Business

£700,000 saved in local credit union

WWCU_Logo-300x162THE COMMUNITY bank known as West Wales Credit Union has achieved its target of drawing in over £700,000 of saving by June 2014, it has claimed. 

The West Wales Credit Union was expanded in 2012 to cover the whole of Ceredigion, Carmarthenshire and Pembrokeshire to offer a safe and local banking option. The organisation is fully covered by the financial services compensation scheme and local people can then safely borrow from an ethical community bank. All surpluses from the bank’s activities are ploughed back into the community activities and setting up new branches. The recent June meeting of board members of the bank was able to record a fantastic result of £715,000 saved to date and rising every month. The community bank has its main office in Cardigan, with offices in Carmarthen and Fishguard. Many community groups, community shop and village halls have commenced their own community run branches across the three counties. Details of the current sites can be found on the new website www.wwcu.co.uk. The site also allows the members of the bank to access their account balances and request transfers and loans on line. Cris Tomos, the bank Treasurer, said: “This is a great landmark to cross £700,000 of savings. As a Credit Union bank all those people saving are also registered members of the bank and can vote in the AGM to determine the future and ensure the community fair lending ethos of the bank.” Cris added: “We are now seeing a momentum of growth within the community bank and are looking for additional board members with marketing and promoting skills, we meet one evening a month and support and acknowledge the excellent work being achieved by the Credit Union manager and all the staff.” Anyone interested in joining the board of West Wales Credit Union need to contact the main office on 01239 621408 and discuss their development plans with the Vanessa Owen the manager.

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Dayne Stone

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