Damian Hinds has given his backing to an innovative scheme to make credit union services available at every Post Office counter across the country. At an event he hosted as Chairman of the All-Party Parliamentary Group on Credit Unions with the Association of British Credit Unions (ABCUL), Damian Hinds pledged to support the proposed link-up in Parliament as other MPs came to learn more about the scheme.
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.
The proposed scheme would set up the infrastructure to allow any credit union member to walk into any Post Office branch and access their account, making local credit unions as accessible as high street banks while local and rural Post Offices would benefit from new income and greater use.
Damian Hinds said:
“Credit unions, like our own United Savings and Loan in Bordon, provide an important service in our community – helping everyone, especially those on low incomes, manage their finances and access services on fair terms. The Post Office too provides many valued and trusted services in our communities – including to many on a low-income or those who rely on benefits or the state pension. Making credit union services available through the Post Office would give everyone access to fair financial services and help keep our local Post Offices open and busy.”