Information

Terms of Business

The key terms of business for the activities are shown below.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Credit Union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000.00. For joint accounts held by two eligible depositors, the maximum amount that could be claimed would be £50,000.00 each (making a total of £100,000.00). The £50,000.00 limit relates to the combined amount in all the eligible depositor's accounts with the Credit Union, including their share of any joint account, and not to each seperate account.

As the maximum savings with a Credit Union is £10,000 then all your savings are covered.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the website www.fscs.org.uk or call 0800 678 1100.

Association Of British Credit Unions Ltd. (ABCUL)

This is the national body to which most British Credit Unions belong. It has standard rules, agreed by the Financial Services Authority, to which members comply. It represents member Credit Unions at national and international level and provides support to those Credit Unions.

For more details about ABCUL go to www.abcul.coop

What if I have a complaint?

We hope you will be able to resolve any problems with the officer or volunteer dealing with your complaint. If you are not satisfied with this you may contact our Complaints Officer via our head office. The Complaints Officer will deal with your complaint and report to the Board of Directors. We aim to acknowledge your complaint within 7 days and resolve your complaint within a maximum period of 8 weeks. Should you be dissatisfied with the final outcome your complaint can be referred to the Financial Ombudsman Service.

Further information is obtainable from:

or via the web site www.financial-ombudsman.org.uk

Mission Statement

The mission of Norfolk Credit Union is to provide services which improve the economic and social well being of members as well as practising the values of equality, equity, mutual self-help, co-operation and democracy, while encouraging thrift and providing access to low cost credit and a fair return on members savings.

Aims

• To develop habits of thrift and to combat usury through the accumulation of small savings and the provision of loans at reasonable rates of interest.
• To develop appreciation of the principles of mutual help and the manner in which they can be applied for the solution of social and economic problems.
• To develop a financial co-operative, which is controlled in a democratic way.
• To practice the values of equality, equity, mutual self-help, co-operation, and democracy in all its dealings with members and others.