News / Credit union opens for business
SHETLAND’s credit union, the isles’ response to the global banking crisis, will open for business for the first time, next Saturday.
The number of credit unions in the UK has been growing steadily over the last ten years with now more than 460, including one in Shetland, being established.
Chairman of the local board, former councillor Gordon Mitchell, said: “The credit union offers a safe alternative to standard banking. It is authorised and inspected by the Financial Services Authority (FSA).
“All account holders are shareholders and they all benefit from any annual profits which are made.
“Those who save with the credit union will be able to take out loans at a cost which is much less than most other sources of finance.”
The local credit unions’ offices are at 8 Hillhead, in Lerwick. Business hours will initially be Wednesdays from 5.30 to 7pm, and on Saturdays between 10.30am and 1pm.
Those who wish to become account holders must come to the office with a recent utility bill (or a suitable letter from a professional person) as proof of their address; and photographic proof of identity to comply with money-laundering legislation.
The local credit union is also keen to recruit suitable account holders as voluntary members of the Board of Management; or as voluntary administrative staff.
Forms will be available at their Hillhead office, a spokesman said.
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