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Meg Munn MP - Sheffield Heeley's voice in Parliament | Welcome
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Making credit unions available at the Post Office

Wednesday, January 12, 2011

Meg Munn MP is backing an innovative scheme to make credit unions available at every Post Office across the country. The proposed scheme would require an investment in order to set up behind-the-scenes IT and administration systems to allow any credit union member to access their account at any Post Office branch. The proposed scheme is potentially very good news for credit unions and their members, but also for the Post Office which would benefit from new income always welcome following years of closures.


Credit unions are financial co-operatives which provide inclusive financial services to communities up and down the country and are owned and controlled by their members. They are licensed deposit takers, authorised and regulated by the Financial Services Authority and they are covered by the Financial Services Compensation Scheme. As ethical, not-for-profit, organisations they are often the only place for low-income families to put a little aside in savings each week or to access fair, affordable loans.


Meg said:


“Credit unions provide an important service helping everyone, including those on the lowest incomes, manage their finances on fair terms. Making their services available through the Post Office would cost relatively little whilst giving everyone access to fair financial services and helping to secure the future of the local sub-post office.”


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