We are happy to talk to everyone. We can provide some of the services you expect from your bank. This includes deposit and loan accounts, as well as offering a debit card, so you can order and pay for goods at shops without cash or online. You can use the card to withdraw cash and you can even make regular payments (Direct Debits) from it.
You can withdraw money from your Share Account at any time unless secured against a loan. Money is paid either directly into your bank account or Engage Account. Or you can complete and return to us a Share Withdrawal Form.
For fraud prevention purposes we can only pay to an account in your name, we will contact you if we don’t recognise the bank account details provided.
Withdrawals are made free of charge 7 days after the request is received, so it is best to plan and decide when you will need your money and how much you would like to withdraw.
No, you can pay off your loan early at any time with no penalties.
There are NO hidden fees or costs involved in transactions with the Credit Union. We are completely transparent with our charges and interest rates. There will be no surprises.
Credit unions do not have shareholders to pay, as our members are our shareholders. By law, the maximum interest rate that a credit union can charge its members for a loan is 3% per month or 42.6% APR. The interest rate on a typical loan from Oxfordshire Credit Union is much lower than that charged on typical payday loans, so taking out an Oxfordshire Credit Union loan saves you money and makes good financial sense.
You get a dividend; which members agree at the annual general meeting. Last year it was 1%, we plan to make dividend payments going forward. It’s worth noting that this is a dividend which depends on the performance of Oxfordshire Credit Union. It is not regarded as interest, so is appropriate for religious groups who do not believe in charging or paying interest.
Credit unions strive to offer fair, competitive financial services to individuals from all walks of life, regardless of their social status and economic background. Additionally, we believe that borrowing money should be a carefully thought through process, and the way we lend is built around your ability to repay. Our dedicated employees want to work with you personally to create a repayment plan that best fits your situation.
As a member of the credit union, you own part of the credit union through your shares. The members own, control, and administer the Society (the credit union). Because you are a member and partial owner, the credit union works for you. So, as a member of the credit union you will have access to ethical and affordable loans and more financial advice as to which loan product is best for you.
- A Credit Union is an ethical alternative to banks – you save and your savings are used to lend to other members in Oxfordshire. Your money doesn’t get used for other purposes.
- You can borrow at fair rates – and certainly better than many high-cost lenders. It’s also flexible, we lend smaller amounts, let you pay off early and because you are saving whilst you borrow – you end up with a cash buffer when you’ve paid off your loan, making you more financially resilient in future.
- Having savings and some financial security is good for you and for your family
- We don’t lend more than you can afford to repay.
- People understand the benefits of “shopping local”, this is “saving and borrowing local”.
Our coming board meeting on Tuesday 6th will look at our financial results. The accounts have received a clear audit from our external auditors; Appleby and Wood. At the end of our financial year on 30th September 2017, we had generated an £11,068 surplus on the year. Our loans to members was £338,341, up 20% on the year before. Our total members’ share capital stood at £583,913 at the same date.
This has been achieved with a volunteer board and some very hard working staff. To view the full document, click here: Oxfordshire Credit Union signed Accounts 30.09.17