CNCU is a community bank that was established to work in the best interests of people like you, the people that say how it is run.

About CNCU

CNCU can trace its roots back to 2003 when Crewe and Nantwich Credit Union was established. The credit union movement extended into the former Vale Royal District in 2009 at the request of Vale Royal District Council and was renamed Cheshire Neighbours Credit Union. Today, we continue to operate across Cheshire promoting the financial wellbeing of our members.

Ethics, Values & Principles

The primary objective of CNCU is to promote sound financial management by encouraging people to save rather than borrow. Unlike other financial institutions there is no minimum savings level unless you take a loan, and no minimum loan value. By encouraging saving we prevent debt. We specialise in helping people on low incomes, and/or facing problems with debt. The credit union offers a range of information and support for members in financial difficulties. Our low cost loans provide a real alternative to people who would otherwise borrow using expensive bank loans, credit cards, or even payday loans.

Democracy, Equality & Fairness

As a co-operative we operate differently to other businesses owned by shareholders. Our Board of Directors are directly elected by and from our membership, on a one person one vote basis. In a conventional business the more shares you have the more votes you have meaning that only the wealthy have any real say or control. In a co-operative any member has an equal say in the running of the business. This is the reason we have different ethics, values and principles than most of our competitors in the financial services market, and why we return any financial surplus to our members in the local community rather than to wealthy individuals in offshore tax havens. These co-operative values and principles set us out as a more democratic, equal and more fair way of doing business.

Financial Security

CNCU is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 215692. The regulation is the same as for other banks and building societies, requiring robust financial systems, training of staff, and internal/external audit systems. Insurance policies protect member’s savings from fraud, theft and dishonesty. Although volunteer led, the credit union has a compliment of staff that are highly qualified and experienced in the field. Ultimately the members’ savings are protected against business failure by the Financial Services Compensation Scheme. For further information please click here: https://protected.fscs.org.uk/

We have external auditors, who perform an annual inspection of the credit union’s business and report to the members at the Annual General Meeting each year. The 2016 Financial Statement is now available.

Wider Movement

Credit unions form part of the wider international co-operative movement and can be found in 103 countries, with over 208 million members. In the UK there are 362 credit unions with 1,197,000 members. Further information about the wider movement can be found at:http://www.woccu.org/