Havant Area Savers Credit Union (HASCU)
Who can join and how?
What savings accounts are available?
How safe is my money?
Who controls the Credit Union?
How many Credit Unions are there?
What is a Credit Union?
A Credit Union is a non-profit mutual savings and loans business, owned and controlled by its members. When you join, you become a shareholder and your savings are shares in the company. The shares (savings) of all the members make up the capital available for the Credit Union, from which it can lend to its members. Borrowing takes the form of a loan taken out against your shares – you don’t actually take out your money (it is not like a bank current account). Interest is charged on loans and it is the interest paid by borrowers that provides the main income stream, enabling the Credit Union to pay its running costs and any dividends paid to members.
Havant Area Savers Credit Union (HASCU)
HASCU started in 1996 as the Leigh Park Credit Union, and became well established in that part of the Borough. In 2005 approval was obtained from the Financial Services Authority (FSA) to widen its remit to cover the whole of Havant. HASCU’s vision is to achieve a sustainable and accessible community led Credit Union, offering good value savings and low cost loans for the people of Havant.
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Who can join and how?
Each Credit Union has a “Common Bond”, which determines who can join. In HASCU’s case this is anyone who lives or works in the Borough of Havant. Up to 10% of the total membership can be people who don’t fit the common bond criteria. This allows members' families to join and enables those who move away to remain members.
To join you simply complete an application form (see Join Now) and provide two forms of identity (e.g. copy of driving licence, utility bill or credit card statement showing your current address).
What savings accounts are available?
HASCU offers three types of savings account:
- Ordinary Savings Account for adult members.
- Junior Savings Account for children, who can become members from birth.
- Loyalty Bonus Account for regular savers, which gives additional cash payment after twelve months.
In addition the Christmas Club and Holiday Savings Scheme are available for members who wish to save specifically for these events and intend to withdraw their savings at the planned time.
How safe is my money?
Credit Unions are governed by the Credit Unions Act 1979. They are regulated by the Financial Services Authority (FSA), which also regulates banks and building societies to ensure they are well run. HASCU’s registration number is 213842.
Members’ savings are protected by the Financial Services Compensation Scheme, which applies to all banks and building societies. The FSCS is a safety net for customers - in the case of a Credit Union going out of business, the FSCS provides 100% protection for the first £35,000 of savings (well above our savings limit).
The Credit Union is required by law to maintain an insurance policy (fidelity bond) to protect the Credit Union against fraud or theft.
HASCU is a member of the trade body ABCUL (Association of British Credit Unions Limited), membership of which brings the added benefit of the industry wide life insurance scheme. This pays off the loan in the event of a member’s death and passes the savings to the family. Information about ABCUL can be found at www.abcul.coop
Who controls the Credit Union?
HASCU is controlled by a volunteer Board of Directors. These are elected by the membership at the Annual General Meeting.
The Board meets monthly. The Board elects the officers, including a Chair and Treasurer. Elected by the membership, the Supervisory Committee is responsible for internal audit and making sure the Credit Union is run in line with legislation, rules and policies. The Supervisory Committee meets monthly and reports to the Board.
HASCU is looking for new members from across the Havant Borough area to help in the running and development of the Credit Union; on the Board and committees, helping with marketing and giving practical help with surgeries and advice.
How many Credit Unions are there?
There are over 40,000 Credit Unions worldwide in 78 countries. Membership is particularly strong in Ireland, the US, Canada, Australia and the Caribbean.
In the UK, there are over 400 Credit Unions accredited with ABCUL, providing financial services to over 400,000 people. Many have geographic common bonds ranging from small community based Credit Unions to those covering a city, or region. Credit Unions of a similar size to HASCU have been established in other areas in Hampshire. There are also employee based Credit Unions, for example in British Airways.
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