Levern Credit Union
A community run, easy to use sensible money saving solution
What is a credit union?
A democratic mutual financial co-operative.
It provides Saving and Loan services
It is not for profit
It is owned by its members
It is controlled by its members
It is volunteer based
How does Levern Credit Union Work?
“Not for profit, but for service”
As it is owned by each of its over 700 members, their savings are referred to as shares, each having a value of £1.
These funds are then pooled and loaned out to other investors (i.e other members).
After administration costs are deducted and the dividend(which is agreed by the board and the AGM) is set the rest goes to prudent reserves.
The core guiding principle of any good credit union is “not for profit, but for service”, which guides everything we do.
It reminds us of our responsibility to strike a balance between making enough profit to enable us to continue operations and providing services which best serve the needs of the common goal and the wider community.
This is the one of the differences between Levern Credit Union and a bank or building society.
The benefits of Levern Credit Union to you
Flexible Savings
The ability to save regularly by standing order or payroll deduction or in person at the credit union office
Low Cost Borrowing
Loans are set at 1.5% per month on the reducing balance with no comparison, no setup fee and no penalties for early repayment
The People
Levern Credit Union is volunteer based, with a local board of directors, we work for you and will do our best for you
Built around you
Savings and loan repayments are designed to suit your income.
Loan interest goes down depending on the amount borrowed.
Peace of Mind
Free insurance protection in the event of death
Common Sense Loans
Flexible loan assessment based on each individual (rather than credit scoring)
Levern Credit Union is a volunteer-run credit union located in Priesthill, in the South Side of Glasgow.
It is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
It is also covered by the Financial Services Compensation Scheme (FSCS), which will recover compensation in the event a credit union goes out of business.
FAQ’s
Who manages Levern Credit Union?
Management of Levern Credit Union is by a volunteer board of directors elected at the Annual General Meeting by their fellow members.
The credit committee, who deals with the loan applications and the supervisory committee who audit the operation, is also elected by the members, under the one vote system.
Do I get dividend on my savings?
Yes
The dividend the credit union has been giving the members is 2% to adults and 5% to children, it is worked out by the treasury team and the end of the year accounts after all expenses are paid any surplus is then divided between the reserves and a dividend payment.
The amount is decided at the AGM by the Board in line with our not for Profit philosophy.
Insurance / Compensation?
It is a requirement of the Credit Union Act 1979 that all credit union have bonding Insurance protecting members savings from fraud and dishonesty, savings protection is also provided by the Financial Services Compensation Scheme.
Also the credit union provide an insurance scheme that in the event of death your loan will be cleared and savings will be given to your next of kin, this insurance is provided to you by the credit union at no cost to the member.
Is My Money Safe?
All money saved in a credit union is protected by the Financial Services Compensation Scheme.
If you have savings with a credit union, these are protected up to the value of £85,000 just like a bank or building society.
How do I access my money?
You can withdraw using bank transfer and cheque.
You can also withdraw your money in person at our office in Priesthill, Glasgow - Get Directions.
Can I get information about my account without visiting?
Yes
You can call us: 0141 881 1155 or send us an email using the form below
Who can join Levern Credit Union?
Anyone living in the following areas of Glasgow can join:
Carnwadric - Craigbank - Crookston - Darnley - Jenny Lind - Househillwood - Nitshill - Parkhouse - Pollok - Priesthill - Roughmussel - South Nitshill
View the Full Map by clicking - HERE
Is there an age limit?
No.
Guardians can open an account for a child with a valid birth certificate.
Anyone over the age of 16 can open an account in person with a valid ID.
Loans are accessible to over 18’s.
How much can I borrow?
Up to £5,000
Please have a look at loan tables for more information by clicking - HERE
How much does it cost to join?
A membership fee of £5.00 is payable by all new members once they join thereafter £5.00 will be deducted from your savings on the 1st October every year, to help to recover some of the administration fees.
Are there withdrawal limits?
No.
As long as you have the shares in your account, you can get them out at anytime(within opening hours), in any amount you want.
The only exception is if you also have a loan running then you will be unable to withdraw.
Can I volunteer?
Yes.
We’re always looking for help around the Credit Union.
See the Volunteer page for more details.
Visit Us
at the Priesthill Community Hall
100 Priesthill Road
Glasgow, G53 6PZ
Opening Hours
Mon: Closed
Tue: 10:00 - 16:00
Wed: 10:00 - 14:00
Thu: 10:00 - 16:00
Fri: 10:00 - 16:00
Sat: 10:00 - 12:00
Sun: Closed
Phone
0141 881 1155
“To provide savings and low cost loans to all residents or workers within the common bond, including those who are financially excluded from mainstream financial services”
— Levern Credit Union Mission Statement