Credit Unions

On 19th October 2007, Tees Credit Union launched a Credit Union available for residents living within the Stockton Borough. The Credit Union will enable all residents in Stockton to become a member and provide access to a friendly community banking service.

Diane Patterson from Tees Credit Union at the launch said:

" This scheme is a great opportunity. Simple saving accounts will ensure fair, low cost loans are offered therefore providing convenient and affordable financial services to residents living within the Stockton Borough.

Diane added:

"Members can make regular payments into their savings account, this fund then provides the basis of preferential loan rates. The income generated by lending helps the union to meet operational expenses, build reserves and pay savers an annual dividend."

The Credit Union is run by friendly volunteers from within your community and offer a safe and friendly alternative for people who don't want to use a high street bank.

Savings and Withdrawals

Some organisations limit how much can be saved and restrict when it can be withdrawn. With the Credit Union you can save as much or as little as you wish and can withdraw whenever you wish to do so.

Standing Orders

You can save by setting up a standing order so if you prefer, you don't even have to leave the comfort of your own home.

Local Friendly Collection Points

Credit Unions have collection points in local public buildings, such as Community Centres and Libraries which are conveniently located and easily accessible.

No Bank Account?

No problem - wages and benefits can be paid into your Credit Union account and you can withdraw them, immediately at any collection point.

Standing Order and Direct Debits

Are you paying more for your bills because you are unable to pay by Standing Order or Direct Debit? Have you been refused credit because you don't have a bank account? Your Credit Union account can be used to pay bills and you can set up Standing Orders and Direct Debits.

Loans

Once you have saved for a period of time (usually thirteen weeks) you can apply for a low cost loan. The Credit Union interest rate is only 12.68%, that's 1% per month on the outstanding balance.

E.g. borrow £100 over one year and you will only pay £6.50 interest.

Savings and Borrowing

The Credit Union will not let you borrow unreasonably high loans which you cannot repay and loans are based on how much you have saved.

For more information contact:
Tees Credit Union
South Thornaby Community and Resource Centre
Havilland Road
Thornaby
Stockton
TS17 9JG
Telephone: 01642 753517