Credit Union Decision on Current Accounts a Set Back For the Poor
By Alan McIntosh
The Decision by Glasgow Credit Union to close all its current accounts will come as a blow for hundreads of Glasgow residents who are not able to get a bank account anywhere else.
The decision, taken apparently because of a lack of take up will be devastating for many of the Credit Union's customer who are not able to get current accounts anywhere else.
The accounts allow customers access to direct debit and standing order facilities as well as somewhere to get wages and benefit paid into. They also provide access to ATMs and in many cases switch.
At a time when thousands of customers are scunnered by mainstream banks and their exploitative practices, credit union current accounts provided a valid community based and managed alternative and freedom from the abusive charges that banks proivided.
After the UK Government has back British banks to the tune of billions, it is shameful that Credit Unions like Glasgow are having to close current account services.
The Scottish Government have to step in and at the very least if they won't help support the continuation of these services, provide solutions for those customers, many of whom have bad credit ratings, that will now be left without bank accounts.