WCCU saves members over £1 million
17 Mar 17
Wolverhampton City Credit Union (WCCU) has saved local people more than £1 million in interest.
The figure, calculated as the saving made in interest payments by borrowing from the credit union rather than from a high cost lender, was reported to members at the credit union’s Annual General Meeting on 16 March.
It was just one of a string of highlights in a year which has seen the credit union grow to do more for local people. Members at the AGM also heard that:
- Membership increased by over 11% to 7,276;
- Savings grew by 22% to over £2.6 million;
- Lending grew by 21% to over £1.5 million;
- Income generated increased by 17% to £422,834;
- Cost of bad debt was reduced to £27,000.
WCCU Chair Alfred Williams, said: “This year more than ever, we’ve taken on the exploitative lenders on our high streets and online, helping more people save money on interest and avoid problem debt. Our low interest loans keep more money in people’s pockets, ultimately boosting the local economy.
“Our healthy growth in lending means we’re also able to offer a 1% return on instant access savings, making the credit union competitive compared to profit-making high street providers. In these uncertain times, the credit union is proving that people can take more control over their finances when they join forces and support each other.”
During the year, the credit union also became one of a handful in the UK to offer online banking and a mobile banking app. Around 40% of transactions are now conducted online, enhancing speed and convenience for members and reducing costs to the credit union.
Wolverhampton City Credit Union serves anyone who lives, works, volunteers or studies in the WV postcode area covering Wolverhampton, South Staffordshire and parts of Shropshire.