About Moneywise Newcastle

What is the MoneyWise Newcastle Credit Union?

It is a saving and loan co-operative where members save regularly and can take out loans at a low interest rate - between 2% and .05% per month depending on the size of the loan. Everyone who lives or works in Newcastle and Longbenton, and their relatives, are eligible to join. The registered office is in Room 31, Civic Centre, Newcastle which is open weekdays from 10 a.m to 12 noon and 12.30 to 4.30 p.m. The head office is at 2 Chirton Wynd, Byker and is open weekdays from 10 a.m. to 4 pm, and there are 19 other service points across the City.

How is it organised?

MoneyWise Newcastle Credit Union is owned and run by its members. It is a non-profit making body, any surplus being returned to members as a dividend. The amount of dividend is decided by the members at the AGM, which is held each February.

The Credit Union is run by a committee made up of volunteers, elected at the AGM by the members. The Credit Union employs staff at the Civic Centre and Chirton Wynd offices. The Branches are run mainly by volunteers.

Although the City Council gives its full support to the Credit Union, MoneyWise Newcastle Credit Union Ltd. is completely separate from, and independent of, the City Council.

How does it work?

Members save a regular amount each week, month or fortnight and the collective savings of the Credit Union provide working capital from which loans are made to members. Members can pay in a number of ways: in cash or by cheque at offices across the City, via a payroll by arrangement with employers, or by bank standing order.

Confidentiality

All business with the Credit Union is conducted in the strictest confidence. No information about a member's accounts will be given to any other person or organisation except as necessary for the conduct of the credit union business, or where the member has given written authority, or where the Credit Union has been ordered to disclose information by law. Information about a credit union member is protected under the Data Protection Act 1988.