ARCHIVE NEWS

JULY 2012 - Pimlico merger completed

Excellent news for the members of the Pimlico Credit Union. London Mutual Credit Union (LMCU) is pleased to inform that it has now completed the merger between the Pimlico Credit Union and LMCU. Members of the Pimlico Credit Union, one of the oldest credit unions in the UK now have access to modern financial services from the LMCU which was established in 1982.

During the process, the LMCU have also extended their catchment area to include Westminster. Now those who live or work in the City of Westminster have access to the credit union services.

We are so proud that our credit union so far has helped the membership of five other credit unions in Southwark, Lambeth and Westminster.

1997 King's College Hospital Credit Union
2000 Borough & Bermondsey Credit Union
2001 Camberwell Credit Union
2010 Lambeth Savings & Credit Union
2012 Pimlico Credit Union

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FEBRUARY 2012 – LMCU launch Payday loans

We are pleased to announce that anyone who live or work in the London Boroughs of Southwark, Lambeth and Westminster could now apply for one our of ethical payday loans.

CUOK Payday Loan is a short term loan that provides you with a simple and flexible solution to the cash needs you may have until your next payday. The interest rate on a CUOK loan is much lower than that charged on typical payday loans, so taking out a CUOK loan saves you money and makes good financial sense. Also our terms are designed to fit your budget and personal circumstances.

Key features
  • Loan amount £100-£1,000 maximum*
  • Interest rate of 26.8% APR: typical interest on a £400 loan payable over 1 month will be £8
  • Affordable and flexible loan repayment plans - you can choose to pay off your loan over 1, 2 or 3 months and you can select the amount you wish to pay
  • No late payment penalties
  • No early repayment charges or penalties
  • Free loan insurance covering death and total or permanent disability
  • Faster processing options available

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London Mutual Credit Union (LMCU) is pleased to announce the purchase of a new head office building at 4 Heaton Road, Peckham on 24th February 2012.

The deal will mean local people will have a modern branch and and our staff an upgraded head office. The credit union is gearing up for its expansion plans to provide vital community financial services for residents in Southwark and Lambeth.

Peter John, Leader of Southwark Council, said "I'm delighted that this building will be a new home for the Credit Union and help them in providing fair and affordable financial services. I hope the new facility will help people use this genuine alternative to payday loans at high interest rates. The deal is very positive for the area, the council and the Credit Union and I wish them every success in the years to come."

Lakshman Chandrasekera, Chief Executive of LMCU said "Our new office will become the headquarters for the Credit Union and help us provide financial services throughout South London. This location in Peckham will be accessible for many people to use our banking, savings and loan services. We look forward to many years serving Peckham and the local area."

The office is scheduled to open in July 2012.

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FEBRUARY 2012 – New Instant Access Cash ISA

London Mutual Credit Union (LMCU) is pleased to announce the introduction of an Instant Access Cash ISA for members on 2nd February 2012, with unlimited withdrawals and deposits up to the annual cash ISA limit.

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NOVEMBER 2010 – Grand opening of a brand new branch of London Mutual in Brixton

A brand new branch of the London Mutual Credit Union (LMCU) in Brixton recieved a grand opening on Thursday 18 November 2010, giving those who live, work, study or volunteer in Lambeth and Southwark the opportunity to access affordable financial services.

The branch at 10 Acre Lane provides the credit union with a high street location, made possible through funding from Lambeth First and Lambeth Council to refurbish the site, which had remained empty for a number of years.

Officially opening the branch alongside Councillor Sally Prentice, Ian Jackson, Lambeth First's Director, emphasised the important role of that the credit union plays in the borough.

"As a partnership we're committed to ensuring that residents aren't excluded from the financial services they need" he said. "The London Mutual Credit Union is run by its members - Lambeth's residents and employees like you and me - and provides savings schemes and affordable loans to help people when they need it. Lambeth First are delighted to have supported the opening of this new high street branch so that more people can make use of its vital services."

London Mutual Credit Union (formed in March 2010 after a merger between the Southwark Credit Union and the Lambeth Savings and Credit Union) is a financial co-operative that exists to benefit its members. LMCU provides their members with access to reasonably priced financial services and encourages the development of good financial practice.

So what does good financial practice mean? Well they have a range of helpful options open to customers which encourage them to save, invest and look after their finances, as well as make sure they are getting the best rates of interest on their loans, rather than borrowing from more expensive sources of credit.

If you would like more information you can visit www.creditunion.co.uk, phone 020 7787 0770 or email them at info@creditunion.co.uk

The new branch is situated at 10 Acre Lane, Brixton, London, SW2 5LL. Opening hours are Mondays to Friday between 9:30am and 4:30pm

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JUNE 2010– OBE for our Director / Treasurer

Louis 'Roy' McLeod has been awarded an OBE in the New Year Honours List this year in recognition of his 25 year service to London Mutual Credit Union (Former Southwark Credit Union).

When Roy became involved with the credit union it had only 237 members and £170,598 in assets. In March 2008 the credit union had 8,600 adult and 1,200 junior members with £7,623,545. Today the figures are even higher.

Roy has been instrumental in taking London Mutual from a small ineffective organisation to being one of the leading lights in the British movement.

Roy said: 'This award is a fantastic honor. I am very privileged and humbled by this recognition and am gratefully receiving it on behalf of the London Mutual Credit Union, without whom it wouldn't have been possible.'

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MAY 2010 – Civic award for Southwark Credit Union

8 May 2010 Honorary Liberty of the London Borough of Southwark has been awarded to Southwark Credit Union (New name London Mutual Credit Union).

In recognition of its exceptional commitment to helping people who live and work in Southwark to take control of their personal finances for the past thirty years, particularly recognising the vision and dedication of the late Rev Jack Pawsey.

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MARCH 2010 – Great news for Lambeth

We have extended our catchment area to include the London Borough of Lambeth. This means that if you live or work in the London Boroughs of Southwark or Lambeth, you can now become a member of this credit union.

To reflect this change, we have changed our name to London Mutual Credit Union.

We have done this in order for us to help the credit union in Lambeth - the Lambeth Savings & Credit Union was experiencing some difficulties over the past year. By helping other co-operatives we are truly adhering to our co-operative principles - " Co-operation among Co-operatives - Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and international structures".

The members of the Lambeth Savings & Credit Union are now members of the London Mutual Credit Union (LMCU). Formerly known as the Southwark Credit Union, LMCU is one of the fastest growing credit unions in the country and the largest community credit union in London. This expansion will bring even more new opportunities for the LMCU and its membership and ultimately will help to achieve our mission of providing our members with access to reasonably priced financial services and encourage the development of good financial practice.

We are so proud that our credit union so far has helped the membership of four other credit unions in and around Southwark.

1997 King's College Hospital Credit Union
2000 Borough & Bermondsey Credit Union
2001 Camberwell Credit Union
2010 Lambeth Savings & Credit Union

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MARCH 2009 – An invitation from the Prime Minister

London Mutual Credit Union (formerly known as the Southwark Credit Union) was invited to attend the reception on Wednesday 18 March at 10 Downing Street. Louis McLeod the Treasurer and Lakshman Chandrasekera, the CEO attended the event.

The reception was being held to build on the 'Real Help Now' initiative about real help for real people. The Prime Minister thanked Southwark Credit Union for the work that they do in the community.

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JANUARY 2009 – LMCU Mobile Banking

Now it's easier than ever to find out your account balances. Mobile Banking puts all your account balance information at your fingertips whenever you want it. It's simple, it's 24/7, and it's available for most mobile phones that support text messaging.

To get your latest account balances just text bal to 60060.

You will receive a return text (at no cost to you) giving all your account balances, including the current account. The only cost is your standard network text charge.

Requirement: We need your current mobile telephone number in our records for us to provide this service before sending the text.

Note: Accounts are updated at 10.00am and then every two hours after that, so for money due on that day, don't text before 10.00am. Credit Union Current Account balances could be up to one WORKING day behind. [Weekends and bank holiday may be up to 3 days behind]

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JANUARY 2009 – LMCU Internet Banking

What you can do with LMCU internet banking
  • View balance information of your London Mutual Credit Union Accounts
  • View last 20 account transactions
  • Transfer money between your credit union accounts
  • Apply for a loan
  • Apply to open a Credit Union Current Account
  • Apply for a revolving loan, provided that you are already being setup for this facility
  • Request to make payments to external bank accounts. Please note that the transfers to the external bank accounts are processed manually by the credit union staff during the normal office opening hours and may take up to 48 hours to complete the transaction.
  • Send secure messages and requests to various LMCU Departments
  • Request statements to be either posted or emailed to you
  • Request your login details to be changed

Note: Credit Union Current Account balances could be up to one WORKING day behind. [Weekends and bank holiday may be up to 3 days behind]


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