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Colchester Credit Union
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What is Colchester Credit Union?
Colchester Credit Union is a community credit union serving everyone who lives or works in the administrative borough of Colchester.
How does it work?
A Credit Union is a non-profit making savings and loans co-operative owned and run by its members. Members all save into a pool of money from which they can make loans to each other at a low rate of interest. In 2001 there were 100 million people in 84 countries saving and borrowing in their own credit unions, and the numbers are growing all the time.
Who administers it?
A board of directors runs the credit union. These directors are elected by the members to run the credit union on their behalf. All directors are volunteers who are also members.
Are Credit Unions regulated?
Yes. All credit unions are required by law to comply with the Credit Unions Act 1979. They are audited annually and must have Fidelity Bond insurance to cover against theft or fraud. They are also regulated by the Financial Services Authority.
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