Question 1

What is Bakers Food and Allied Workers' Credit Union?

Accepted Answer

Bakers Food and Allied Workers' Credit Union is a UK-based credit union that serves members of the Bakers, Food and Allied Workers' Union (BFAWU) and their families. The credit union operates on cooperative principles, providing savings and loan services exclusively to its member-owners. It is a not-for-profit financial cooperative that exists solely to serve its members rather than generate profits for external shareholders.

The credit union is authorised and regulated by the Financial Conduct Authority (FCA Number 213873) and appears on the Prudential Regulation Authority's list of regulated credit unions.

Question 2

When was Bakers Food and Allied Workers' Credit Union founded?

Accepted Answer

While the specific founding date of the credit union is not publicly available, it operates as part of the broader BFAWU organisation, which traces its origins back to 1847. The parent trade union was originally established as the Manchester Friendly Association of Operative Bakers in 1849 and evolved through various mergers and name changes over more than 170 years.

The credit union continues the cooperative and mutual aid traditions that have characterised the BFAWU throughout its history.

Question 3

Where is Bakers Food and Allied Workers' Credit Union headquartered?

Accepted Answer

The credit union's registered office is located at Stanborough House, Great North Road, Stanborough, Welwyn Garden City, Hertfordshire, AL8 7TA. This location also serves as the Credit Union Administration Office where members can contact staff for account inquiries and services.

The headquarters can be reached by telephone at 01707 259455 or via email at admin@bfawucreditunion.co.uk.

Question 4

Where does Bakers Food and Allied Workers' Credit Union operate?

Accepted Answer

The credit union operates throughout the United Kingdom, serving members of the Bakers, Food and Allied Workers' Union regardless of their location within the UK. Since the BFAWU represents workers in the food industry across England, Scotland, and Wales, the credit union's geographic reach extends throughout these regions.

Members can access services through the central administration office, and many employers who recognise the union facilitate payroll deductions for credit union savings.

Question 5

What services does Bakers Food and Allied Workers' Credit Union offer?

Accepted Answer

The credit union provides core savings and lending services designed specifically for union members and their families:

Savings Services:
• Regular savings accounts with a minimum of £2 per week or £10 per month
• Junior savings accounts for children and grandchildren of members
• Annual dividend payments (currently 2.5%) on savings
• Payroll deduction facilities through participating employers
• Annual account statements

Loan Services:
• Personal loans available after three months of membership
• First-year loans up to twice the value of shares (maximum £3,000)
• Second-year loans up to three times the value of shares (maximum £3,000)
• After second year, loans up to £4,000 in excess of shares held
• Competitive interest rates that remain consistent during economic volatility
• Credit committee review of all applications to ensure affordability

Account Management:
• Telephone balance inquiries
• Written withdrawal facilities
• Annual General Meetings for member participation

Question 6

What makes Bakers Food and Allied Workers' Credit Union unique?

Accepted Answer

The credit union's distinctive characteristics stem from its close association with the BFAWU trade union:

Member Ownership: Every saver automatically becomes an owner with voting rights in the credit union's governance. This democratic structure ensures the institution operates in members' best interests rather than for external profit.

Occupational Focus: The credit union specifically serves workers in the baking and food industries, creating a common bond among members and fostering a sense of community within the sector.

Non-Sectarian and Non-Political: Despite its trade union affiliation, the credit union operates as a non-sectarian and non-political financial cooperative focused solely on members' financial wellbeing.

Security Guarantees: All savings are insured at no cost to members, with oversight from a Supervisory Committee composed of fellow members who can inspect accounts at any time. Independent auditors certify accounts annually, with reports presented at the AGM.

Low-Cost Structure: With a one-time £5 joining fee and £2 annual account fee, the credit union maintains minimal costs while providing financial services to members.

Question 7

What type of financial institution is Bakers Food and Allied Workers' Credit Union?

Accepted Answer

Bakers Food and Allied Workers' Credit Union is a credit union, a type of financial cooperative recognised under UK law. Credit unions in the United Kingdom are member-owned financial cooperatives that provide savings and lending services to people who share a common bond.

The institution operates under the Credit Union Act and is regulated by the Financial Conduct Authority. As a credit union, it differs from traditional banks in that it is owned by its members (savers), operates on a one-member-one-vote democratic basis, and exists to serve members rather than maximise profits.

The common bond for this credit union is membership in or association with the Bakers, Food and Allied Workers' Union, making it an occupational credit union that serves workers in specific industries.

Bakers Food and Allied Workers' Credit Union

in the United Kingdom 🇬🇧

Crypto-Friendliness

All done!

About Bakers Food and Allied Workers' Credit Union in the United Kingdom