Peace of mind with

After the Farepak fiasco and now the global financial meltdown there has never been a better time to join your local credit union. It's good to know that Angus Credit Union keeps your money safe and secure and here's how it's done:

Financial compensation for members

• If the worst were to happen and the credit union ran into problems, the Financial Services Compensation Scheme (FSCS) would pay back every penny of each member's savings. Each member can save a maximum of £10,000 which is well below the FSCS threshold of £50,000.
  
• This is the same scheme that covers all the banks and building societies, and after the run on Northern Rock it was improved even further.

Regulations - inside and out 

• The Financial Services Authority registers and regulates every financial institution in the UK, including credit unions. Our staff and directors have to abide by detailed rules about how to do business and keep records, and we have to send regular reports of our activity to the Financial Services Authority.
  
• We have a Supervisory Committee that is entirely separate from the staff and board of directors. Their job is to make periodic checks of the transactions and accounting procedures, as well as the day-to-day running of the credit union, and to report on their findings.
  
• We have a Money Laundering Officer whose job it is to ensure that the credit union isn't being used to cover up illegal financial activity.

• We carry Fidelity Bond insurance to protect your money from fraud or theft. This covers:
  • Employee or director dishonesty
  • Loss of money via loss, theft or fraud on the premises or in transit
  • Employees’/members’ property stolen during robbery or burglary
  • Fraudulent deposit or forgery
  • Electronic crime
    
• We also carry general insurance to provide the credit union with coverage for the day-to-day problems which may affect our business. This includes our office contents, public liability and employers liability cover.

Additional Benefits for Members

When you take a loan with Angus Credit Union it has two extra benefits built into it, at no extra cost to you. These give you great peace of mind when it comes to thinking about your loved ones.

• Loan Protection - if you were to die with an outstanding loan balance, this insurance will pay off the rest of the loan, so that your debt dies with you instead of being an extra burden to your beneficiaries.
  
• Life Savings Protection - when you join the credit union you can nominate someone as your beneficiary. On your death, this policy can pay your nominated beneficiary an amount equal to the amount of your savings, so they will receive double the amount that you've saved.
  Where else will you get free life savings insurance like this?