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About Us

Millom & District Credit Union Ltd is a self-help savings and loans co-operative, which was set up in response to members in the local community identifying a need to address the problem of high cost of borrowing money. The Credit Union is unique among financial organisations in that it is owned and run by its members and provides an alternative and accessible means of banking.

The banking system promoted by the Credit Union encourages members to add to their savings, at the same time as paying off their loan, this enables some members to have savings for the first time in their lives. This encourages good money management and however small the amounts of savings may be the discipline of regular savings makes the balance increase.

Set up in September 1995 Millom & District Credit Union has been serving its members for eleven years, it has ten board of Directors that meet monthly to discuss business (subgroups of Treasury Team, and Credit Committee are all approved member of the FSA), 4 Internal Audit Officers who meet quarterly to carry out checks to ensure the Credit Union is keeping to its policies. They employ a full time Admin Officer to help with the day to day running of the Credit Union.

The Annual General Meeting is usually held Feb/March time each year where all members are asked to attend. Every member has an equal vote in deciding matters, any surplus profit to be paid as dividend is announced at the AGM.

The Credit Union Difference

• Membership Ownership : each member is an equal owner and is entitled to one vote at the Annual General Meeting, regardless of how much money he or she has deposited in the Credit Union.
• Members First : Because Credit Unions are not-for-profit co-operatives, they are usually able to offer lower loan rates, higher savings rates and lower fees than for-profit institutions.
• Volunteer Leadership : Credit Unions are led by a board of directors elected from the membership at the annual meeting. Board members volunteers and are not compensated.

What are the benefits of becoming a Volunteer?