Neath Port Talbot Credit Union - has recently opened a new collection point in SEVEN SISTERS, it is open from 2pm till 4pm every Monday (except bank holidays) and is in the Dulais Valley Partnership main office, Brynhyfryd Terrace.

Credit unions aim to help you take control of your money by encouraging you to save what you can, and borrow only what you can afford to repay.  They are community savings cooperatives, where members pool their savings to lend to one another and help to run the credit union.  Credit unions have become more popular in recent years.

A cooperative is an organisation that is owned and jointly managed by a group of people for members who use its services.

Membership is easy, it cost £1 for life membership for people who live or work in the same area.

Members run credit unions in a not-for-profit way.  This means they use their money to run their services and reward their members, not pay outside shareholders.  They must set aside enough money each year to ensure they don't go bust.  They use leftover money to:
provide better services to members; or usually share evenly among savings accounts (called paying a "dividend"). 

Credit unions can't lend all their members' savings or invest the remaining money in risky ventures.  Instead they must put it into bank deposit accounts and the most reliable investments, such as government savings bonds.  This ensures they can get the money back if they need to.

Why choose a credit union?
A credit union may suit you if:
you want the flexibility to save what you can, when you can; or
you prefer a local cooperative that does not need to make profits for outside shareholders; or
for any reason you are having difficulty opening an account with a high-street bank or building society.

Joining a credit union
A credit union can help you get your finances under control.  They may be more willing to help you than a high-street bank or building society if you have a low income, or do not have previous record of borrowing.  They encourage people to save on a regular basis - weekly, fortnightly or monthly; accept small amounts; are willing to lend small amounts and agree to loans based on how able you are to repay them and how much you need.

Services offered
Current accounts (features may vary, some are like basic bank accounts);
Cash-based Child Trust Fund accounts; Loans (limits may vary);
Budgeting and debt management