Question 1

What is St Therese's (Port Talbot) Credit Union?

Accepted Answer

St Therese's (Port Talbot) Credit Union is a community-based financial cooperative serving members of the St Therese's Catholic parish in Port Talbot, West Glamorgan, Wales. As a small, faith-based credit union, it operates on a not-for-profit basis to provide accessible savings and loan services to its local community.

With approximately 292 members, the credit union exemplifies the cooperative financial model where members own and control the institution. It is regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), holding FCA firm reference number 213272.

Question 2

When was St Therese's (Port Talbot) Credit Union founded?

Accepted Answer

St Therese's Credit Union was founded in 1980, making it a historic milestone in Welsh financial services. According to documented records, it was the first credit union registered in Wales, initially established to serve the Catholic community living on a housing estate in Port Talbot.

The credit union was created during a period when financial inclusion was a significant concern for working-class communities. Its establishment reflected the broader credit union movement's mission to provide accessible financial services to people who might otherwise struggle to access traditional banking.

Question 3

Where is St Therese's (Port Talbot) Credit Union headquartered?

Accepted Answer

The credit union is headquartered at 40 Victoria Road, Port Talbot, West Glamorgan, Wales, SA12 6AD. This location serves as both the administrative center and the primary service point for members.

Port Talbot is a town in Neath Port Talbot county borough, South Wales, historically known for its steel industry and working-class heritage.

Question 4

Where does St Therese's (Port Talbot) Credit Union operate?

Accepted Answer

St Therese's Credit Union operates exclusively within the Port Talbot area, specifically serving members who have an active association with the parish of St Therese's. This geographical and community focus defines its "common bond" - a regulatory requirement for UK credit unions that specifies who can become a member.

The credit union's operations are centered around its Victoria Road location, providing localized financial services to a defined community within South Wales.

Question 5

What services does St Therese's (Port Talbot) Credit Union offer?

Accepted Answer

St Therese's Credit Union offers core financial cooperative services, including:

Savings Accounts: Members can open savings accounts where each £1 saved represents one share in the credit union. Savings may earn dividends based on the credit union's annual surplus and are protected by the UK's deposit protection schemes.

Loans: The credit union provides loans to members at fair and reasonable interest rates, with loan eligibility typically based on savings history and membership standing.

Junior Savings: Special savings products are available for younger members, encouraging financial literacy and saving habits from an early age.

The credit union operates with limited opening hours, primarily on Sundays from 12:15 PM to 3:30 PM, reflecting its volunteer-driven or part-time staffed model. Services are delivered through in-person transactions at the Victoria Road office, and members can contact the credit union by phone at 07987 123507.

Question 6

What makes St Therese's (Port Talbot) Credit Union unique?

Accepted Answer

St Therese's Credit Union holds a unique place in Welsh financial history as the first credit union registered in Wales in 1980. This pioneering status reflects its role in introducing the cooperative banking model to Welsh communities during a time of significant economic challenge.

The credit union's parish-based common bond creates a distinctive community-focused identity. By serving members with an active association with St Therese's parish, it maintains strong ties to the local Catholic community and embodies the credit union principle of "people helping people."

Its small membership size of approximately 292 members allows for personalized service and close community relationships. Unlike larger financial institutions, the credit union prioritizes local financial inclusion and member welfare over profit maximization.

Question 7

What type of financial institution is St Therese's (Port Talbot) Credit Union?

Accepted Answer

St Therese's (Port Talbot) Credit Union is a credit union, a specific type of member-owned financial cooperative recognized under UK financial services law. Credit unions differ from banks in that they are owned by their members, operate on a not-for-profit basis, and exist primarily to promote thrift and provide credit to members.

In the UK, credit unions are registered as industrial and provident societies (now known as registered societies) and are dual-regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This regulatory framework ensures member protection while allowing credit unions to operate with a distinct community-focused mission.

St Therese's Credit Union is registered under company number IP00017C with Companies House and is a member of the Association of British Credit Unions Limited (ABCUL), the UK's leading credit union trade body.

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