Boom! Credit Union

Boom! Credit Union

About UsBoom! is a credit union forpeople who live or work in West Sussex, Surrey or Kingston. We give localpeople access to fair and affordable loans, savings accounts and prepaid cards.

Our valuesWe exist to help make life better for people in WestSussex, Kingston and Surrey. Everything we do is based on the Boom! beliefsabout what’s important:Be fair - make high quality financial servicesavailable at a fair costInclude people - everyone who wants to manage theirmoney responsibly should have access to fair financial servicesShow respect - everyone deserves to be treatedpolitely and with respectGive people a say - people should have a say in theservices they useAct responsibly - always act in the best interestsof our members, protecting their savings and lending responsibly

What’s a creditunion?A credit union is an independent not-for-profitorganisation. It’s owned and controlled by its members, who all have somethingin common. (All Boom! members live or work Surrey, West Sussex or Kingston.) Touse the credit union’s services you must be a member. Credit unions are committed to being responsiblelenders, making ethical choices, and making life better for our members and ourcommunities. To do this, different credit unions may offer slightly differentservices, but we share our objectives. These are to:promote saving and good money managementto give people access to credit at a fair andreasonable rate of interestto use members’ savings to benefit all members andthe communityto help people be smarter in how they manage theirmoney.Credit unions have been around for decades and todaythere are more than 40,000 credit unions in 79 countries. There are 118 millionother people around the world who believe in and benefit from the ethical andcommunity banking approach that credit unions share.

How we workOur day-to-day operations are in the hands of a teamof staff and volunteers led by our directors. Because we’re a co-op, everymember has an equal vote in who our directors are, and a say in the services weoffer. Any profits that Boom! makes are paid out to our members in dividends,rather than being paid to shareholders.For more legal details on how we work you candownload our Rules [pdf]How are we regulated?

We’re regulated by exactly the same authorities ashigh street banks. Savings with the credit union are protected by the Financial Services CompensationScheme, and we’re regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

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