About Worcester Black Pear Credit Union

Credit Unions have over 100 million members in over 80 countries, but what exactly is a credit union?

A credit union is a financial co-operative, which is owned and controlled by its members. Members of a credit union save in a common fund. As well as being a good savings option, with successful credit unions paying an annual dividend of up to 8%, the money saved can be used to make low interest loans to other credit union members. Only people who come within the common bond of the credit union can join it and make use of its services. The credit union is directed and controlled by a volunteer Board of Directors. All officers of the credit union are members of the credit union, who are elected by the membership at the Annual General Meeting. All members of the credit union have one vote, regardless of how many shares they own. Credit unions are not a local or a new phenomenon. Credit unions are active in over 80 countries, and over 100 million people internationally are members. The government and many other organisations see credit unions as a valuable tool in their mission to tackle financial exclusion. People who are concerned about the closure of bank branches and the demutualisation of building societies are also advocating the development of credit unions. Credit unions make sense for many reasons and they are tipped to be the next big thing in financial services.

Who owns Black Pear Credit Union?

We are owned by our members, people just like you! Every member who saves with us is a shareholder and is eligible to be paid a share of any profit we earn.

Who can join?

All residents and people who work within the City of Worcester are eligible to enrol. A minimum of 1.00 is needed to start your savings account, then you can save as much or as little as you like. There is a once-only membership fee of 3.00 which goes towards our

administration costs. We also have a Junior Savings account which encourages children to gain the savings habit.

How can you offer me a better deal than the banks?

We do not own expensive high-street offices and most of our staff are unpaid volunteers. By keeping our costs as low as possible, our members get an excellent deal.

Will my money be safe?

All British credit unions are regulated by the Financial Services Authority (FSA) just like the banks, building societies, insurance companies and other loan organisations. Members saving are fully protected under the Financial Services Compensation Scheme. We are also insured against fraud and theft through our Fidelity Bond.

Where does the money you lend come from?

The money we lend is the money which is saved by our members. This means, in effect, that our members are lending to each other, but in a way that is safely regulated and controlled.

Registered Office

Our registered office address is Worcester Black Pear Credit Union Limited, 9 Lowesmoor, Worcester WR1 2RS
General Manager: Ivan Smith
Telephone: 01905 612197 Fax: 0870 705 9094
E-mail: admin@blackpear.org.uk

Useful Information


Worcester Black Pear Credit Union Ltd is a member of The Association of Credit Unions Limited (ABCUL)

We are regulated by The Financial Services Authority

Read the Financial Services Authority factsheet about credit unions.

Members' savings are protected by the Financial Services Compensation Scheme

Citizens advice bureaux Help on a variety of problems including shopping complaints. To find your local CAB click here
Know your rights! Visit the Office of Fair Trading website.
AdviceUK (formerly Federation of information and advice centres). Contact independent advice agencies through the AdviceUK .
National debtline Telephone helpline for people with debt problems. More information
Consumer credit counselling service Provides free confidential service to help achieve realistic solutions to debt problems, avoid bankruptcy and learn to handle money. More information
Financial ombudsman scheme Provides consumers with free independent advice for resolving disputes with financial firms. More information