Credit Union News

Manchester Credit Union has launched an alternative to High Street bank current accounts for the people of Manchester.

The new Current Account will provide its members with a transparent way of managing their money.

Featuring an ATM or Debit card that will give customers instant access to their money from one of the 38,000 free cash machines across the UK, the account will not offer an overdraft and all charges are made clear up front.

With a weekly fee of just £1, this charge will guarantee customers a service with no hidden extra administrative costs. When the credit union has to pass along charges for things like unpaid Direct Debits, these will typically be lower than those at high street banks. Other benefits include access to low cost loans and telephone banking.

Christine Moore, Chief Executive of Manchester Credit Union, said: “We are delighted to be introducing this new Current Account to Manchester and we are looking forward to offering our services to people across the city.

“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.”

Christine Moore added: “As a credit union it is important for all our members to have an honest service which has no financial surprises and by banking with Manchester Credit Union, your money is guaranteed to be in safe hands.”  

Councillor Bernard Priest, Lead Member for Finance and Human Resources at Manchester City Council, said: Manchester City Council is committed to supporting Manchester Credit Union, to help reduce the financial inequalities that our residents face.

“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.

“This service sits alongside our Helping Hands initiative and is something we applaud.

To find out more please call the office on 0161 231 5222.

As the festive season is well and truly behind us Manchester Credit Union is encouraging households to try and put aside an extra tenner each week in time for Christmas 2010.

Mancunians found saving in the Noughties challenging due to many factors including the higher cost of living and struggled to save for those many rainy days, but as we move into a new decade they are being offered a financial solution.

Christine Moore, Chief Executive of Manchester Credit Union, said: Many of us find it hard to save regularly but anything we can do to start putting money aside helps us in the long run.

A report highlighted the average UK family is now £10 a week better off which, if put aside, means every household has the possibility of saving at least another £480 a year – that would be a great contribution to funds for Christmas 2010.

Christine added: Committing yourself to a regular saving pattern can be difficult, but saving with Manchester Credit Union is simple. No matter how much or how little money you have, having some savings allows us to work towards our financial goals and gives us peace of mind should an emergency arise.

Credit unions are owned by their members and they exist to look after the financial well-being of their members by offering savings accounts and affordable loans.

The newest branch of Manchester Credit Union in Wythenshawe is now open to members and new members in the city.

The branch, at Unit 1E, Haletop, Wythenshawe Civic Centre (M22 5RN), is the latest to be opened by the credit union and, along with improved branches in Beswick and Moss Side, will offer a range of fair and affordable financial services to its members.

Formed in 1991, Manchester Credit Union is a not-for-profit financial co-operative serving people who live or work in the city of Manchester.
 
Christine Moore, Chief Executive of Manchester Credit Union, said: “We are delighted to be able to offer services on a full-time basis from our newest branch in Wythenshawe. This will enable many more people to benefit from credit union services in their community.

“Due to the tough economic climate and the impact this is having on people, there is now an increasing awareness of financial issues. And this growing awareness is reflected in a greater interest in credit unions as safe and respected local providers of financial services, such as savings accounts and personal loans.

“Credit unions have a vital role to play in today’s difficult economic times and we are pleased to be expanding across Manchester, offering more and more people access to fair and affordable financial products.

“We are run by our members, for our members, and our range of services also includes Christmas savings accounts and Money Made Clear guidance sessions.”

The Moss Side branch will also be open full-time to members from 19 October 2009.

We held our Annual General Meeting at the end of April.

The event, which looked back at last year’s financial year and looked forward to the future, took place at Manchester Town Hall on 21 April.

A report about the AGM will appear on the website shortly.

To find out more please contact the office on 0161 231 5222.

Sound financial solutions are available to help City South Manchester Housing Trust tenants beat the credit crunch, following the launch of a new branch of Manchester Credit Union (MCU).

The Moss Side branch of MCU, based at City South Manchester’s neighbourhood office in Alexandra Road, opened its doors during the first week of January.

City South Manchester is working in partnership with MCU, offering the organisation free rent on its premises.

Many people, particularly those living on low incomes, experience financial exclusion – leaving them unable to access standard bank accounts, low cost loans and finance. This can lead to further exclusion from services such as bill payment by Direct Debit and an over reliance on high APR loans and products, often purchased from doorstep lenders.

Financial inclusion is high on the agenda for City South Manchester as it develops a package of services to help customers manage their finances. The partnership with MCU is part of the landlord’s financial inclusion programme.

Niall Power, City South Manchester’s Head of Regeneration, said: “We are keen that our tenants are able to seek affordable and accessible financial services from a reputable organisation like MCU.

“Many of our tenants are unable to access standard bank accounts and finance, as a result they often fall victim to the extortionate interest rates of doorstep lenders.

“We strongly advise our tenants not to borrow money from these doorstep lenders and sign post them to the advice and services MCU are able to offer.”

Tenants can also have the peace of mind that MCU will provide a professional and confidential service. The organisation is authorised and regulated by the Financial Services Authority.

Christine Moore, Chief Executive of Manchester Credit Union, said: “MCU is delighted to be able to operate out of City South Manchester’s Alexandra Road office as it enables us to extend our services and contact with people living in this area of Manchester.”

MCU staff are available from the neighbourhood office in Alexandra Road Monday to Friday 10am to 12 noon. For more information contact MCU on 0161 231 5222.

Manchester Credit Union is working with Manchester City Council to introduce a payroll service for its employees.

This working relationship includes facilitating the provision of information relating to the credit union to council employees, direct deduction from payroll, and the opening of facilities for the credit union within Manchester Town Hall.

“Manchester City Council wanted to offer the facilities of a credit union for its employees but we suggested that rather than setting one up specifically for Manchester City Council staff they use the Manchester Credit Union which already existed,” explains Christine Moore, Chief Executive of Manchester Credit Union. “We did a pilot project in one service area which went well and the scheme is now available to all employees.”

“The link-up with Manchester City Council is fantastic news for Manchester Credit Union,” adds Christine. “Not only will it help us to create a stronger asset base, providing long term security for the credit union, but it will enable us to provide access to fair and affordable financial services to council employees across the city and will create a number of jobs in the credit union, which is also good news in the economic climate.”

There are over 450 credit unions in Britain with a combined adult membership of over 600,000, plus 100,000 junior savers.

Martin Lewis - an independent financial expert, whose website MoneySavingExpert.com is read by millions has written an excellent - and fair - review of credit unions in the light of the current economic downturn.

To read it, go to MoneySavingExpert.com

With the merger with Wythenshawe Credit Union, members - and new members - can now do their banking in 3 locations across the city. Head Office remains 5 Chaddesley Walk, Beswick (0161 231 5222). In Miles Platting, members can call in to the Ancoats Sure Start Children’s Centre on Holland Street, Monday to Friday between 11am and 1pm (between 10am and 1pm on Tuesdays), while members in Wythenshawe can go to Alderman Gatley House (0161 436 2347) in Wythenshawe District Centre.

For details of opening hours, and our other collections, please click here or telephone head office on 0161 231 5222

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