Tel: 01274 434100 Fax: 01274 432830 Email:

18 August 2017

Closure of Cheapside Office

                                                           MEMBERS NOTICE

The sub-office of the Credit Union at Cheapside will be permanently closed for business as from

                                                     Friday July 21st at 3.30pm

                                                         and will not reopen.

Normal business continues at our main office at 

                                       City Hall reception, Bradford BD1 1HY

Thank you for your custom at this branch and we look forward to serving you at City Hall.

         Please direct your queries to 01274 434100 or email

                                    We thank Aspire-I for their support.

Sign up for Internet Banking, ask for your pin today

ABCUL Cards - expiry date 06/17

Please note that if you currently have an ABCUL Card with an expiry date of 06/17 we can no longer load any money onto these cards. At present the only alternative pre-paid debit card that we do is the Engage Card so please ask at the Office for further details.

Members Update

Please read this Cybercrime report:


Bradford Teaching Hospitals NHS Foundation Trust

We are delighted to announce that if you work at Bradford Royal Infirmary or St. Lukes’s Hospital you will soon be able to have your Credit Union deductions taken from your wages. We will be at BRI on week commencing 12th September 2016 & at St.Lukes the following week, please speak to our representative about how the new scheme can benefit you..

BDCU to participate in a school pilot

Children as young as four to be taught money skills in schools pilot project


Rowan Davies at Hill Top CE Primary School in Low Moor as a project is announced to teach Bradford primary school children money management skills.                                                              

SCHOOLS in Bradford will become part of a pioneering project to teach children as young as four money management skills.

The city has been chosen as one of three in the UK to try out the LifeSavers initiative, which is funded by the treasury and could soon be spread to other schools.

The scheme will see children set up and help run savings clubs in their school, as well as becoming junior cashiers and bank managers to help them prepare for the future.

From September, two Bradford church schools will pilot the project, and if it proves a success it will be rolled out to up to 30 more schools in the district will take part.

The Diocese of West Yorkshire and the Dales is now inviting schools to come forward to be one of the first to take it on.

As part of the project, children will be encouraged to save small, regular amounts of money and get experience handling cash.

Economic Secretary Andrea Leadsom announced the initiative in a speech earlier this week. The other two areas involved are Lewisham and Bromley in London and Nottingham.

She said: “This will seek to equip primary school children with good financial habits by educating them about the benefits of saving at an early age. It will also introduce children to credit unions.


“This is a hugely valuable programme. It will help tackle the root cause of money problems, and get future generations developing good savings habits as early as possible.”

Richard Noake, director of education for the Diocese of West Yorkshire and the Dales, said: “The LifeSavers project is a fantastically conceived programme. I am genuinely excited by the approach as it firmly roots children's learning in practical experience; for children to have the opportunity to learn about how to effectively manage money so as to benefit self and others could be transformational. The fact that the programme managers have identified Bradford as one of the three pilot project areas is a real coup for the diocese and those of us working in education.

“I am already working closely with the programme managers and we hope to be inviting primary schools with a Bradford postcode to apply to be one of the two church schools that will take part in the pilot.

The Archbishop of Canterbury, the Most Reverend Justin Welby, said: How we think about and use our money is central to a fulfilled and contented life. That is why I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving.

Councillor Ralph Berry, executive for children's services at Bradford Council, said: This is something the Co-operative has been trying to establish for some time and now the church is involved too. I think it is a very positive move that will help young people in the future.


Link to article :

Payday loan charges cap announced by FCA

Payday loan charges cap announced by FCA

Loans The new rules will come into force in January, the FCA says

Related Stories

A cap on the amount that payday lenders can charge their customers has been announced by the City regulator.

Payday loan rates will be capped at 0.8% per day of the amount borrowed, said the Financial Conduct Authority (FCA).

In total, no one will have to pay back more than twice what they borrowed, and there will be a £15 cap on default charges.

The loan restrictions will start from January, the regulator said.

For people who struggle to repay, we believe the new rules will put an end to spiralling payday debts, said FCA chief executive Martin Wheatley.

FCA's Martin Wheatley: It may be the case there will be no High Street payday lenders in a year's time

For most of the borrowers who do pay back their loans on time, the cap on fees and charges represents substantial protections, he added.

The price cap plan - which includes both interest and fees - remains unchanged from proposals the regulator published in July.

'Tighter checks'

The confirmed measures will see:

  • Initial cap of 0.8% a day in interest charges. Someone who takes out a loan of £100 over 30 days, and pays back on time, will therefore pay no more than £24 in interest
  • A cap of £15 on the one-off default fee. Borrowers who fail to pay back on time can be charged a maximum of £15, plus a maximum of 0.8% a day in interest and fees
  • Total cost cap of 100%. If a borrower defaults, the interest on the debt will build up, but he or she will never have to pay back more than twice the amount they borrowed


Russell Hamblin-Boone, chief executive of the Consumer Finance Association, said the payday loans industry had already put in place higher standards of conduct.

We've restricted, for example, extending loans, rolling over loans, [and] we've got tighter checks on people before we approve loans, he told BBC Radio Four's Today programme.

This [cap], if you like, is the cherry on a rather heavily-iced cake, he said.

The £2.8bn industry was expected to shrink as a consequence of the cap, which could make people vulnerable to loan sharks, he added.

We'll inevitably see fewer people getting fewer loans from fewer lenders, Mr Hamblin-Boone said. The fact is, the demand is not going to go away. What we need to do is make sure we have an alternative, and that we're catching people, and that they're not going to illegal lenders.


Zoe Conway, Reporter, BBC Radio 4 Today: The view from Byker, Newcastle

In the High Street in Byker, there are pawn shops, and brightly coloured Money Shops and Cash Converters. It does not take long to meet someone struggling with debt.

Kevin, behind on a loan from a doorstep lender, says people have very few options. I've actually been approached in the street, he says. It was one of those 'legs broke if you don't pay' sort of things.

There is concern in this community that if it gets harder for people to access payday loans, the loan sharks will take over. That is certainly the view at the Byker Moneywise Credit Union. They offer payday loans at much lower rates but few people locally know about them and, admits manager Christine Callaghan, the Union is not big enough to meet the demand for short-term loans.

At The Big Grill, the owner, John, is making bacon sandwiches. He is worried that people may have to resort to stealing to make ends meet. They'll turn to crime to get what they want especially for their kids, he says.

It is a view shared by resident Alison who thinks the government needs to step in to give people more options and better places to turn to.


Responsible lending

Mr Wheatley, of the FCA, said that the regulator's research had shown that 70,000 people who were able to secure a payday loan now would not be able to do so under the new, stricter rules. They represent about 7% of current borrowers.

However, he disputed the industry's view that many of these people would be driven into the arms of illegal loan sharks. He said most would do without getting a loan, some would turn to their families or employers for help, and only 2% would go to loan sharks.

He added that he wanted to see a responsible, mature industry for short-term loans.

Gillian Guy, chief executive of Citizens Advice, said: People who are in a position to borrow need a responsible short-term credit market. A vital part of this is greater choice. High Street banks should seize the opportunity to meet demand and offer their customers a better alternative to payday loans.

The FCA should monitor the cap, including whether it is set at the right level, to make sure it is working for consumers. They must also keep a close eye on whether lenders are sticking to the rules.

Earlier this year, the government legislated to require the FCA to introduce a cap on the cost of payday loans. Chancellor George Osborne said the decision would make sure some of the absolutely outrageous fees and unacceptable practices are dealt with.

Meanwhile, Cathy Jamieson, Labour's shadow financial secretary to the Treasury, said she was glad that action was being taken.

However, we believe these changes will need to be regularly monitored to ensure they are effective. That is why we want to see a review by the end of 2015 - much earlier than is currently being recommended by the FCA, she said.

BBC link to this article:



Online Banking Transfers

Members, please note that transferring funds from your credit union account to a bank account will take 3 working days to process.
Bradford District Credit Union Tel: 01274 434100 Fax: 01274 432830 Email: Web: