Credit unions win banking services
Regeneration & Renewal
Members of eight credit unions will soon be able to use banking services previously only available to those with mainstream bank accounts.
A partnership between The Co-operative Bank, the Association of British Credit Unions Limited (Abcul) and eight credit unions will enable members to withdraw their money using cashpoint machines, pay for goods using a debit card and set up direct debits.
Four of the eight credit unions are Scottish, including Capital Credit Union, and three are based in Yorkshire. Southwark Credit Union in south London is also participating in the scheme. There are plans to roll out the scheme to other credit unions next year.
Abcul chief executive Mark Lyonette said: ‘This shows that credit unions are capable of offering their members modern, accessible financial services.
Offering credit union members access to banking services in this way represents a major step forward for the Government’s aim of eliminating financial exclusion.’