Credit Unions make a difference

Benary Credit Union open for business


I am always pushing the benefits of being a member of a credit union. I have done so since joining the local credit union in Kelty that was set up a number of years ago and during that time I have managed to save money as well as borrowing money to get my bathroom refurbished and more recently to buy a car. I just think they are great for saving and for borrowing and are a sure way to rid ourselves of the crippling interest rates that so many families end up paying when they need to access money.

 Within the Lochs ward there are 2 credit unions in operation. In Ballingry there is the Benarty Credit Union which serves the communities of Ballingry, Crosshill, Glencraig, Lochore and Lochgelly. This is the oldest and most successful credit union in Fife and is a great credit to those past and present who have built the union over the years. The Benarty Credit Union has its offices and headquarters at 11 Benarty Square Ballingry.

In Kelty there is a credit union operates out of the Kelty Local Service Office at Sanjana Court, Main Street Kelty and this is open on a Tuesday and Thursday morning between 9.30 and 12 noon. The Credit Union in Kelty is part of the Dunfermline and District Credit Union and is the one I am a member of. The volunteers who run this union do so in a professional manner and they are just great.

 There is a Fife Credit Union web site that will give you much more information about credit unions and it states;

 What is a Credit Union?

 A credit union is a not-for-profit financial institution dedicated to serving the needs of its members.

 All credit unions are governed by a Board of Directors, elected by and from its membership.

Credit unions are made up of people with a common bond, something that draws them together – where they live, where they work, etc. When someone joins a credit union, they open a share account (savings).

 It is called a share account because the individual becomes part owner of the credit union.

Since credit unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.

 What’s so different about them?

 Everyone seems to be after your money these days. Newspapers are full of adverts offering savings schemes or loans, so what makes a credit union different?

 * An easy way to save.

* A cheap way to borrow.

* Insurance on savings and loans at no extra cost.

* Profits returned to members.

 * Money stays in the community.

 * Regulated and insured so you know that your money is safe.

 * Part of a world wide movement.

* Savings schemes for young people too.

 Joining the credit union was the best thing I did. If you live in Kelty, Benarty of Lochgelly you can drop into your local unions or the find out where in Fife your local union is see the Fife web site below.

 As councillor for the Lochs ward I would like to take this chance to thank everyone involved with the local credit unions. The majority of people do this on a voluntary basis and they do so knowing the massive difference the credit union can make to local peoples lives.

Post Author: Alex Rowley