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NewsWhy your money is safe with Wolverhampton City Credit Union
Why your money is safe with Wolverhampton City Credit Union

With Whitmore Reans Credit Union going into voluntary liquidation, some members are asking, ‘is our money safe with Wolverhampton City Credit Union?’ The answer to that question is a wholehearted ‘yes, your money is safe with us’ says WCCU’s manager Matt Goulding:  

“It’s really sad when a credit union goes under, but it’s worth bearing in mind this is a relatively rare occurrence.  Why am I so confident that our members’ money is safe with us? First, we’re a very well run community bank, owned and controlled by our members. We enjoyed very strong financial performance in 2014/2015 with record levels of savings, loans and growth in members. In that year, the cost of our bad debts was reduced even though the number of loans increased significantly. And we have healthy reserves which allow us to cope with rainy days and develop the business effectively in the future.

“We were also able to announce recently that we would be paying a dividend of two per cent on savings.

“As well as being your local, fair and ethical bank, we are authorised by the Prudential Regulation Authority, authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority who regulate all the banks and building societies. We also hold a Consumer Credit Licence that is registered with the Financial Conduct Authority.

“Most important, we’re also a member of the Financial Services Compensation Scheme (FSCS) which compensates customers if a firm has stopped trading or does not have enough assets to pay claims made against it. All the savers of Whitmore Reans Credit Union were protected by the FSCS and are being paid in full.

“Knowing that we’re strong, well-run, authorised and regulated means you can bank on us for savings and loans.”

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