GMB Credit Union Continues To Grow

1 Apr 2014

The annual general meeting of TCU Money Ltd, GMB’s credit union, took place on Saturday, 29th March 2014 in the GMB offices, Wakefield with 25 credit union members present. The board of directors, all unpaid GMB members active within their regions, were pleased to report that 2013 was another successful trading year despite the ongoing difficult operating climate.

In line with credit unions elsewhere, there was a drop in levels of borrowing by 4% but the number of savers increased by 6% with 230 new members over the last year. Following a very strong performance, a net profit of over £46,000 has been ploughed back into the business with a dividend of 1.5% being agreed which is better than can be obtained in most places. TCU Money is now up and running in three GMB regions including Yorkshire & North Derbyshire providing access to ethical and cheap financial services for GMB members with hopefully two more to come on stream during 2014 now that TCU has GMB’s blessing nationally.

Board member and GMB senior organiser Graham Benton said, “Our growth rate of 12% annually compares well as people generally are turning away from loan sharks and pay day lenders towards credit unions. Over the last year we lent £2 million to credit union members at highly competitive rates, in fact, TCU will better any loan offer made elsewhere. Now with the option of joining the credit union and managing loans online, together with the availability of deposit accounts for union branches, we look forward to assisting more and more GMB members in managing their money during 2014/15. Existing credit union members should be aware that there is still a £10 bonus for introducing new members!”

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