Credit union launches current account
MANCHESTER Credit Union is launching an alternative to High Street bank current accounts.
The union, a not-for-profit financial co-operative, says it will guarantee customers a service with no hidden extra administrative costs in return for a fee of £1 a week.
When the union has to pass on charges it says these will be lower than those at high street banks. It is also offering access to low cost loans and telephone banking.
The union’s chief executive Christine Moore said: “There are numerous people who do not have access to a high street bank for various reasons, and as credit unions exist to serve their members, we want to bring our services to more and more people in Manchester.”
Councillor Bernard Priest, lead member for finance and human resources at Manchester City Council, said: “Although there are signs the recession is easing, financial times are still hard and we recognise that the credit union is offering a transparent way of managing money.
Manchester Credit Union is a member of the Association of British Credit Unions. At the end of June 2009, ABCUL’s 325 credit unions were managing savings worth nearly £450m on behalf of over 550,000 people, and had more than £375m out on loan.
