Partners Credit Union ‘Save, Borrow, Plan for Tomorrow’ Tracey Fletcher CEO 22 September 2015

What’s a Credit Union? Financial Co-Operative Not-For-Profit Owned & run by it’s members Member based organisation – exists solely for the benefit of members Members all have ‘ Common Bond’ Members save money, this creates a pot which other members can borrow from

International Operating Principles Open & Voluntary Membership Democratic Member Control Non-Discrimination Distribution to Members Building Financial Stability Ongoing Education Cooperation among cooperatives Social Responsibility

Member Protection Authorised & Regulated by Financial Conduct Authority & Prudential Regulation Authority Members of the Financial Services Compensation Scheme (F.S.C.S.) Members of the Financial Ombudsman Service (F.O.B.) Supervisory Committee Internal & External Audits

CU’s Worldwide 57,000 credit unions 217 million members Operating in 105 countriesUK 519 credit unions 1.8m members £2.6b in assets

To put it into context…. CU’s v Banks! Credit UnionsBanks Not for Profit cooperativesInstitutions run for profit Return earning to members through dividend, lower fees & superior service Return profits to shareholders at the expense of their customers Make loans only to their members, which both serves their membership and ensures that capital remains with the community served Often make loans to outside borrowers, including foreign countries and commercial enterprises Have member/owners – each person who deposits money has a share of the ownership Customers have no right of ownership Board of Directors is elected by the membershipCustomers have no voting privileges Have a volunteer Board of Directors that serve for no compensation Have a paid Board of Directors that serves for financial gain Can serve only those individuals within their field of membership Can serve anyone in the general public Are service driven – we care about peopleAre credit driven and care only about profits

About us One of largest in the Country 22 nd year of trading Over 13,000 members 50+ sponsoring employers who do free payroll deduction for their staff £7.5m out on loan to members, £6m members savings held, £8m in assets 4 offices: Liverpool, Bootle, St Helens, Wirral & 12 Staff

Who can join? (our common bond) Anyone who lives in Merseyside Anyone who works for an employer who has a place of business in Merseyside UK members of Spirit of Shankly North West Regional members of any TUC affiliated Union Family Members

Financial Inclusion & Partners At Partners we are committed to helping our members tackle financial exclusion and have developed a number of products and services which we feel go some way to achieving this: Savings Accounts Accessible & Affordable loans Prepaid Visa Debit Cards & Banking Facilities FREE insurance on savings & loans

Savings Membership Account – everyone must have this and commit to a savings plan of at least £2 p.w. to be able to access other products/services such as loans Christmas Club Accounts – can’t take money out until November/December Holiday Savings Accounts – Save as much or as little as you like – instant access Kids Accounts ISA’s – tax free savings – Currently 1.5% fixed Dividend payable on Membership Account – subject to surplus at end of year Corporate Accounts available FREE LS insurance

Loans Available after 8 weeks continuous/regular saving 1 st loan limited to £1000 Thereafter up to 4 times total savings to a maximum of £15,000 Revolving Credit Account – up to 1½ times your monthly income once been a member for 12 weeks - £100 - £3000 limits Variable interest rates depending on amount but capped at 3% per month by law (42.6% APR) Variable repayment periods depending on amount of loan No set up or early repayment fees Savings in Membership Savings Account become collatoral for loan and are not withdrawable Must continue with Savings Plan of at least £2 pw Business Lending available FREE LP insurance

Loan Comparison Loan Comparison £500 over 52 weeks LenderRepaymentTotal to PayAPR % Partners£13.70£ % Provident£17.50£ %

‘Payday’ Type Loans Ethical alternative to usual Payday Loans Must have been a member for at least 30 days and made at least 1 deposit Must be in employment – full or part time Loans up to £500 repayable within % APR No Set Up or Late Payment Fees Must be member for at least 30 days

Payday Loans Comparison LenderCostTotal to PayAPR % Partners£12£ % Typical Payday Loan£120£ % Example: £400 over 30 days Typical Payday Lenders would charge around £120 (£14.50 per £50 borrowed & interest) for this facility with APR’s of between 1734% to 4214% or more The Credit Union alternative would cost £12 with an APR of 42.6%

‘Engage’ the non-discriminating banking solution for everyone, regardless of their financial history

Our ‘Engage’ Accounts Only available to Credit Union members 4 types of Engage account: Classic, Current Account, Smartcash and Business Account Low fees Prepaid Contactless Visa Debit Card with full online account facilities Rewards & Incentives FREE mobile app Money Management Tool

‘Choices’ The specially developed Partners membership account to help our members who may be financially excluded or financially challenged.

‘Choices’ membership account Working in the main with housing associations and their tenants as a result of UC Benefits paid direct to credit union Cashless electronic account Prepaid Visa Debit Card & banking services Direct Rent & Budgeting Facilities Access to loans up to £300 FREE insurance on savings & loans

Big Banks, No thanks!

How do I join? Online at At office(s) – fill in a form Provide forms of ID (to comply with law) Set up your payment method That’s it – you’re a member!

Questions? Thank you for your time today I have left some information leaflets for you Please visit our website: Or phone us: For further information