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David Ward MP <>
David Ward backs Post Office linkup with credit unions
December 14, 2010 12:00 AM
Bradford MP, David Ward, has given his backing to an innovative scheme to make credit union services available at every Post Office counter across the country.
Credit unions are financial co-operatives, owned and controlled by their members, who provide inclusive financial services to communities up and down the country.
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.
David has now pledged to support the proposed link-up in Parliament.
Commenting, David Ward said:
"Credit unions provide an important service in our community - helping everyone, including those on the lowest incomes, manage their finances and access services on fair terms.
Similarly, the Post Office provides many valued and trusted services in our communities - including to many on a low-income such as those on benefits or the state pension.
"Making credit union 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.
"I am backing the plan to put credit union services in the Post Office."
Mark Lyonette, ABCUL Chief Executive, said of the plan:
"Credit unions have been transformed over the last decade tripling membership and more than quadrupling their assets. Nowadays they provide a very familiar service including current accounts, cash ISAs, Child Trust Funds, insurance and even mortgages as well as the traditional savings and loans services.
"One of the key challenges now is to scale-up in order that credit unions are accessible to many millions of people. Without a branch network this is very difficult to achieve and whilst credit unions have the services, the Post Office has the network. Our proposal would see credit unions become visible and accessible on almost every highstreet whilst creating welcome new income for the Post Office."