Unity Credit Union
{{Short description|Non-profit co-operative organization}}
{{Use dmy dates|date=September 2021}}
{{distinguish|Manchester Unity Friendly Society}}
{{Infobox non-profit
| image =
| name = Unity Credit Union
| location = Oddfellows House, 184–186 Deansgate, Manchester M3 3WB
| key_people =
| type = Industrial and Provident Society
| founded = 2001 (1991)
| homepage = [https://unitycreditunion.co.uk/ unitycreditunion.co.uk]
}}
{{Odd Fellowship}}
Unity Credit Union Limited, formerly Manchester Unity Credit Union, is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. The credit union was first established for members of the Independent Order of Oddfellows by Manchester Unity Friendly Society in 1991.
Gibbons, Damon [http://www.cesi.org.uk/sites/default/files/publications/CfRC_local_welfare_provision_low-income_households.pdf Local welfare provision, low-income households, and third sector financial services provision] {{webarchive|url=https://web.archive.org/web/20130518114122/http://www.cesi.org.uk/sites/default/files/publications/CfRC_local_welfare_provision_low-income_households.pdf |date=18 May 2013 }} (p. 84) Centre for Responsible Credit, March 2013
History
{{see also|History of credit unions}}
The credit union traces its roots to Manchester Unity (No 1) Credit Union, which was founded in the English Midlands in 1991, followed by Manchester Unity (No 2) Credit Union in North London in 1994 and Manchester Unity (No 3) Credit Union in Yorkshire in 1997.[http://www.manchesterunitycu.co.uk/page3.html Credit Unions in the Oddfellows] Manchester Unity Credit Union (retrieved 24 October 2015) In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the Financial Services Authority.Edmonds, Timothy [http://www.parliament.uk/briefing-papers/sn01034.pdf Credit Unions] (p. 21) House of Commons Library, Briefing Paper No. 01034 (PDF), 5 January 2015 With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001.
In 2022, the common bond was expanded to include members of the Ancient Order of Foresters Friendly Society and Manchester Unity Credit Union became Unity Credit Union.
In June 2025, Manchester-based The Money Co-op announced plans to merge with Unity Credit Union.{{Cite news |last=siteowner |date=2025-06-09 |title=Notice of a Special General Meeting {{!}} The Money Co-op |url=https://themoney.coop/notice-of-a-special-general-meeting/ |archive-url=https://web.archive.org/web/20250610212723/https://themoney.coop/notice-of-a-special-general-meeting/ |archive-date=2025-06-10 |access-date=2025-06-11 |work=The Money Co-op |language=en-GB}}
Activities
Membership of Unity Credit Union is restricted by a common bond to members of the Oddfellows or the Foresters or a member of the same household who is a relative. New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution.[http://www.manchesterunitycu.co.uk/page6.html How to Join] Manchester Unity Credit Union (retrieved 24 October 2015)
A member of the Association of British Credit Unions Limited,[http://www.abcul.org/about/abcul-credit-unions Credit unions in membership of ABCUL] {{Webarchive|url=https://web.archive.org/web/20150103045521/http://www.abcul.org/about/abcul-credit-unions |date=3 January 2015 }} Association of British Credit Unions (retrieved 1 November 2014) Unity Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[http://www.fscs.org.uk/uploaded_files/Publications/Brochures/Credit_Union_Guide.pdf Credit Union Guide] Financial Services Compensation Scheme (retrieved 2 April 2015)
See also
References
{{reflist|30em}}
External links
- [https://unitycreditunion.co.uk/ Manchester Unity Credit Union]
- [http://www.abcul.org/home Association of British Credit Unions]
{{Credit Unions in the United Kingdom}}
{{Odd Fellows}}
Category:Independent Order of Oddfellows Manchester Unity
Category:Credit unions of the United Kingdom