Serve and Protect Credit Union
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| Formation | 1986 | ||
|---|---|---|---|
| Type | Credit Union | ||
| Headquarters | Guardians House, 2111 Coventry Rd, Sheldon, Birmingham B26 3EA | ||
Membership | 33,307 | ||
Key people |
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| Website | https://serveandprotectcu.co.uk/ | ||
Serve and Protect Credit Union (or Serve and Protect) is a credit union in the United Kingdom, headquartered in Birmingham, West Midlands (region), England. Serve and Protect Credit Union operates under the terms of the Co-operative and Community Benefit Act Societies 2014.[1] and the Credit Unions Act 1979[2]. Serve and Protect is also a member of the Association of British Credit Unions Limited[3] (ABCUL). As of Q4 2020, Serve and Protect has £73million in assets, and over 33,000 total members[4].
History
Serve and Protect was originally known as Police Credit Union, formed in 1986 as West Midlands Police Credit Union. The Credit Union was established by several employees from the West Midlands Police force. West Midlands Police Credit Union later became known as Mid West Police Credit Union in 1997, before adopting the name Police Credit Union in 2003. Merseyside Credit Union (established 1988) and Money Mate Credit Union (established 1997 and known as Avon and Somerset Police Credit Union until 1999) transferred engagements to Police Credit Union in 2003, followed by Northumbria Police Credit Union (established 1988) and Devon and Cornwall Police Constabulary Credit Union (established 1990) in 2004.
In 2012, Police Credit Union expanded its membership to include all personnel working for HM Prison and Probation Service and Scottish Prison Service. This made prison service officers, senior officers in prisons and related service and Probation officer eligible to join the credit union.
In 2015, Police Credit Union opened its membership further, to include the British Armed Forces. With the support of the Ministry of Defence (United Kingdom), it began to provide financial services to members of the Royal Navy, British Army and Royal Air Force, including personnel Reservist and Veteran. In October 2015, Police Credit Union joined with two other credit unions in the United Kingdom, First Defence Finance and Forces Finance, to form Joining Forces[5], a credit union service launched under the Armed Forces Covenant for members in the United Kingdom Armed Forces[6]
In 2019, Police Credit Union launched Prison CU and Military CU as tailored brands dedicated to each individual market, and Police Credit Union became known as Police CU, serving the original membership of the Law enforcement in the United Kingdom.
In 2020, Police Credit Union launched Serve and Protect, a new umbrella brand incorporating Police CU, Prison CU and Military CU. In August 2020, in response to the COVID-19 pandemic, Serve and Protect Credit Union opened their membership to the Fire services in the United Kingdom and UK health care[7]s by launching an additional two tailored brands: Fire CU and Health CU[8]. Serve and Protect Credit Union is now the umbrella brand for the tailored sub-brands of Police CU, Prison CU, Military CU, Fire CU and Health CU.
Membership
Like with all credit unions, membership to Serve and Protect is limited to individuals sharing the criteria set within its common bond. Membership to Serve and Protect Credit Union is limited to:
- Police Officers , Police staff, as well as retirees.
- Prison Officers , Probation Officers, support staff and retirees.
- Service personnel, reservists, MOD Civil Servants.
- Firefighter, service staff and retired personnel.
- National Health Service, and Private Health and Social Care workers.
In addition to the roles stated above, membership to Serve and Protect Credit Union is also available to:
- Individuals receiving a Pensions in the United Kingdom as a result of occupation in one of the roles mentioned above.
- Employees of Serve and Protect Credit Union.
- Individuals living in the same household, and a family member, of any individual fitting the criteria above.
Organisation
Like all credit unions, Serve and Protect is owned and ran by its members. Its Board of directors is made up of volunteers who are members of the credit union and are elected by other members. The Board of Directors set the company's strategy and vision. Credit unions do not pay interest to their members, they pay a dividend[9], and at the Annual General Meeting (AGM) the Board of Directors analyse the credit union's financial position and decide on the dividend which will be given. Members of Serve and Protect are invited to the AGM and have the opportunity to voice their opinions on the credit union and have a say in its operation.
Serve and Protect have six branches across England, as well as the Head Office at Guardians House in Birmingham. Their branches are located in Birmingham, Bristol, Exeter, Liverpool, Stockton-on-Tees and Welwyn Garden City.
Services
Serve and Protect Credit Union provides typical services offered by most Financial institution, including different types of savings accounts[10] and loans[11]. To become a member of any credit union, you must regularly save into a savings account, and at Serve and Protect members must save a minimum of £10 per month. To be eligible to apply for a loan, individuals must be a member by making a regular savings contribution.
Members can make regular savings contributions through direct debit or payroll deduction, where the facility exists. Members can access their accounts though online banking or by phone.
In October 2019, Serve and Protect became one of 15 credit unions participating in the launch of the PrizeSaver[12], a scheme ran by HM Treasury which gives savers a chance to win up to £5,000 per month. The scheme is scheduled to run until the end of March 2021.
Serve and Protect also provide surveys to regional Police Forces[13] to better understand the financial situations of their members, and to show how a credit union can help reduce these issues.
References
- ↑ "Co-operative and Community Benefit Societies Act 2014". legislation.gov.uk. Retrieved 27 January 2021.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Credit Unions Act 1979". legislation.gov.uk. Retrieved 27 January 2021.
{{cite web}}: CS1 maint: url-status (link) - ↑ "West Midlands Forum". ABCUL. Retrieved 27 January 2021.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Introducing Serve and Protect Police Credit Union". British Transport Police Federation. 16 November 2020. Retrieved 27 January 2021.
{{cite web}}: CS1 maint: url-status (link) - ↑ "£1 million! Would you credit it!". Armed Forces Covenant. 2020. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Savings and Loans for the Armed Forces made simple". Joining Forces. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Serve and Protect Credit Union welcomes the Fire and Health Services". ABCUL. 31 July 2020. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "New Credit Union service available for employees of the Fire and Health service". Response Source. 13 August 2020. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "About Credit Unions". Find Your Credit Union. Retrieved 9 December 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Credit Union Savings Accounts". The Money Advice Service. Retrieved 9 December 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Borrowing from a Credit Union". The Money Advice Service. Retrieved 9 December 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ "How PrizeSaver Works". PrizeSaver. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link) - ↑ Day, Sophie (11 October 2020). "Finance worries hindering abilities of Hampshire police officers". Hampshire Chronicle. Retrieved 11 November 2020.
{{cite web}}: CS1 maint: url-status (link)
External links
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