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NewsMayor of Wolverhampton officially launches online banking
Mayor of Wolverhampton officially launches online banking

Wolverhampton City Credit Union today launches an online banking facility in a bid to ‘beat the payday lenders at their own game’. 

The not-for-profit community bank which is owned and controlled by its 7,300 members, has pledged to take on the high interest payday lenders, doorstep lenders and rent-to-own stores by offering ethical, affordable loans to more local residents. 

Welcoming the Mayor and Mayoress of Wolverhampton who officially launch online banking today (Thursday July 7, 2016) the chair of the credit union’s board of directors Alf Williams said: “Being able to apply for a loan online has driven the growth in high interest payday lending in the past few years. That, in turn, has helped to make our region one of the most over-indebted in the country.

“The launch of our online banking facility today is part of our vision to help local people take more control of their financial futures by saving and borrowing responsibly.

“If we are to make our fair, ethical, low interest loans accessible to more people who live and work in Wolverhampton and South Staffs, we have to embrace online technology. In short, we have to beat the payday lenders at their own game.

“We’re now one of only a handful of credit unions in the UK to offer online banking. Since our ‘soft launch’ of the new facility a few weeks ago, nearly 25 per cent of all transactions are online. Members asked for this development and they’ve taken to it enthusiastically. They like the speed and convenience of the service. At the same time, it helps us to reduce costs and offer affordable loans to more people.

“Ultimately, this innovation will help us compete more effectively in a market of heavily promoted payday lenders and rent-to-own stores who are so prominent on our high streets. We hope it will also attract more young members.”

 The new facility allows members of the Worcester Street-based credit union to:


·      Make same-day external bank transfers online between 10.00am and 3.30pm from Monday to Friday


·      Add new bank details to make bank transfers


·      Transfer money between credit union accounts 24/7 (e.g. from regular shares to mandatory savings; members can also transfer from shares to loan)


·      Check balances 24/7 (regular shares, mandatory savings, loan balances, prepaid card)


·      Request eStatements


·      Apply for a loan or top-up loan online


·      Sign up for electronic reports, online newsletter and SMS alerts.


Anyone who lives or works in a WV postcode area of Wolverhampton, South Staffordshire or Shropshire can now join the credit union online.


The credit union also plans to launch an app soon that will allow members to bank via their mobile phones. 

Find Us here:
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: