Credit Union FAQ

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What is a credit union?
A credit union is a financial co-operative.  Every member of a credit union must share something in common – this is known as a Common Bond.  The bond could, for example, be living or working in the same area or working for the same employer.  Credit unions are run democratically and operate in the interest of the people/customers who use their services – their members.

Why do credit unions have members rather than customers?
As credit unions are co-operatives, the people who use the credit union also own the credit union.  Once you open an account with us, you become a member of Capital Credit Union and a part owner of the organisation.  As a member you have the right to attend our Annual General Meeting and influence the running and policies of the organisation.

How do credit unions work?
Members make regular savings, these savings form a common pool of money from which loans are issued to members. The interest charged on loans is the credit union's main income. Once the operating costs of the credit union have been deducted, money is returned to members in the form of a dividend.

Who can join Capital Credit Union?
Anyone who lives or works in Edinburgh, the Lothians, Scottish Borders, Falkirk, Clackmannanshire, Fife, Angus (excluding DD1) can apply to become a member of Capital Credit Union.  Full membership begins at age 16 with junior accounts also available.
Corporate membership is also now available.  Please contact the Capital Credit Union office for further information or visit the Corporate section of our website.  

How much does it cost to join?
There is no fee to join Capital Credit Union

Is there an annual membership fee?
As we are a financial co-operative, the success of Capital Credit Union lies with its members and their use of the products and services on offer. An annual membership fee of £5 is charged during January of each year. A fee of £5 will also be charged on an account when there has been no activity on the account for a period of 12 months. Such an account will be deemed to be dormant. The annual membership fee is subject to change by agreement of the Board of Directors.

Are my details secure?
At Capital Credit Union we take security very seriously.  All employees and members who have access to personal information are required to act in a confidential manner at all times.