Your questions answered ... What is a credit union?
An independent not-for-profit member owned and operated financial co-operative. Offering savings and loan facilities to its members. Regulated and authorised by the Financial Services Authority (FSA). Their purpose is to promote financial well-being within the local area by providing access to affordable savings and loan products; create a source of credit facilities for the benefit of its members at a fair and reasonable rate of interest and use and control members' funds for the mutual benefit of all members. Who is it for?
Membership of FAIRshare is open to anyone else who lives or works in the Borough of Telford & Wrekin. What are the benefits of being a member?
Straightforward savings accounts - including Junior savers - with any surplus paid as an annual dividend. Access to low cost flexible lending. FREE life insurance cover on both saving and loan accounts. Member owned - as a member you have an equal say about FAIRshare and how it is run. Surely my money's safer in a bank?
No - since July 2002 credit unions have been regulated like any other financial institution by the Financial Services Authority (FSA). This means that there are strict rules about how they must be run and the management has to meet FSA standards. Credit unions are also members of the Financial Services Compensation Scheme (FSCS) so if one should go out of business and can't repay its members in full the FSCS will cover the full amount up to £50,000 - which is exactly the same as you'd get with a bank or building society. Aren't credit unions just for poor people?
No - credit unions like FAIRshare offer affordable financial products that are suitable for everyone. People from a wide variety of social and income groups can and do benefit from credit union services. Won't it be hard to pay money in or take it out?
No - making deposits or withdrawals from your savings account is easy. FAIRshare has several ways to pay money in - cash, cheque, standing order, payroll deduction as well as our own PayPoint card. Accessing your money is just as easy. You can take out money from our Telford Town Centre branch in Southwater Square or telephone us to have your money transferred electronically to a nominated bank account. Contact 01952 28 25 28 to find out more. What if I have a complaint?
We pride ourselves in offering quality products backed by a friendly and efficient service. In the unlikely event that such a situation should arise then FAIRshare has a clear internal procedure for dealing with complaints in a professional manner. If however you are not completely satisfied you can take the matter up with The Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London E14 9SR. | 
