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7 James Street
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This entry is here for information only. There is no physical office in Caithness. All Post Offices can be used to deposit and withdraw funds from the credit union. Check the Hi-Scot web site if you want to join the credit union that is now being spread out across Highland from the Western Isles with help from Highland Council. What is a Credit Union? The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty. HI-Scot Credit Union is a community based financial co-operative owned, run and controlled by its own members. All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union. The HI-Scot Credit Union common bond area is a work or live membership, covering the Highlands and Islands area of Scotland. HI-Scot Credit Union is a non-profit making financial co-operative run entirely by the people for the people. How do Credit Unions work for members? Savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save, and members have financial security through low cost loans. When someone joins the Credit Union they open an account - savings. It is called a share account because individuals become part owner of the Credit Union. Since Credit Unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend. Credit Unions in the UK were in existence for some time before the movement gained momentum in 1979, when the Credit Unions Act was passed. Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 600 Credit Unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales. In the UK over 360,000 members have recognized the value of credit unions, and have savings approaching 300 million pounds with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement. Benefits of Membership Membership has many benefits- Flexible & Convenient Loans Members can take out loans, subject to Credit Union criteria and repay at tailor-made schedules. Attractive Dividend on Savings Every year we pay an attractive dividend on members� savings, which are also placed in our Life Insurance scheme, offering a free insurance system on your savings (subject to terms & conditions). Quality Service, No Fees You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money. Pay by Standing Order Arrange a Standing Order from your bank and be sure of regular payments to your Credit Union account. We will send you an annual statement showing all transactions. Member Services Take advantage of a host of additional member services available. Ask any staff member for more details about joining the Credit Union, or for further information see the different sections of the Hi-Scot Credit union web site.

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