Question 1

What is Stramore Community Credit Union?

Accepted Answer

Stramore Community Credit Union is a community-based financial cooperative operating in Northern Ireland. As a member-owned institution, it provides essential savings and loan services to its local community in the Gilford area of County Armagh.

The credit union is regulated by the Prudential Regulation Authority (PRA) of the Bank of England and holds firm reference number 575492. As a dual-regulated institution, it is also overseen by the Financial Conduct Authority (FCA), ensuring compliance with both prudential and conduct standards.

Question 2

When was Stramore Community Credit Union founded?

Accepted Answer

[Information not publicly available]

Question 3

Where is Stramore Community Credit Union headquartered?

Accepted Answer

Stramore Community Credit Union is headquartered at 45 Stramore Road, Gilford, Craigavon, County Armagh, Northern Ireland. Gilford is a small village in the Armagh City, Banbridge and Craigavon Borough Council area, positioned in the heart of County Armagh.

Question 4

Where does Stramore Community Credit Union operate?

Accepted Answer

The credit union operates primarily in the Gilford area and surrounding communities within County Armagh, Northern Ireland. As a community credit union, its services are typically available to individuals who live, work, or have connections to its defined common bond area in the Craigavon district.

The institution serves communities within the broader Armagh City, Banbridge and Craigavon Borough, one of eleven local government authorities in Northern Ireland.

Question 5

What services does Stramore Community Credit Union offer?

Accepted Answer

As a credit union, Stramore Community Credit Union provides core financial cooperative services to its members, including:

Savings accounts: Members can build savings through regular deposits, with potential annual dividends paid based on the credit union's performance.

Affordable loans: The credit union offers personal loans to members at competitive interest rates, typically lower than mainstream lenders and with more flexible repayment terms.

Life savings insurance: Credit union members typically benefit from life savings insurance, which protects their savings and may cover outstanding loan balances in the event of death.

Financial education: Like most credit unions in Northern Ireland, Stramore Community Credit Union likely promotes financial literacy and responsible money management among its members.

Question 6

What makes Stramore Community Credit Union unique?

Accepted Answer

Stramore Community Credit Union embodies the core principles of the credit union movement: member ownership, democratic control, and community service. As a not-for-profit cooperative, any surplus generated is returned to members through dividends or improved services rather than distributed to external shareholders.

The institution's community-focused approach means lending decisions consider members' circumstances rather than relying solely on credit scores. This makes it particularly valuable for individuals who may find it difficult to access credit from traditional banks.

As a PRA-regulated institution, member savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual, providing the same level of protection as high street banks.

Question 7

What type of financial institution is Stramore Community Credit Union?

Accepted Answer

Stramore Community Credit Union is a credit union, a specific type of financial cooperative that operates under Northern Ireland credit union legislation. Credit unions in Northern Ireland are dual-regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Unlike commercial banks that operate for profit, credit unions are mutual organizations owned and controlled by their members. Each member has an equal vote in the credit union's governance, regardless of the size of their savings or loans.

Credit unions in Northern Ireland serve specific "common bonds" - defined communities based on geography, employment, or association membership. This ensures they remain focused on serving their local communities and meeting members' needs.

Stramore Community Credit Union

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About Stramore Community Credit Union in the United Kingdom