Membership was restricted by common bond to residents and workers in the Canterbury local authority area.
In its first year of trading, the credit union attracted £94,000 of savings and made £31,000 of loans.
The objectives of the District of Canterbury Credit Union were to provide its members with free financial education, offer low-rate loans and encourage thrift.
[4] A member of the Association of British Credit Unions Limited, registered under the Industrial and Provident Societies Acts, the District of Canterbury Credit Union was authorised and regulated by the Financial Services Authority.
Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme.