1. What exactly is a credit union?
Fusion Credit Union is a cooperative community-based not-for-profit financial business that is run by and for members of the local community.
A helpful, impartial description is given by Martin Lewis, Radio 2’s Money Saving Expert.
2. How does it work?
Members deposit cash in the form of ‘shares’. Most of this money is lent out to other members at a low interest rate. Income is used to cover expenses. Any surplus after paying expenses may be distributed as dividends, or used for expansion of the business.
3. Who can join?
Potential membership is defined by the ‘common bond’ shared by members.
For the Fusion Credit Union, members must live, work or volunteer in the area covered by Lichfield or Cannock Chase District Councils.
Full members must be 16 years of age but savings are accepted from junior savers under this age.
4. How do I join?
There is a membership fee of £2 and an initial savings deposit of £1 is required. Documentary evidence of identity and current address is required by law. To find out more, go to Become a Member.
5. Is my money safe?
Yes. Fusion Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority who supervise all major financial businesses such as banks, building societies, insurance companies and credit unions.
All key officers must be FCA approved persons. Quarterly and annual professionally audited returns must be submitted to the FCA.