Bury’s new Credit Union has arrived – sign up now!

Bury’s first borough-wide credit union has now arrived and residents of all ages and backgrounds are invited to join it.

It has been set up in partnership by Manchester Credit Union, Bury Council and Six Town Housing, and aims to give people a real alternative to doorstep lenders or payday loan companies.

Credit unions are not-for-profit financial co-operatives owned and controlled by their members. They offer safe and secure savings, great value loans and insurance products, plus they are local and ethical. Members pool their savings and these savings are lent out to other members who need to borrow.

As co-operatives, credit unions are founded on the values of self-help, responsibility and self-organisation. Credit unions are not driven to make money for external shareholders but have to make decisions in the best interests of their members.

Manchester Credit Union is open and accessible to all.  Membership is open to anyone, of any age, who lives or works in Bury, and members of their households. 

The credit union will be formally launched on Thursday 24 October at Bury Town Hall, when the Mayor of Bury, Councillor Sharon Briggs, and the leader of the council, Cllr Mike Connolly, will be among the first to sign up.

Cllr Connolly said: “This is one event I wouldn’t miss. Figures from the Citizens Advice Bureau suggest there has been a big increase in personal debt, up to £40 million at the last count.

“Credit unions are suitable for everyone, of all incomes and circumstance, not just people who are struggling. They’re a reputable, safe and respectable alternative, always putting their members first, and that’s why I’m signing up.”

Initially, the credit union will be open for business at customer contact points at Six Town Housing’s HQ in Bury (Mondays) and at Bury Town Hall (Tuesdays and Fridays), from 9.30am to 1.30pm.

Hugh Broadbent, chair of Six Town Housing’s board, said: “Many people are suffering financial exclusion, and find it hard to access finance from traditional banks and building societies. Often they turn to payday loan companies or even doorstep loan sharks. More than 600 people responded to a survey earlier this year saying they supported a Credit Union for Bury and would like to join. We hope that providing credit union facilities for Bury families will give them much-needed support in these tough economic times.”

Christine Moore, chief executive of Manchester Credit Union, said: “We are delighted to welcome members in Bury at this exciting time for credit unions, and it means that every region of Greater Manchester now has a credit union. We already have 12,000 happy customers and last year celebrated 21 years of serving our members. We are looking hard for the right town centre premises and when we do, it will really feel like getting the key to the door. We’ve also joined the digital highway so members can now join online by visiting our website at http://www.manchestercreditunion.co.uk/. Alternatively you can ring us on 0161 231 5222.”

Fore more details, call Carran O’Grady on 0161 253 8057 or email c.o’grady@sixtownhousing.org

ENDS

Press release issued: 14 October 2013.

Media opportunity: The Mayor and Cllr Connolly will be among the first to sign up to the new Credit Union – Thursday 24 October, Peel Room, Bury Town Hall, at 10.30am.