Credit Union open
by Hammersmith and Fulham Press Office
01/12/2008
Hammersmith and Fulham residents can now access reasonably priced loans, financial services and a safe place to save now that H and F Credit Union has opened its doors.
At a time when High Street banks are slow to pass on interest rate cuts to customers and with the credit crunch continuing to bite, H&F Credit Union can at last bring some financial joy in these tough economic times. It means that residents can access straightforward, affordable financial services from an organisation that is managed locally, and operates ethically and on a not-for-profit basis.
A credit union is a financial institution that is co-operatively owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of it.
Unlike high street banks, credit unions do not make a profit for a small number of management shareholders. With the credit union everyone is a shareholder and everyone gets a share of the profits by way of an annual dividend.
H&F Credit Union, based on North End Road, Fulham, serves anyone who lives or works in the borough.
Speaking about the opening, Stephen Greenhalgh, Leader of the Council said: “Times are not easy and we are all feeling the economic strain. Personal debt is all to often the start of the pathway to poverty. While the borough is thriving, indebtedness is at a record high and is one of the most serious social problems facing us today. The credit union can at last bring some financial joy as it means that residents can access straightforward, affordable financial services from an organisation that is managed locally, and operates on a not-for-profit basis.
“This really is great news for our residents as Hammersmith & Fulham strives to become a Borough of Opportunity and a step towards getting the loan sharks off our estates. The establishment of H&F Credit Union can help alleviate many of the current economic difficulties and can help people make the most of their lives.”
A group of dedicated volunteers have been working to set up H&F Credit Union for almost five years. They have been supported by Hammersmith & Fulham Council, who provided £25,000, North Fulham New Deal for Communities, Notting Hill Housing, a number of other housing associations including Southern Housing and Guinness Trust and the Urban Partnership Group. In addition almost 2,000 local people have pledged their support to the creation of H&F Credit Union.
Vincent Thomas, Chairperson of H&F Credit Union, said: “I am absolutely delighted that H&F Credit Union is now open. A lot of People have been working for a long time to get the credit union to this point and I am sure that it will have a great impact for many people throughout the community.”
In the UK, credit unions provide credit for only 1 per-cent of the population. However, the credit union concept seems to be gaining popularity and is now the fastest growing part of the financial services sector. Worldwide, there are more than 42,000 credit unions with over 160 million members.
Anyone interested in finding out more about H&F Credit Union, volunteering or becoming a director can contact Eugene Waters on 020 8357 4587 or log onto the credit union website www.hfcu.co.uk (opens new window). You can also visit the Credit Union at 274 North End Road, Fulham, SW6 1NJ or email info@hfcu.co.uk.
