Time to bust some myths about the NHS Credit Union

At the start of this month, there were 17,174 adult members of the NHS Credit Union – and 100 more members under the age of 18.

That sounds quite impressive until you consider that in Scotland alone, there are more than 162,000 health service employees who could join the credit union. That means there are around 145,000 eligible staff who are NOT members of the credit union.

Why is that?

Undoubtedly, some of those staff will have decided that the credit union is not for them … and that’s absolutely fine. But many of those staff will have been put off by the misconceptions that still hamper all credit unions.

So let’s play a simple game of fact or fiction.

Your money isn’t safe in the credit union … fiction.

Your money is protected in exactly the same way as any High Street bank – up to £85,000 per person.

 The technology credit unions use is outdated. … fiction.

While credit unions don’t have the budget of banks, their technology is improving all the time. Online banking is readily available for members of the NHS Credit Union – and a mobile banking app is well on the way.

 It’s hard to get your money from a credit union account … fiction.

You can easily withdraw money from your NHSCU savings account by BACs transfer either online or by phone. Contact us before noon on any working day and the money will be with you that same day.

Opening an account is a difficult and lengthy process…fiction.

It has never been easier to open an account with the NHS Credit Union. Our smartphone messaging system means that you can complete the entire joining process in around 20 minutes … without the need to fill in any lengthy forms.

Credit Unions are owned by their members, run by the members – for the benefit of members … TRUE.

Unlike High Street Banks, all profits made by credit unions are either re-invested in the business or distributed to members by way of an annual dividend. No money goes to external shareholders.

So there you have it – credit unions are safe, ethical, member friendly and getting more tech-savvy with every passing day.

If you’re one of the millions of people throughout the world who are already members of a credit union, well done – the chances are that you won’t be so quick to fall foul of sky-high payday lending rates. You can also rest assured that your account isn’t helping feather the nest of the type of person who plunged the world into recession through greed and irresponsible lending.

If you’re not a member of a credit union, isn’t it time to open your eyes to what they have to offer?

The NHS Credit Union is ready and willing to welcome thousands more members into our financial family. We look forward to helping you – the staff who care for millions of people throughout the UK – improve your own financial wellbeing.

Maureen Paterson,

Interim Chief Executive Officer & Head of Finance, NHS Credit Union