Established in 1980 Companies House Number 10CUS
It was established in 1980 after a number of meetings in the hall of the then Vale of Leven Academy. A group of around 40 people from the various areas attended some who were saving in a thrift club since October 1979.
Dalmuir credit union had been growing for some time in the seventies and Helen Conboy who lived in the area suggested to seek guidance from Len Nuttall. Len Nutall was the Chief Executive Officer of the Credit Union league of Great Britain and he gave an outline of how to start a credit union.
What may be the best type of common bond and the training required prior to registration as was required by the New 1979 Credit Union act. It was agreed to take the necessary steps to form a credit Union, and apply for registration. The name agreed at that meeting would be The Vale of Leven Credit Union Ltd and to affiliate to the Credit Union league of Great Britain.
The first registered office was at an address where the treasurer Patricia Mac Donell lived but a collection point was arranged in a room at the Academy. Elections were held from the original members for the officers of the credit union President Arthur McLauchlan Treasurer already mentioned, Secretary Patricia Muir and others to the credit and supervisory committees.
The credit union has grown over the years and has employed staff to run the day to day business of the credit union. People join from many walks of life and the credit union manages a number of payrolls. Junior accounts are encouraged from the birth of a child and the Directors have commitment to pay a 5% dividend to all the junior members.
The credit union experienced a surge a membership after it offered loans to those who lost cash when Farepak Hampers collapsed in 2006 and most of those have continued to save with the credit union.
The credit union stipulates that all Christmas loans have to be cleared in a year because they do not want people still to be paying for Christmas before the next one comes around.
With the banking crisis in 2008, the Vale of Leven Credit Union did call on anyone with money problems to turn to them for financial help rather than seeking any other unscrupulous sources of cash.
The credit union is a member of the trade association of UKCU
Want to find out more?
Visit the Vale of Leven Credit Union website, or get in touch with their team:
Telephone – 01389 721803
Email – info@valecu.co.uk
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British Credit Union Historical Society 