Public and Commercial Services Union

What is a credit union?

A credit union is a mutual financial co-operative, which offers a convenient way to save and provides low interest loans to its members.

The union's aim is not for external profit but to serve the financial needs of the PCS members, staff, retirees and household family members.

What are the benefits?

Here are just some of the benefits of joining a credit union

• An easy way to save
• A low cost way to borrow
• Insurance on savings and loans are paid for by the credit union
• After all costs are met profits can be returned to the members (through dividends on their shares)
• Owned and run by members
• Regulated and insured so you know your money is safe

How is this being developed?

As members will be aware, PCS has been developing a credit union since the 2006 ADC decision to explore the feasibility of setting one up. We are pleased to announce that this work is now reaching its final stages, and we will be launching as early in 2010 when we receive authorisation to launch from the Financial Services Authority (FSA).

We are still accepting expressions of interest from members to join our credit union and would like to encourage as many people to sign up as possible.

We have appointed a proposed board of directors and supervisory committee who are currently being trained in readiness for the launch.

We are still seeking volunteers to be local co-ordinators to assist with the promotion of the credit union.

Promotional events

If you have a promotional/regional event where you would like the Credit Union to be included then please send the following details to creditunion@pcs.org.uk and we will get back to you as soon as possible (please give at least three weeks notice please).

Name of event, date, location details (include full address), contact name, telephone number and email address