Question 1

What is RMT Credit Union?

Accepted Answer

RMT Credit Union is a savings and loans co-operative established by the National Union of Rail, Maritime and Transport Workers (RMT) trade union for its members. Operating as a financial co-operative owned and controlled by its members, it provides ethical savings and loan services exclusively to members of the RMT union and their families.

The credit union functions much like a traditional bank, receiving deposits from and making loans to its members, but operates on democratic principles where all members are shareholders. It is a member of UK Credit Unions Limited, a national trade association representing smaller credit unions, steering groups and support organisations.

Question 2

When was RMT Credit Union founded?

Accepted Answer

RMT Credit Union Limited was established in 2004 by the National Union of Rail, Maritime and Transport Workers trade union. The credit union was created to provide affordable financial services to RMT union members, offering an alternative to mainstream banking with a focus on ethical lending and member benefit.

The parent trade union, the RMT, was itself formed in 1990 through a merger of the National Union of Railwaymen (NUR) and the National Union of Seamen (NUS).

Question 3

Where is RMT Credit Union headquartered?

Accepted Answer

RMT Credit Union is headquartered in London, specifically at the same address as its parent trade union in London NW1. The credit union operates through its London office and provides services via telephone on 020 7529 8835 and 0203 535 5820.

Question 4

Where does RMT Credit Union operate?

Accepted Answer

RMT Credit Union operates throughout the United Kingdom, serving RMT trade union members across England, Scotland, Wales, and Northern Ireland. Membership is open to anyone who is a member of the National Union of Rail, Maritime and Transport Workers (or its successors), creating a nationwide common bond that unites members working in the rail, maritime, and transport sectors across the UK.

The credit union provides its services remotely through telephone banking and online account access, allowing members to manage their finances regardless of their location within the UK.

Question 5

What services does RMT Credit Union offer?

Accepted Answer

Savings Services:
• Regular share accounts with a minimum of £5 per month
• Christmas savings club (paid out in November)
• Summer savings club (paid out in July)
• Junior depositor accounts for children from birth to age 16
• Annual dividend payments on shareholdings (typically paid in December)

Loan Services:
• Personal loans available after 13 weeks of saving membership
• First-year loans up to 3 times savings amount
• Subsequent loans up to 5 times savings amount (after one year)
• Maximum loan of £5,000 plus savings balance
• Interest charged only on outstanding balance with no hidden fees or early repayment penalties

Digital Services:
• Online account access through secure members area
• Account viewing and transaction history
• Loan evaluation and application forms
• Withdrawal requests

Question 6

What makes RMT Credit Union unique?

Accepted Answer

RMT Credit Union distinguishes itself through its trade union common bond, serving exclusively members of the RMT union and operating on the principle of "keeping it simple." Unlike commercial banks, it has no hidden costs, handling charges, or administration fees, and members face no penalties for early loan repayment.

As a member-owned co-operative, all profits are returned to members through annual dividends after operating costs are met. The credit union is run by members for members, with democratic governance through Annual General Meetings where each member has an equal voice regardless of their shareholding size.

The institution emphasises ethical lending with straightforward loan policies based on savings track records rather than credit scores. Members' savings are protected up to £85,000 through the Financial Services Compensation Scheme, the same protection offered by banks and building societies.

Question 7

What type of financial institution is RMT Credit Union?

Accepted Answer

RMT Credit Union is a credit union, a specific type of financial co-operative authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under Financial Reference Number 228612.

In the UK, credit unions are member-owned financial co-operatives that operate under the principle of a "common bond." RMT Credit Union's common bond is membership in the National Union of Rail, Maritime and Transport Workers. Unlike banks owned by shareholders, credit unions are owned by their savers, who are both customers and shareholders simultaneously.

As a credit union, it must submit quarterly accounts to the FCA and PRA, as well as annual audited accounts, and must maintain 100% backing of member shares at all times to ensure financial security.

RMT Credit Union

in the United Kingdom 🇬🇧

Crypto-Friendliness

All done!

About RMT Credit Union in the United Kingdom