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Minister launches first credit union current account
The Welsh Assembly Government has provided £100,000 of funding to assist the credit union in setting up the current account which will allow account holders to withdraw money from ATMs, access Visa debit facilities and make standing order and direct debit payments. In addition, account holders can have their benefits or salary paid directly into their account.
The Minister said:
The launch of the current account is a very welcome and timely development. Up and down the country people are struggling with the personal ramifications of the downturn and credit unions are here to help, to provide a safe haven for their hard earned savings, or a fair and understanding hearing for a loan application.
This is the next step in developing the credit union network, in which the Welsh Assembly Government has invested £1.75 million since 2000. We have also promised another £1.75 million to deliver our One Wales commitments on credit unions, including all-Wales coverage, establishing access for secondary pupils and helping more to offer child trust fund accounts.
Barry Roberts, Manager of Llandudno Credit Union said:
The ability to offer a current account has been a gap in our services compared with other financial institutions, so the Credit Union Current Account is the last piece of the jigsaw fitting into place.