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Tel: 01902 572340 Email: contactus@wccul.co.uk

NewsCouncil scheme encourages workplace savings and affordable borrowing
Print
14-September-2016
Council scheme encourages workplace savings and affordable borrowing
A scheme to encourage council employees to save or have access to low interest loans is being launched this week at the City of Wolverhampton Council.

The council has joined forces with the city’s only community-based credit union to enable staff and elected members to benefit from ethical financial services. The Worcester Street-based not-for-profit community bank hopes that hundreds of employees will join the scheme to save directly from their salary. At the same time, the credit union is helping staff steer clear of payday lenders, rent-to-own stores and loan sharks by giving them access to low interest loans.

Praising the payroll deduction scheme is Leader of the Council, Cllr Roger Lawrence, who said: “As a long-standing credit union member, I fully support the ethical values of Wolverhampton City Credit Union. At a time when more people than ever are experiencing stress from money worries, the credit union provides affordable, low-interest loans. By helping our employees to save directly from their salaries, the council is also helping to build financial resilience in the city.”

Encouraging more people to join the credit union also helped to boost the local economy, said Cllr Lawrence. “We know that exploitative lenders who charge high interest rates drain cash out of local communities. By not paying shareholders, the credit union helps to keep more money in residents’ pockets and the local economy.”

Originally founded by City of Wolverhampton Council employees nearly 15 years ago, Wolverhampton City Credit Union is owned and controlled by its nearly 8,000 members - people who live or work in the WV postcode areas of Wolverhampton and South Staffordshire.

Credit union manager Matt Goulding said that WCCU planned to broaden its membership through payroll deduction schemes with local employers. “These schemes have been a big success in the UK, supported by such major employers as British Airways, BAE Systems and the NHS. We hope that more employers in the city will recognise the scheme’s value as an employee benefit that helps to reduce the money worries of the city’s workforce.”

Read more about our Payroll Deduction Scheme and sign up for an account online for free!


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  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk