A CREDIT union is set to open up to people who live outside an Oxford estate for the first time.

Members of the Blackbird Leys Credit Union agreed at its annual general meeting last week that people from outside the area should be able to save with the union.

The move came after the credit union said it had been approached by people from elsewhere in the city wanting to join.

Chairman and estate resident Jim Hewitt said: “The AGM went very well, we were very pleased.

“There was a general agreement to taking the credit union forward in the ways we were hoping to do. The members were happy.

“We’re hoping to expand our services to take in a wider area of Oxford.”

He will be applying to the union’s regulator – the Financial Conduct Authority – for permission to expand its remit.

The move comes after Oxford Credit Union closed its face-to-face services in June, in favour of online- and telephone-only services.

Mr Hewitt, 70, said that following that, there had been increased demand on the Blackbird Leys Credit Union, which provides counter services.

Now people outside of Blackbird Leys, who wish to continue with a face-to-face service, could make the switch.

He added: “There will be other people outside of Blackbird Leys which may well be coming to us.”

The Blackbird Leys Credit Union, which has 500 members, was set up more than 20 years ago so people on the estate could save money and obtain loans without approaching banks.

Alan Fowler, who lives in the city centre, is one Oxford Credit Union member who is thinking of making the switch.

The 52-year-old computer technician said: “I’m not too happy about the move online, to be honest.

“The whole point of a credit union was that you could talk to people face to face and now I can’t do that.

“I have to jump through hoops if I need to get big cheques.”

He said: “I would definitely switch to the Blackbird Leys Credit Union if they had a branch where I can talk to people face-to-face.

“The whole reason I liked credit unions is that it was like an old-time bank with none of the other stuff you get with big banks.”

As well as expanding, the Blackbird Leys Credit Union is planning on easing restrictions for organisations and companies saving with them.

Mr Hewitt said: “We also want to allow local organisations to be members of the CU and hold accounts with us in their own name.

“That would be useful, particularly for smaller organisations. It would be good for clubs to hold their own accounts and be able to put money in directly.

“At the moment it can be done if the organisation is willing to trust its treasurer with the money and the account is then opened in their name. It would be better for everybody if it’s simpler.”

Liz Helliwell, 70, uses the Blackbird Leys Credit Union for her community group Friendleys and welcomed the change.

She said: “It will make a big difference to me organising it with Friendleys.

“At the moment two of us need to bank there for it to work and this [the new approach] means if one of us steps out then we could carry on.”

The Oxford Credit Union refused to comment.

 

FINANCIAL CO-OP

  • CREDIT unions are financial co-operatives owned by their members and which provide credit at a competitive rate.
  • The Blackbird Leys Credit Union has about 500 members and began in 1994. It holds savings of about £160,000.
  • It is based at the Blackbird Leys Community Centre on Blackbird Leys Road. 
  • Oxford Credit Union was set up in 2005 and has more than 1,000 members.

 

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