Tail O’ The Bank Credit Union Commended for Community Support Throughout Pandemic

Tuesday 23 January 2024

In response to the vital support to its community over the past year, Tail O’ The Bank Credit Union has been acknowledged by members of Scottish Parliament. Supported by ten SMP’s, the motion states: “That this House notes, the difficult and unprecedented year for Tail O’ The Bank Credit Union who have stayed open offering a vital service to the community of Inverclyde.”

In the financial year 2019-20 the credit union £7.28 million in savings for its members and provided £1.38 million in affordable, ethical loans to members ensuring that the wealth is contained within Inverclyde.

The Credit Union provided help to its 7,000 members via telephone and email when coronavirus restrictions were first enforced. After being closed for around three weeks, the Credit Union gradually reopened. The motion added: “The House welcomes all the efforts of the staff and volunteers of that Credit Union who have worked tirelessly throughout the covid-19 lockdown to support members; and thanks those staff and volunteers for their great work.”

The team have sadly had to deal with a significant increase in appointments following the death of loved ones during the coronavirus outbreak.

In one week in May, the team worked with seven different members to process paperwork and sort out finances after family members had passed away.

This was particularly difficult for the team as their treasurer, nurse Janice Graham, tragically passed away after a battle with the virus in April 2020.

Chair of Tail O’ The Bank, Sandra Wilson said: “The pandemic has highlighted the fragility of financial resilience not just in Inverclyde but across the board and Tail O’ the bank is proud to have been able to support our members with forbearance measures and by continuing to offer members access to savings and loans. We have made are members smile through our ethical and affordable loans, supporting our members well-being is at the heart of the credit union ethos. The staff have gone above and beyond and we are honoured to have such a dedicated staff and volunteer team working hard for the community.  Going forward Tail O’ The Bank’s focus will be to continue to support the community through new services and providing a digital offering.”