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East London Credit Union now offers full banking facilities, including a current account and a debit card. Traditionally Credit Unions could offer only savings and budget accounts operated by passbook over the branch counters. Later they added the option of taking out small loans with them at reasonable rates of interest as a way of beating the loan sharks and doorstep lenders that operate in vulnerable areas of the community suffering from poverty and financial exclusion.
But now, the Tower Hamlets Credit Union (visit their website at www.thccu.co.uk) offers a basic current account service that you can use 24/7. You can get the money you want from your account from most cash machines (using the Visa Debit Card) wherever you are in the UK.
You also get a handy Visa Debit Card (also known as a cash card) which can be used to pay for goods and services over the telephone, internet, shops and restaurants. You can also have your salary paid directly into your account direct from your employer… very handy and very secure!
Also, with the basic bank account, you can begin to pay bills by direct debit on a monthly or quarterly basis. Most utility companies offer a reduction in your bills if you use this method as it saves them the administration costs involved in collecting and accounting for payments. This helps you to save money on your bills too.
The big question is whether you can get a basic bank account if you have a bad credit history. Well the answer is yes! It doesn’t matter what your credit history is like, you will be eligible for an account since you won’t be given an overdraft facility.
The account will cost you £3 per month as a service fee for running the account, but it is a small price to pay for having the convenience of an account that previously you weren’t able to get from one of the mainstream banks.
Look up your local credit union and see what services they now provide that you might find useful.
Tagged with:basic current account • credit union • tower hamlets credit union • visa debit card
Filed under:Current Accounts
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