
MCCU is run entirely by volunteers, who take a real pride in going the extra mile to provide a fantastic service. Our members can take a real ‘hands on’ interest in running the credit union – and it keeps our running costs low!
It’s really local – to join MCCU, you need to either live or work in the area covered by Mendip District Council within Somerset. This means that we know what’s going on in the area, can respond to local problems and can provide a really personal service.
We’re friendly and helpful – we know that life is not straightforward and we are always understanding when our members come to us with problems (financial and otherwise). As long as our members talk to us if they have financial difficulties, keep in touch and honour renegotiated agreements, we will not take legal action, unlike many other financial organisations.
We’ve no ‘small print’ – there are no penalties for paying off your loan early, renegotiating your repayments or overpaying.