Wolverhampton City Credit Union Launches New Savings Scheme

Friday 16 February 2024

Wolverhampton City Credit Union (WCCU) has joined forces with the England Illegal Money Lending Team (IMLT) to improve the financial wellbeing of residents. Those who become members of WCCU and start saving will get a £25 boost to their savings pot if they meet the criteria.

The funds for the scheme came from confiscated cash from dangerous loan sharks which aims to kick-start a savings habit for members. To help launch the scheme, West Midlands Assistant Police and Crime Commissioner, Tom McNeil visited the credit union and saw the vital work that the IML and WCCU do to keep people safe.

“The cost of living crisis means even more people who are struggling financially are falling victim to loan sharks and illegal money lenders. This can involve excessive interest rates, intimidation and even violence.” Said Mr McNeil, who added: “That’s why we’re determined to keep working with credit unions and law enforcement agencies to raise awareness of ethical lenders and savings providers, who help prevent this form of exploitation.”

CEO of Wolverhampton City Credit Union, Tameka Spencer said: “As a Credit Union we urge our members and the general public to stay vigilant against loan sharks. Their financial wellbeing is our priority. As a co-operative we offer ethical and fair savings and lending solutions, empowering our members to overcome financial challenges without falling prey to predatory practices”

To encourage Wolverhampton residents to grow their financial resilience, WCCU launched a campaign at the start of the year to “Save More in 2024” which urges people to save whatever they can afford – big or small – for a rainy day.

“We are delighted once again to be partnering with the England Illegal Money Lending Team to offer an incentive to new members” continued Tameka, “We are not always able to lend to a customer and it is not always the best solution, however we would signpost to the relevant agencies. Being a co-operative, we welcome all customers regardless of their financial circumstances we look at each application on its own merit.”

Furthermore, Tameka and Operations Manager Antoinette Kelly spoke on the Chris Allen Podcast – broadcast via Wolverhampton City Radio- about the credit union’s vital role in the city. Commenting on the savings initiative with the IMLT, Antoinette said “sometimes individuals have nowhere else to go and what we do is we give them another door that they can come to. An alternative that is ethical and fair and will always put people before profit”.

“[Wolverhampton City Credit Union] is a community bank for members. We want to keep money in the WV postcode and we want to help to develop the community as well” said Tameka – characterising the credit union ethos.

Listen to the full radio appearance here and read more about the savings scheme with the IMLT here.