The West Plymouth Credit Union was officially registered in 1997. The common bond was limited to Mount Wise, Devonport, Keyham, Ford, Stoke and Pennycomequick.
The common bond was expanded to include North Prospect, Ham, Camels Head, Peverell and Pennycross in 1999. By 2001 the office was established at 14 Cumberland Street, Devonport. Accounts were computerised the following year and the first paid staff were employed.
The common bond was again expanded in 2006 to include the whole of Plymouth and our name was changed to the City of Plymouth Credit Union. Plymouth City Council and Plymouth CityBus payroll deduction schemes launched in 2010 and 2011 saw the new website enabling online account access was launched.
In October 2013 a brand, new city centre shop premises for the City of Plymouth Credit Union was unveiled. The shop at Frankfort Gate had been chosen so people could get easy access to the credit union and financial services. As of January 2016, the merger with HOPE Credit union was completed and membership has grown.
The England Illegal Money Lending Team in partnership with City of Plymouth Credit Union granted the first 50 people to join the Credit Union before the end of November £25 from the proceeds of crime money, confiscated from convicted loan sharks to sponsor new Credit Union accounts. The new members must make at least three-monthly payments into their account to qualify for a savings boost.
Membership is available to anyone who lives or works within Devon, Cornwall or the Isles of Scilly and corporate bodies operating in the same geographical area.
On 27 April 2022 City of Plymouth Credit Union Limited was placed into Administration and has now stopped trading. Members do not need to do anything. FSCS will automatically pay back savings using the account information it receives from City of Plymouth Credit Union Limited. Financial Services Compensation Scheme will contact members by post.
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