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Memership Fees -2020/21

Wednesday 30th Sep, 2020

Notice to members

Notice to members of Perth and Kinross Credit Union

 

Joining/Annual Fees 

 

The Board of the Credit Union wish to provide members with appropriate notice of changes to our fees.

 

The following fees were set in April 2014:

 

    • Joining Fee  £2.50
    • Annual Fee  £3.00

 

As you will understand, the Credit Union’s costs have increased over that time. Whilst we have sought to minimise and absorb these costs, we now believe that an increase in our fees is essential in order to maintain the viability of the business.

 

Additionally, you maybe aware that the Credit Union has recently begun a project to significantly upgrade our technology platform. When this is complete, members will be able to apply online [through PC/laptop/mobile phone] for a loan. Non-members will also be able to join online. These enhancements to our services will make it easier to do business with your Credit Union, especially in these times of restricted movements. It will mean direct access to our services for all members, especially those who live far from our Perth office.

 

Whilst the up-front costs of this work will be met from our Capital and Reserves, these services will also give rise to ongoing transactional costs. This is another factor in our decision to revise our fees.

 

Changes to Fees

 

  • Joining fee - with effect from 2 November 2020 [the expected date for our new computer system to be in place], all new members will pay a joining fee of £5. If the “go live” date is pushed back, the increase in fee will be delayed until this new date.

 

  • Annual fee - the revised fee will be £5. Historically this fee is charged at the beginning of October each year, however to provide appropriate notice to members, the fee for the year 2020/21 will now be deducted on 30th November 2020.

 

Your Board is very aware of the difficult circumstances that we all face at this time. What is abundantly clear, however, is that the need for support from the Credit Union has never been in such demand.

 

To be able to continue to help those members of our community who are in real financial hardship, the Credit Union must keep its finances in order and that is why we are making these changes.

 

 

Steven Young

Treasurer - Perth and Kinross Credit Union

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