About | Cashfields Credit Union, Ashfield District

Cllr Steve Carroll and Director, Margaret Carter, at the recent opening of our New Cross Collection Point, Outram Street, Sutton-in-Ashfield

Cashfields is a community savings and loan co-operative run for and by the people of Ashfield. We provide a safe and convenient way to save your money and access to low-cost loans if you need them. We also provide free life insurance.

Have a look through our website to learn more about our services or you can always give us a call on 0115 9521455

Credit Union Facts

~ 18,000 people now hold current accounts run by Credit Unions.
~ At the end of 2008 1.7 million current accounts had been made.
~ In 2008 Credit Unions in the UK provided services to 638,000 adult members and 100,000 children and young people.
~ Worldwide there are 172 million members of credit unions.
~ Most of the adult population of the UK are eligible to join a Credit Union.

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What are Credit Unions?

Credit Unions are financial co-operatives owned and controlled by their members. They offer convenient savings and low-interest loans to those who have a “common bond” which determines whether they can be a member. This can be people living or working in the same area, people working for the same employer or belonging to the same association such as a church or trade union.

Are Credit Unions Safe?

YES, Credit unions are authorised and regulated by the Financial Services Authority in the same way that banks and building societies are. They send quarterly and annual returns to the FSA and must operate within the regulations and laws; including Data Protection. Credit unions also have a set of policies and procedures to ensure that everyone is treated fairly and to protect members’ money.

YES, Credit unions have a Supervisory Committee to carry out a continuous internal audit.

YES, Credit unions have to have Fidelity Bond insurance against fraud and theft.

YES, Credit unions are part of the Financial Ombudsman Service so complaints have to be handled fairly and if no agreement can be reached the FOS will investigate and settle the dispute.

YES, If the worst happened and the credit union had to close, members would get the first £2,000 of shares back and as much as 90% of the next £33,000 through the Financial Services Compensation Scheme.