What is a credit union?
M4Money is a not-for-profit financial cooperative providing safe savings and affordable loans to members of
the credit union. Unlike banks and other financial providers M4Money is member centred and member led so their focus is not on making profits but providing the very best service that they can for their members. Anyone living or working in the London Boroughs of Harrow and Hillingdon, Spelthorne, Slough, South Bucks, Wycombe and Chiltern can join M4Money Credit Union.
South Buckinghamshire Community Bank is a part of M for Money Credit Union. Part funded by Buckinghamshire County Council and District Councils our aim is to ensure that everyone that is in South Buckinghamshire is able to access our services
Services that we offer
Anyone who saves with the credit union becomes a member of the co-operative and can start saving into one or several of our savings accounts. Savings can be withdrawn within 5 working days upon the receipt. The regular savings of our members provides a pool of cash from which we can give other members loans. The income from loans pays for the administration, the cost of regulation, external auditor and the establishment of a general reserve.
Ethics values and principles
The primary objective of the credit union is to promote sound financial management by encouraging people to save rather than borrow. Unlike other financial institutions there is no minimum savings level unless you take a loan. Our loans see part of any repayment allocated to the members’ own savings account, so as the loan is paid off, the member accumulates savings. Over time members build up savings and end the cycle of borrowing. The low cost loans provide a real alternative to people who would otherwise borrow using expensive bank loans, credit cards, or even payday loans.
How it works?
M for Money Credit Union has a Board of Directors that is comprised of unpaid volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration. The Annual General Meeting also elects a three person Supervisory Committee that oversees the activity of the credit union, these are also unpaid volunteers and ordinary members of the credit union.
Any surplus that the credit union makes will be split roughly three ways. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services.
Lastly, any remaining monies will be returned to savers in the form of a dividend.
All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.
M for Money Credit Union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg No. 216633 and by the Financial Services Compensation Scheme.