What is a Credit Union?
A Credit Union is a non-profit making financial co-operative run by its members for its members. Members must be part of a "common bond" meaning that they must have something in common, e.g. live/work in the same area.
What are the aims of a Credit Union?
To encourage saving
To provide loans to members at reasonable rates of interest
To provide members with help and support on managing their financial affairs
What is Blackburn, Seafield & District Credit Union's Common Bond?
To become a member of Blackburn, Seafield & District Credit Union, you must live or work in one of these areas in West Lothian - Addiewell, Armadale, Bathgate, Blackridge, Blackburn, Breich, Eastfield, East Whitburn, Fauldhouse, Greenrigg, Harthill, Loganlea, Longridge, Polbeth, Seafield, Stoneyburn, West Calder, Westfield or Whitburn.
Can anyone in the Common Bond Join the Credit Union?
Yes, Blackburn Seafield & District Credit Union welcomes everybody. Employed, unemployed, children, young people, retired people, can all be members of the credit union.

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Are Credit Unions associated with political parties, trade unions or religions?
No. Credit Unions are wholly non-political - there are no ties or links whatsoever with any religion, trade union or political party. Membership is open to everyone regardless of race, religion, colour or creed.
How much do I have to save?
Whatever you can afford - £5 a week, £1 a week, 50p a week. The only requirement is that you save regularly.
Can I borrow from the Credit Union?
Yes, but only after you have saved regularly for a period set by the Credit Union (currently 12 weeks or 3 months). Before a Credit Union can lend money, it has to be registered with the Financial Services Authority (FSA). The more members a Credit Union has saving regularly, the more funds that Credit Union has for loans.
What rate of interest does a Credit Union charge?
The maximum rate charged by Blackburn, Seafield & District Credit Union is set at 1% per month on the reducing balance of a loan. That is equivalent to 12.68% APR, e.g. £500 repaid over 55 weeks will cost around £33 in interest (weekly repayment £9.70).

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Will I get a Passbook?
Yes… and your savings and loan repayments will be entered in it as you make them.
Who gets the profits of the Credit Union?
Credit Unions are non-profit making. Any surplus is returned to the members as a dividend on savings.
Will I get interest on my savings?
Each Credit Union declares a dividend at the end of the financial year. The average dividend paid is 2-3%, but there is a legal upper limit of 8%.
What protection is there against fraud or dishonesty?
A Credit Union has to take out a fidelity bond to cover against possible losses through fraud or dishonesty before the FSA will allow it to operate. Once registered, a Credit Union has to submit regular financial returns to the Registrar.
Do Credit Unions operate anywhere else in the world?
Credit Unions can be found in Europe, North America and many other parts of the world. Nearer home there are over 500 Credit Unions in Ireland, with three million members. In the UK there are over 550 Credit Unions, with nearly half a million members.

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