James Duddridge, MP for Rochford and Southend East, has been along to Southend Credit Union to find out more about the services they provide for local residents.
The community-owned credit union, which opened for business in June 2006 and is fully recognised by the Financial Services Authority, is the first of its kind in Southend. As well as offering loans to residents at low rates and facilities for saving for expensive events such as Christmas, the Southend Credit Union is particularly keen to provide financial assistance to those who may not otherwise have access to normal banking services.
Having been shown around by staff and volunteers, James was so impressed with the services available that he opened an account for himself – and also told the team that he plans to open up an account for each of his two young sons in the next few weeks. Indeed, he took two piggy banks home with him, and Tom and Henry have already started getting into the savings habit!
Speaking after the visit to the Credit Union’s premises in York Road, at the corner with Baltic Avenue, James said:
“It was great to see the Credit Union in action and to hear about how they operate. The fact that it’s right in the centre of town makes it easy to get to as well.
“Personal debt is a major issue, so having a facility where anyone can go for advice is invaluable. Door to door money lenders do not represent good value for money.
“I was particularly impressed with the bank’s efforts to encourage young people to get into the habit of saving when they can. Around a quarter of their 400 members are under 16. I’ve been along to a number of sessions in local schools where pupils can learn about managing their finances, so the message is obviously getting through.”
3 March 2008