Central Liverpool Credit Union Highlights Benefits of Credit Unions on BBC Radio Merseyside
Central Liverpool Credit Union (CLCU) hit the radio waves on Monday 29 January to tell listeners of BBC Radio Merseyside of the many benefits credit unions have to offer.
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Friday 2 February 2024
Central Liverpool Credit Union (CLCU) hit the radio waves on Monday 29 January to tell listeners of BBC Radio Merseyside of the many benefits credit unions have to offer.
Business Development Manager of Central Liverpool Credit Union, Geoff McKay, outlined to Radio host, Tony Snell the multiple ways in which credit unions differ to traditional banks and offer excellent service. Geoff said: “where the bank’s main driver is profit, [credit unions’] main driver is to help the community” and due to its community-focus credit unions are often able to service members who struggle to access mainstream credit.
Credit unions will only lend if it is an affordable and sensible decision and Geoff said: “[we at CLCU] will take more of a risk because our main aim is to help people. [..] We’re a little bit more trusting, and we hope that our members would be equally trusting with us”. The radio host suggested that credit unions embody a “classic case of people helping people” which Geoff was pleased to confirm is a well-established credit union motto.
Furthermore, Geoff explains how CLCU supports financially vulnerable members, which in part comes from a donation of £4000 from a former Archbishop of Liverpool. Archbishop Worlock’s charitable trust donated the money in the credit union’s early days in the 1990s. This sum was ring fenced as a dedicated reserve to allow the credit union to lend to members who may have been higher-risk. When repayments were made, the funds were returned back to the reserve and Geoff stated that through this process, the fund now totals around £160,000.
The credit union will be 35 years old this year and in 2023 it ran its first Fixed Term Deposit Account which offered savers a 5% return after its 12-month term. Geoff stated that more products will be launched in 2024 to celebrate the credit union’s 35th anniversary.
Find the full radio interview here.
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