News
Mayor Fits Puzzle Pieces Together to Better Credit Union - November 2007
The Mayor, Robert Syms MP and John Conroy, Vice Chair of East Dorset Housing Association, help to fit together the areas covered by three Credit Unions which have now merged to become Coastal.
The Worshipful The Mayor of Bournemouth & Mayor’s Consort (Councillor Anne Filer, AIL & Councillor Michael Filer, FCA, CTA) were among dignitaries and stakeholders who met to celebrate the launch of Coastal Credit Union held at AFC Bournemouth on Friday 18th October, and hosted by Sir John Butterfill MP. He was unable to attend at the last minute and Robert Syms MP kindly stepped in..
The Credit Union has been formed from three smaller, local Credit Unions from Bournemouth, Poole, Christchurch and East Dorset. This means anyone who lives or works in the BH postcode areas can now become a member. The newly merged Credit Union has been partially funded by the Big Lottery and the Esmee Fairburn Trust, so that they can employ Outreach and Development Workers to develop business partnerships with unitary and social housing service providers, as well as encourage members to budget more effectively through financial literacy activities.
Guests heard how Coastal aims to become a main stream banking service provider for the area, aiming at a wide range of members varying from ethical investors and the financially secure, through to young people as well as those who are currently financially vulnerable or excluded. They learned that in the future they would like to expand their service points throughout the area so they can become accessible to all members of the community, and they would also like to set up savings clubs in schools, churches and youth clubs.
In order to carry out some of these goals, Coastal still requires some additional resources such as a full time administration worker, and the finances to buy into a 'Banking Services Project'. The Banking Project would enable them to provide 'live' services so members can have their wages and benefits paid direct to their account, use debit cards, set up standing orders to pay their bills, and save for Christmas, a holiday or a rainy day at the same time.
At the event, Bournemouth Mayor Councillor Ann Filer said "This project will have tremendous value for the Bournemouth area, helping people with their financial affairs and bringing the importance of savings into schools".
Coastal Chairman John Merritt commented "Each Credit Union had it's own strengths – bringing the three Credit Unions together is like fitting a puzzle together to make one whole, stronger Credit Union, which can only benefit it's members and those living or working in the BH Community".
Sir John Butterfill provided a message of support;
"I am so very sorry that I am unable to be at the launch today as planned. The position is that my Private Member's Bill, the Building Societies (Funding) and Mutual Societies (Transfers) Bill is down for its final stages in the House of Commons today and as you will appreciate I have to be there instead. This is not something that I can alter unfortunately.
I do, however, wish the launch of the partnership every possible success and I shall look forward to following its progress with interest."
John Butterfill