COMMUNITY
West Lothian Credit Union: Community Cement When you drive you trust your fellow road users will be licensed, insured and not high on something; we trust our politicians to have the electors’ interests at heart; a careless car mechanic is bad enough but imagine similar shoddiness in a mechanic servicing a jet about to transport 350 passengers. That is one giant dollop of trust. We trust that fellow passengers are well-intentioned, not fanatics without respect for life. Our magazine prides itself on being community focussed. For a community to function efficiently, yielding good quality of life for its members, there must be large measures of trust, concern for fellow citizens, and respect for the rights and safety of others. Am I mistaken in sensing that breaches of basic trusts are rising? Are social media playing a role? So it’s a pleasure to report a practical and positive example flourishing here in our community in the shape of the West Lothian Credit Union. The first Credit Union started in 1849 in Germany and by 1900 they were established across most of Europe. As per the template, WLCU is member-owned and not-for-profit. “Credit” is misleading as both savings and loans are offered. A more accurate title would be “Community Union”. Today’s sophisticated beast operates under the auspices of the Financial Regulatory bodies, providing guarantees of the individual’s capital up to £85k. John McClay, 58, CEO of WLCU expands: the Union was founded by current chair Nancy MacGillivray in 1998 in a former church in Deans. In 2008, to accommodate growth, WLCU moved to Almondvale centre in Livingston. Current membership is 3000 adult plus 1400 juvenile being proactively encouraged to groove prudent financial habits. You can join individually, (I did online, it’s nimps!), or via an employer’s scheme. Some big names offer the salary deduction facility, like West Lothian Council, Fyffes, Weslo Housing. The WLCU has 5 paid employees and 25 volunteers - from board members to cashiers. Each year Board members are @KonectMagazines
elected by the membership to serve 3 years. John explains convincingly that for loanseekers, the Credit Union should be first call as they’re able to be more personal, flexible and understanding (like Banks and Building Socs used to be, remember?) “Something for EVERYbody” is the Union mantra in the fight to keep vulnerable souls off the dizzying merry-go-round of payday loan companies and sharks. Savers receive division of profits (i.e. dividends, not interest) as decided yearly by members. Deposits and withdrawals are executed at the office or online, (withdrawals credited at 3 p.m. daily). The Union is gearing up to roll out its mobile online loan app. All loan applications are vetted and determined by HUMANS not computers. John emphasises the Union WANTS to help in crises, unlike Banks that tend to offer to lend you an umbrella under a cloudless sky. By joining up - a simple online process - you can demonstrate that community trust is not declining but alive and well and living in West Lothian. Website: www.westlothiancreditunion.co.uk Facebook: West Lothian Credit Union This feature was contributed by David Levin. David is a Liverpudlian living in West Lothian, and describes himself as a writer, sportsman, patriarch and dreamer.
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