Published at 16:02, Thursday, 21 February 2013

THE long-awaited unveiling of Barrow’s credit union is set to take place.

Bosses at the Barrow and District Credit Union have announced the savings organisation will be open for business tomorrow at 11am.

Plans for the community savings scheme first surfaced four years ago, with a study group then set up in 2010. The operation is set to begin at the union’s new premises in The Mall.

Chairman Rob Cairns said Barrow was one of the largest places in the country that did not have a credit union and he believes the service will benefit the community.

He said: “It has been a long process since the study group was set up in October 2010, but at least we have now got there and I am delighted that we will be at long last opening our doors to the public.

“One of our aims is to make local people who are presently financially excluded – 10 per cent of Cumbrian residents do not have a bank account – financially included but we are there for the whole community to use.”

Mr Cairns said he wished to thank those who had given up their time to help set up the union, which will open between 11am and 3pm on weekdays.

Credit unions are not-for-profit institutions that provide financial services to the whole community.

They are regulated by the Financial Services Authority and customers’ savings are protected by the Financial Services Compensation Scheme.

The union is being set up not only to encourage people to save by offering convenient savings products that will hopefully pay a good dividend, but also to provide affordable loans to those people who need them most.

A £500 loan paid over 52 weeks will result in £67.30 interest being charged (26.8 per cent APR).

Anyone who lives or works within the borough can become a member of the credit union regardless of their level of income.

Anybody who would like to open an account should take an item of personal identification, for example their passport, driving licence or photo ID card, an item of address verification (council tax bill, utility bill, bank statement or Department for Work and Pensions benefits letter) and their National Insurance number to the credit union. The union will be run mainly by volunteers.

Anyone interested in volunteering should call in at the Mall premises or ring 07729 412327.

Published by http://www.nwemail.co.uk