All loans are covered by life insurance at no extra cost to the member, if you die owing the credit union a loan, most loans are covered by the insurance (terms and conditions apply).
The savings or shares of members earn life insurance without extra cost, there are a few exceptions. Each pound saved before the age of 65 is matched with a pound of life insurance; there are lesser benefits for those between the ages of 65-70. The member retains this insurance cover just so long as he/she keeps their momney in the credit union. For exmaple; if you have £500 in shares before the age of 65 and you died, your family could recieve £1000.
The funds of the credit union are protected in a number of ways.
Remember most of the money is out on loan to members, there is no better protection or investment!
Every person who handles credit union money is bonded and all cash is banked.
Reserves are set up to protect the credit union against loss, auditors, league officials and the credit unions own supervisory committee inspect and examine their affairs and audit the books in an independant annual audit.
If you want to save for a rainy day or a holiday, a North Coatbridge account is quick and easy.
If you need a loan with North Coatbridge Credit Union, click here to find out more.
It's easy to look after your balances with an online account