NEWSFLASH

“All together we’re better off”

Castlemilk Credit Union

Newsflash January 2012

Dear Members

Would all members please note that with effect from Monday 30th January 2012 The maximum savings balance of individual members will be capped at £5,000 We would like to advise you regarding forthcoming important changes to your Credit Union account. The Credit Union is presently reviewing its financial services with a view to improving benefits to members. Over the past few years members have continued to build up savings and this has been an extremely successful part of our activities. However at the same time, in the current financial climate, fewer members are taking out loans and we are discouraging people from taking on financial liabilities they are not able to meet. This means we are not earning as much loan interest making it more difficult for us to pay out dividends and give members a return on their savings. The Board of Directors of Castlemilk Credit Union (CCU) has decided to reduce the maximum savings balance of individual members to £5,000. If your savings balance currently exceeds this amount and is not attached to a loan, we will need to establish how you would prefer to manage the surplus funds. We will be in the next coming weeks, going through a process of communicating with members to discuss this matter. However, in the meantime if you want to discuss this please do not hesitate to ask a member of staff who will be more than happy to assist you with this.

The Board of Directors

The Co-op Electrical

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