As discussed at the AdvanceCU AGM this year, we are proposing a merger with Birmingham Inner Circle Community Credit Union Ltd, better known as Circul-8. They have been serving the community of Ladywood since 1987; older than us! We believe that this will strengthen the credit union service in Ladywood and enable us at AdvanceCU to benefit from the community engagement experience of Circul8.
This will bring together the 2,000 Circul8 Membership with the 5,500 AdvanceCU Membership into a larger credit union with £5.5m assets. Merging our resources will reduce some costs and improve customer service.
What will this mean for Circul8 Members?
- There are no plans to close the credit union office in Ladywood.
- Members will be issued with new Membership numbers
- Loan decisions should be returned faster; most will be within 2 days
- Loans less than £1,000 will most likely be at a higher interest rate
- Loan repayment data will be shared with Credit Reference Agencies.
- Share withdrawals will be in your bank account 4:30pm same day
- Dividend on savings paid (0.5% in 2021, 1% prior years. Past performance is no guarantee of future dividends)
It will take some months to work through the process and gain regulator approval, but we are anticipating this project will be completed in 2022.