STEPHEN GILBERT IS FIRST TO JOIN RESTORMEL'S NEW CREDIT UNION
October 12, 2007 8:43 PM
Stephen Gilbert becomes the first to join Restormel's 'credit union'
Stephen Gilbert, the Liberal Democrat Parliamentary Candidate for St Austell & Newquay, was the first person to join the new Restormel branch of Cornish Community Banking when it opened its doors in St Austell today [Friday 12 October].
Cornish Community Banking (CCB) is a financial co-operative known as a 'credit union' - as it has no outside shareholders it is able to provide affordable loans to people across Restormel.
Stephen, who opened a savings account and deposited £20, said "It's great that Restormel now has its own credit union and I'm very proud to have been the first customer. Savings with credit unions are protected in the same way as saving with a bank, the key difference is that a credit union can help people with affordable loans to cover unexpected costs and so can be a real lifeline to people on low incomes."
Cornish Community Banking, which already has branches across Cornwall, is regulated by the Financial Services Authority. Worldwide there are over 150 million people benefiting from membership of a local credit union.
Stephen added: "In many cases commercial lenders can charge unaffordable rates of interests which only add to the pressure faced by those on tight budgets. The credit union is able to give people general help with their finances by signposting and referral to other services. As they give loans at more affordable rates of interest they can actually help people find a way out of the poverty trap."
As well as being able to supply loans at more affordable rates of interest, the credit union is also able to organise bill payments using, where appropriate, budgeting accounts. Benefit payments can be made directly into the credit union as can deductions from wages.
For more information on the Restormel branch of the Cornish Banking Community, please contact Rachel Leech on 01726 22333.
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