ABCUL: Current accounts offered by seven new credit unions

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ABCUL: Current accounts offered by seven new credit unions

Mon 5th Jan 2009

Seven new credit unions have begun offering current accounts, according to the Association of British Credit Unions (ABCUL).

The new credit unions to have launched current accounts include Tower Hamlets, Just (in Shropshire), South Tyneside, Llandudno, Lewisham, Hartlepool and Newry and ABCUL claims that these new additions mean that a total of 18 credit unions now offer current accounts.

Credit Union current accounts, which allow the holder many ordinary bank account services without the potential pitfall of an overdraft, were introduced in 2007 and enjoy the support of the Department for Work and Pensions.

Mark Lyonette, chief executive of ABCUL, said: "The Credit Union Current Account is enabling more and more people to access the benefits of the banking system [and] often for the first time, helping them to manage their money more effectively and preventing them from getting into debt so easily."

Credit Unions are owned and controlled by their members.

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