Lunchtime Closing

Please be aware that we now close every day for lunch between 12:30 p.m. and 1:30 p.m.

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AGM Press Release

The following press release was made by Solent Credit Union following the AGM.

Members of Solent Credit Union were jubilant at their recent AGM to learn that Southampton City Council has decided to support the Credit Union to the tune of £25000. The support, in the form of deferred shares, comes at a critical time for the Credit Union, and will be used to help it re-engineer its marketing activities, and extend its product range of loans.

The credit union movement, widespread in other countries, is under-publicised in the UK. It draws its funds principally from well-meaning members of the public or, as in this case, public bodies, and makes loans to those in need, generally people who are excluded from mainstream financial and banking services, due to their circumstances.

Credit Unions are often regarded as more ethical and safer than pay-day lenders and other providers and play an important part in the well-being of the community as a whole. In addition to providing a safe haven for borrowers and a fair deal to borrowers, Solent Credit Union has also funded education and information sessions within schools and other institutions, about financial housekeeping, budgeting and how to save.

Please contact Alex Clarke at Solent Credit Union, 21 East St, Southampton, Phone: 023 8178 8375 for further details. The web site is http://www.solentcreditunion.co.uk/.

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2017 AGM Minutes

The minutes of the Annual General Meeting (AGM) which was held on 26th June are now available, along with the Directors’ Report and Financial Statements for the period to 31st Dec 2016.

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Schools Project

We have made a video about our schools work as part of an application for lottery funding.
You can see the video here

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Totton Member Service Point

Solent Credit Union returns to Totton with the opening of the Member Service Point in Totton Christian Centre, 9 Ringwood Road, Totton on Sept 6th 2016.
The opening times are 10 am to noon, on Tuesdays and Fridays.

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Saturday Hours- Please Read

Dear Members

We are no longer opening on Saturdays.

Saturday 30th July will be last time that we will be open to public.

We will be available for appointment only.

Please get in touch with a staff member for further details.

Opening Times

10am – 4pm, Monday – Thursday.

10am – 3pm, Friday.

Main Office: 21 East Street, Southampton.

 

 

 

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AGM and Annual Accounts

Please find our annual audited accounts for the 15 month period ended 31 December 2015.

Accounts2015 final

Don’t forget to attend the AGM on Monday 27th June at Avenue St Andrews Church, The Avenue  starting at 7:00pm

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Important notice-Action required

We are improving and updating our systems and are in the process of contacting all our members to notify them of our new bank details.

Please return the Standing Order form to us straightaway particularly if you have a loan with us.

Please be aware that you need to maintain your regular payments so your credit rating is not affected by any missed payments.

If you have any queries, please give us a call on 02381 788 375.

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Withdrawal Requests

I would like to inform all our Members that online withdrawal requests can take up to 3 working days.

If you require over the phone on 02381 788375 will be done on same day.

Thank you

Solent Credit Union

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AGM Monday 27th June 2016 – 7.00pm at Avenue St Andrews URC

13th June 2016

Dear Member

I wanted to communicate with you on a number of important matters:-

Recent issues with our bank
I have to apologise for recent issues we have had with our main bank, TSB. I know that this has been a significant inconvenience to some of you. An issue arose at the TSB side which has caused us delays. I can only apologise to you and hope that by the time you receive this, it will be resolved. I suggest that if you have been affected, you look at our website www.solentcreditunion.co.uk in the first instance or telephone the main office with individual queries or email enquiries@solentcreditunion.co.uk We hope that once it is resolved, we can work with our bank to ensure that it does not happen again.

Regulatory and Legislation Changes
As a regulated organisation, we are always subject to changing legislation. One of the most recent changes is a fall-out from the banking crisis and it has been decided that although credit unions were not a party to the banking crisis, the manner in which they work has to be more tightly controlled.The impact on you is that we have to impose restrictions on how your savings account is used. In essence we can only allow “known” transactions between you and the credit union such as receipts from you, your employer, benefit payments, your bank. We cannot allow receipts from third parties unless these have been agreed by us beforehand. We will not allow you to draw down on monies paid in by third parties unless this has been agreed by us. Nor will we allow payments out of your account to third parties unless this has been agreed by us. In essence, the regulations are to prevent credit union accounts being used as “current accounts” over which there is new legislation. Should you wish to have this facility, we are able to provide you with an Engage pre-pay Debit Card which should allow you this flexibility.Indeed by the end of 2016, the Engage card should have all the facilities of a bank account, including the ability for you to set up direct debit payments. For more details see http://www.engageaccount.com/ . Note that unlike a bank, building society or credit union, any money loaded onto your Engage Card is not protected by Financial Services Compensation Scheme.

Financial Services Compensation Scheme (FSCS)
As some of you are aware, the limits of protection were changed at the beginning of 2016. Although this does not impact your deposits, we are, nevertheless, required to inform you. The notice is on our website at www.solentcreditunion.co.uk/fscs . Again I must stress that under our Rules, the maximum that you are allowed to deposit in Solent Credit Union is £15,000. Unfortunately the FSCS will not allow us to change their format at all!
CUNA Mutual Insurance

For a number of years we have provided members with death cover for savings and loans. In common with a number of other credit unions, we have reviewed the cost of this cover and must advise members that unfortunately this cover will cease at 30 June 2016, ie if the death occurs after this date, there will not be any insurance cover through us. It is not a decision we take lightly, but it has reached a stage where the cost is disproportionate the benefit which, of course, only arises in the unlikely event of an unexpected early death.

Annual General Meeting

I attach Notice of the AGM below. This is being held later in the year than normal as we have changed our year end to 31 December in the hope that if the AGM is held in June, more members may be able to attend. Copies of the accounts will be placed on the website nearer the time. We would welcome nominations for directors and if you are interested I would be grateful if you would contact me directly for more information via the credit union main contacts shown in the letterhead. For administrative reasons please let us know if are able to attend, again via our contact details above. I hope you will be able to join us and my fellow directors and I look forward to meeting you.

Yours in co-operation

Robert Drummond

Notice of Annual General Meeting
Monday  27th June 2016 – 7.00pm
At Avenue St Andrews URC, The Avenue, Southampton, SO17 1XQ

AGENDA

  1. Minutes of AGM March 2015
  2. Report of the Board of Directors
  3. Report of the Treasurer and consideration of the accounts
  4. Report of the Auditor
  5. Statement of interest payable to Junior savers and dividend to members
  6. Report of the Supervisory Committee
  7. Report of the Nominating Committee
  8. Appointment of Auditors
  9. Election of Directors
  10. Elections to Supervisory Committee
  11. Any other business
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