Hull and East Yorkshire Credit Union was established in 1999 as City of Hull Credit Union (CHCU), by a group of Hull City Council employees and was registered in June 1999
By the end of the first year, over 500 members had joined and had managed to save an incredible £300,000. The credit union employed in 2001 a part-time administrator. After a feasibility study for credit union development in the City a ‘live or work’ credit union was recommended.
In 2002 the Credit Union Board decided to accept the challenge of expansion and in fact went a stage further. East Riding of Yorkshire Council were also interested and credit union activists were busy in places such as Goole, Withernsea and Bridlington aiming to set up their own community credit unions. It seemed sensible for them to work together. So the vision of a countywide credit union for all who live or work in Hull and East Yorkshire came into being.
Work began in earnest and members of Hull City CU voted for a Hull and East Yorkshire Credit Union at their 2002 AGM. In September 2003, the FSA agreed that East Yorkshire represented a valid common bond. The Hull and East Yorkshire Credit Union was registered in March 2004. Active branches, were run with the help of volunteers, and established in Driffield, Beverley and Bridlington.
The first ever High Street branch opened at 22 Pasture Road, Goole in September 2009. The new Bridlington branch followed in January 2010.
Savings reached over £4 million in February 2010. In mid April 2011 the Hull branch was successfully relocated from Hull Business Centre to Brook Street, right in the heart of Hull city centre.
In June 2011 adult membership went over the 8,000 mark. May 2012 the Credit Union received a National award for excellence in Marketing. The Pre-Paid card was launched to members in September, allowing them to load funds onto the card and use the VISA facility to shop online and use in shops.
The credit Union along with 30 other leading credit unions took on the task to work on the first phase of the Credit Union Expansion Project in 2013. HRH The Prince of Wales and the Duchess of Cornwall, and the Chief Executive took part in a special Seaside Radio show to showcase the work of the Credit Union. In November the same year an Automated Loans Processing system was introduced to modernise the processing of loans.
In February 2014, a new branch to serve the northern part of the common bond in Wetwang was opened. By the end of 2014, adult membership had passed the 11,000 mark, while junior savers rose to over 1,000. The credit union merged with North Lincolnshire Credit Union who became Northern Lincolnshire Credit Union part of Hull & East Yorkshire Credit Union on the 13th April 2015.
Total assets passed the £10 million mark (with 16% year on year growth), making one of the largest CUs in Britain. In 2017 they introduced to members Swap and Drop (swap a loan from another provider which is at a higher APR and drop to a Credit Union one with a lower APR). This has produced considerable growth at little cost and well within the risk appetite.By the end of 2017 growth was hitting 12,000 members and increasing their lending by 31%. While members’ savings deposits grew by 6% to top the £10m million mark for the first time. Deposits made by the Credit Union’s junior savers, including those made at school banks, rose by 8% to £430,000.
In the midst of the lock-down in 2020, the credit union celebrated its 21st anniversary of service to members. A big birthday celebration wasn’t possible for the community, however four prize draws were run on their social media channels which generated hundreds of entries. Since the credit union was established it has issued 59,290 loans with a value of £40,977,142 and helped people in its region save well over £20 million in interest payments.
News and Clips HERE
Want to find out more?
Telephone – 01482 778753
Email – email@example.com
Copyright British Credit Union Historical Society 2018 – All rights reserved