The Credit Union primarily exists to encourage thrift and a savings habit. It also exists to combat financial exclusion and members who can show that they are able to save regularly can apply for low-cost loans. The Credit Union is owned and run by its members who, at the Annual General Meeting (AGM), appoint Directors to manage its day-to-day activities. Each member has one vote at the AGM irrespective of their savings balance. The Credit Union is operated by volunteers and has no paid staff. The Credit Union aims to pay a dividend to members, based on their savings balance, and has paid dividends of between 1.00% and 1.25% each year since 2017.
A Credit Union is a financial co-operative, owned and managed by its members, which provides a secure facility for saving and access to affordable borrowing. But it is much more besides. It allows people to grasp control of their own financial affairs, building confidence, self esteem and this in turn positively affects whole families and communities. Anyone who lives or works in Clackmannanshire, Stirling or Kincardine is eligible to apply.
Originally founded as Tullibody Credit Union in 1997, the common bond was expanded to include all of Clackmannanshire in 2004 and the name of the credit union changed to Clackmannanshire Credit Union. In 2017 the common bond was expanded again and membership is now available to anyone who lives or works in Clackmannanshire, the City of Stirling or Kincardine.
The Credit Union has undergone huge changes since it was founded in 1997. The Covid crisis has accelerated our adoption of technological initiatives and members are now able to conduct virtually all business online. A phone app will shortly be available and this should further increase the accessibility of our services to members.