PROFILE


The Transport Credit Union has proudly served transport industry employees for over 25 years.

It was originally started with a share capital of £8 in June 1981 by Trade Union representatives in Glasgow buses under the name of  “Strathclyde P.T.E. Savings & Credit Union Ltd.” to help serve the financial requirements of the Glasgow bus and Underground employees.
 
In 1991 due to bus deregulation, the “Common Bond” was altered and at which point the regulator agreed to an expansion to admit other passenger transport workers throughout Strathclyde.

A successful application to the Registry of Friendly Societies in 1995 permitted the credit union to operate throughout Scotland, by allowing all staff in the passenger transport industry and in Scotland to join.

By 1997 the credit union achieved the prestigious 11C certificate from the Registry of Friendly Societies, being only the fourth Credit Union in Britain to do so at that time.

Since July 2002 they are proud to be registered to carry out the higher  “Version 2” Business as Regulated under the Financial Services Authority, which only around ten other credit unions in the country achieved. 
To ensure quality of service they have a comprehensive internal complaints policy and the credit union has also been a member of the Financial Ombudsman Complaints Scheme since 2002.   

While growth was very gradual in the early years, as more people become aware of Credit Unions, there has been a gradual realisation that the services offered can be difficult to beat, and as a result, in recent years membership has increased significantly to over 10,000 accounts.

There are now over twenty Companies serviced by The Credit Union, inclusive of Arriva, Firstbus, Scotrail, Stagecoach, and Scottish Ambulance Service, members have well over £7.5 million in savings and £6.4 million out on loan. The credit union has loaned its members well in excess of £50 million pounds to-date, and following FSA approval this Transport Credit Union now services passenger transport employees throughout Gt.Britain.

Ten professional staff with over 80 years Credit union experience between them are employed to look after the day-to-day smooth running that has become a hallmark. There are “Local Officers” in many main locations to provide additional information and guidance for members.

Many Credit Unions and study groups throughout Britain have benefited from visiting this Credit Union over the years, as there has always been an “open door” policy to assist fellow co-operators.

All savings (i.e.Shares) are insured against the incidence of fraud, through Cuna Mutual Insurance Ltd. and also covered by the Government’s Financial Services Compensation Scheme in the same way as Banks and Building Societies.

The Transport Credit Union has produced remarkable successes over the past two decades, and now has well over £2million in Capital and presently has over £3million liquidity.  The annual membership fee of £10 is waived due to your employers free payroll deduction, provided at least £1 is deposited each year.

THE CREDIT UNIONS STRATEGY:
The plan is simply to ensure maximum sustainable growth, and use that growth to benefit Members even further, by way of their improving services, basically as the Credit Union itself says, “You benefit as we grow!”


Members: Association of British Credit Unions Ltd, Holyoake House Manchester.
                 Chamber of Commerce, Confederation of Passenger Transport U.K.