Ipswich and Suffolk Credit Union News

2011 Dividend Payout

Chris Mole — Mon, 23 Apr 2012 16:02:35 +0100

Dividend payments of 0.5% of the average value of the shareholding (savings) in members' accounts over the last 12 months have now been added to members' savings.

Members' passbooks will be updated the next time a transaction is made at the Austin Street office and a line including the reference /DIV will indicate the cash amount of dividend added.

Junior members' accounts have been credited with interest of 2% on the average value of their shareholding over the previous credit union year (October 2010 to September 2011).

Pandolfi kicks off 10th Birthday AGM

Chris Mole — Fri, 09 Mar 2012 12:28:09 +0000

Ipswich radio celebrity, Nick Pandolfi gave a great boost to ISCU’s 10th Birthday Annual General Meeting on Thursday 8th March 2011.

Nick opened the proceedings by speaking of his own experience of managing money through tight times and told the audience he had just joined the credit union and opened a Christmas savings account.

A well attended AGM heard from ISCU directors of the growth of the business from its foundation in 2002 and its continuing success in recruiting members and the financial position of its savings and loan business.

In fact Nick Pandolfi had just become ISCU’s six thousandth member, one of over 110 people to join the credit union in Feburary.

The meeting heard of the work of the credit union over the last twelve months, of the growth in new services such as the Visa pre-paid card, Western Union Money transfer and ISCU’s Child Benefit Savings and Loan Plan.

Treasurer Michael Hole was able to report a profit that would enable a dividend of 0.5% to be paid on members’ savings and the meeting approved this.

ISCU is a community financial co-operative offering services to people who can’t or choose not to use high street banks. ISCU encourages people to save when they can and enables them to borrow at affordable rates when they need to.

ENDS

Move your money to ISCU

Chris Mole — Sun, 04 Mar 2012 16:44:46 +0000

Ipswich & Suffolk Credit Union welcomes Move Your Money Month.

People across the country are fed up with the high street banks and are looking for somewhere else to keep their money. The Move Your Money Campaign has arrived in the UK and kicks off its activity this month.

People in Ipswich and Suffolk can choose ISCU as an alternative place to keep their savings. We are a community co-operative owned and run by local people. We offer a safe place to save and provide affordable loans to the community.

If you want to speak to someone about ISCU, call us during the week on 01473 690690.

Annual and Special General Meetings

Chris Mole — Thu, 16 Feb 2012 13:53:25 +0000

All members are invited to the Ipswich and Suffolk Credit Union Ltd Annual General Meeting (ISCU AGM) on Thursday 8th March 2012 at 7:00 pm (doors open 6:45 pm) to be held at the Co-Operative Education Centre, 11 Fore Street, Ipswich, Suffolk, IP4 1JW.

(Parking access from Waterworks Street).

We will update you with recent news and give information about our latest developments at the Credit Union. We look to forward to seeing you. Please RSVP to office@iscu.org.uk

We will also hold a Special General Meeting to consider important rule changes.

ISCU is a democratic co-operative owned and run by its membership. This is your chance to have your say, come along and make your voice heard!

Members will be notified of the AGM in writing and there will be an explanation of the proposed rule change. At the same time members will receive a statement of their account and copy of the credit union's Annual Newsletter.

A full review of the past year and the growth of the credit union over the last decade is in our Annual Report.

ISCU offers Western Union international money transfer services

Chris Mole — Wed, 01 Feb 2012 12:00:00 +0000

Ipswich based Credit Union is globally connected

Members of the credit union will now be able to send money anywhere in the world as the union has become an agent for Western Union.

Current members of the Ipswich and Suffolk Credit Union can now send money straight from their savings account to any Western Union agent in the world. Any member of the public will be welcome to join the credit union in order to take advantage of this new service.

ISCU is a local financial service co-operative; open to all, with a special focus on providing services to people not able, or not wanting, to use conventional banks. Members can save from their pay or benefits and can borrow at rates much more affordable than on the high street or from doorstep loan sharks.

General Manager Chris Mole said, “This is another service improvement for ISCU members, and we have amongst our members people from many countries in the world who have settled in Ipswich.

“Our members have been asking us to provide this service and we are pleased to say we now have the technology and our people have been trained to offer the best service possible.

“Cash payout is available in over 200 countries and territories. Your money arrives in minute and your receivers can pick up the money right away.”

ENDS

Notes:

• Money transfers are restricted to people 17 years and older.

• Acceptable documentation showing evidence of identity:

For transactions from £600 to £1,999.99: one form of primary identification verifying the full name.

For transactions from £600 to £1,999.99, where no primary ID is presented: one form of primary identification verifying the full name (Birth Certificate, etc) and one form of non-primary identification verifying the current/permanent address (Utility Bill, a letter from a hostel manager confirming temporary residence, etc).

For transactions from £2,000 and above: one form of identification verifying the full name and one form of identification verifying the current/permanent address. The same document must not be used to verify both name and address.

Credit Unions safer than payday loans

Chris Mole — Wed, 07 Dec 2011 15:21:04 +0000

On the day a report says millions of Britons are likely to take out a high-interest loan in the next six months to last them until payday, Suffolk’s local credit union reminds people we are the affordable alternative.

R3, which represents "professionals working with financially troubled individuals and businesses", bases its claim on interviews with 2,000 people and Chris Mole, General Manager at the Ipswich and Suffolk Credit Union says “We see the price people pay every day when they have borrowed from pay-day and door-step lenders, but because we are owned and run by our members we offer more affordable credit.

“We offer loans to our members based on their ability to meet the repayments from their income and as a not-for-profit organisation we are not interested in exploiting people in difficult circumstances.

“We know people need credit. Our loan book has doubled from this time last year with 171 people taking out loans totalling £102,690 compared with 70 people taking out loans totalling £48,950 this time in 2010.

“Whilst pay-day and door-step lenders can charge hundreds and sometimes thousands of per cent interest (APR) for loans, credit union interest rates are capped by law to a maximum APR of 26.8%.

“We welcome savers who want to support our ability to provide affordable loans to the community, we don’t pay interest, but we can pay an annual dividend to depositors”

ENDS

Notes for editors:

• Source: http://www.bbc.co.uk/news/uk-16063271

• ISCU is authorised and regulated by the Financial Services Authority and deposits are protected by the Financial Services Compensation Scheme.

• We currently offer services that include: savings and loans, cheque cashing, wages and benefits processing, loan and life insurance and a Christmas savings club. We operate a rent deposit scheme in partnership with housing authorities and can lend small “urgent” welfare loans.

Welcome for new legal powers

Chris Mole — Thu, 10 Nov 2011 17:59:58 +0000

ISCU welcomes the passing of legislation that will enable credit unions to offer more services in their communities.

Ipswich and Suffolk Credit Union will now be able to offer accounts to clubs and businesses for the first time. We will be able to attract investment from local businesses and extend services to new groups, including housing association tenants and employees. Credit unions will also be able to pay interest on savings, instead of a dividend, so people will more easily be able to compare rates.

For more information see the links below:

http://www.which.co.uk/news/2011/11/credit-unions-given-a-boost-270983/

http://www.thirdsector.co.uk/News/FinanceBulletin/1103290/Parliament-approves-move-help-credit-unions-expand/3DFB84ACCEEB6256470D453A87F07271/?DCMP=EMC-CONFinanceBulletin

http://www.google.com/hostednews/ukpress/article/ALeqM5hktvNJn-H4tJ3rK8-OHfPvEZP9Jg?docId=N0560201320859348681A

Mine’s a million

Chris Mole — Tue, 11 Oct 2011 22:35:23 +0100

Suffolk’s local credit union breaks the million pound barrier as for the first time in its nine year history the union took £1.2 million pounds in deposits in the last twelve months.

General Manager, Chris Mole said, “This is a triumph for all the members, volunteers and staff at ISCU that we have crossed this line,

“Our union is growing at the rate of ninety new members each month and more people than ever are taking advantage of our safe savings and affordable loans.

“More than five and a half thousand people have been members of the credit union since we were established in 2002 and more are joining every day.

“I want to say a big thank you to everyone who has made a contribution over the last nine years. Our services are important to many who would otherwise be excluded from normal financial services and vital for those who are unable to access high street banking facilities.

“We welcome anyone who wants to join the union. Individual members are welcome to save from £1.00 up to £10,000 with us, knowing that we lend responsibly to people who cannot otherwise access affordable loans.

ENDS

2010 Dividend Payouts now in members' accounts

Chris Mole — Sat, 20 Aug 2011 15:10:04 +0100

Dividend payments of 0.5% of the average value of the shareholding (savings) in members accounts over the last 12 months have now been added to members' savings.

Members' passbooks will be updated the next time a transaction is made at the Austin Street office and a line including the reference /DIV will indicate the cash amount of dividend added.

Junior members' accounts have been credited with interest of 2% on the average value of their shareholding over the last 12 months.

Success on the cards for Ipswich and Suffolk Credit Union

Chris Mole — Wed, 06 Jul 2011 15:19:26 +0100

Community Foundation receives benefit

For almost ten years the Ipswich and Suffolk Credit Union has been providing affordable loans to people unable to borrow from the bank. The recent recession has boosted demand for loans and safe savings accounts, with ISCU membership growing by more than 80 new members per month.

Now the imminent demise of cheques has prompted a unique partnership with local grant-maker, the Suffolk Foundation. ‘We wanted to accept debit cards,‘ explained ISCU Director Sally Chicken. ‘Cheques are going, paying cash isn’t always possible, and postal orders are inconvenient for everyone,’ she added. As ISCU will soon be offering accounts to sole traders and voluntary groups, having a debit card processing service will be a great selling point.

Sally spotted that Norfolk based social enterprise Ethecol Merchant Services CIC offer an ethical card processing solution. The social enterprise is backed by the Allied Irish Bank and provides competitive transaction rates as well as contributing 4p per debit card transaction to each customer’s local Community Foundation. On the day ISCU’s card terminal was installed, two customers phoned in to discuss their loans and were delighted to be able to make their next repayment over the phone, then and there.

Commenting on what is the first chip and pin account in Suffolk to automatically donate a small margin to charity, Suffolk Foundation Chief Executive Stephen Singleton said; ‘You have to admire Ethecol’s business model. By sharing their margin with us, we’ll be actively promoting their chip and pin service to as many local businesses as we can. They’ll probably save money and raise money for us every time they take a payment.’

Explaining how his social enterprise can offer both competitive rates and give away margins to charity, Ethecol MD Robert Ashton said; ‘Most merchant service providers have a sales force and find servicing smaller accounts costly. We’ve removed that cost by making our proposition very compelling to both traders and their local Community Foundation.’

The hunt is now on for more Suffolk organisations to use Ethecol card processing technology and raise money for the Suffolk Foundation. Find out more from www.ethecol.com and www.suffolkfoundation.org.uk

ENDS

More info: Robert Ashton 01953 605000 or 07831 441736

Co-operatives fortnight

Chris Mole — Thu, 30 Jun 2011 14:49:05 +0100

ISCU is joined by Peter Couchman, CEO of the Plunkett Foundation, to celebrate Co-operatives Fortnight.

The gap between rich and poor is widening. One half of the UK population now owns just one per cent of the wealth. A generation ago they had twelve per cent.

Co-operatives Fortnight is an annual celebration of businesses that share their profits and are owned by customers, employees and residents.

The aim is to get 100,000 people to sign the petition calling for action to support co-operative action to narrow the gap between rich and poor.

Co-operatives Fortnight

Payment by Debit card now accepted

Chris Mole — Mon, 06 Jun 2011 17:25:30 +0100

New debit card service at ISCU

ISCU can now accept payments by debit card. If you need to make a payment on a loan or want to pay into your share account either call in at our head office or telephone 01473 690690. Please note we cannot accept credit cards.

Council Leader visits ISCU office

Chris Mole — Tue, 12 Apr 2011 17:07:31 +0100

Ipswich Council's leader, Councillor Liz Harsant, visits the ISCU head office to meet staff and volunteers who make our credit union tick!

Councillor Harsant (3rd from left) seen here with volunteer director Sally Chicken and other ISCU volunteers.

Mayor says thank you to Credit Union

Chris Mole — Mon, 04 Apr 2011 17:19:21 +0100

Ipswich Mayor, Councillor Jane Chambers said "Thank you " to ISCU staff and volunteers for their hard work and rewarded them with tea in the Mayor's parlour at the Town Hall.

AGM approves 0.5% Dividend

Chris Mole — Wed, 16 Mar 2011 17:14:28 +0000

Ipswich and Suffolk Credit Union members came to the union's AGM to hear about the past year's performance and prospects for the future.

Treasurer Michael Hole recommended and the meeting agreed the credit union should pay a dividend of 0.5 % to its members this year.

ISCU Annual General Meeting 2001

Chris Mole — Wed, 02 Mar 2011 22:00:04 +0000

The annual general meeting of the Ipswich and Suffolk Credit Union will be held on the 16th March 2011.

Read our 2011 AGM newsletter here.

and our full annual report here.

ISCU features in Homegrown video

Chris Mole — Tue, 31 Aug 2010 17:01:14 +0100

Ipswich and Suffolk Credit Union featured in a short film made by Homegrown Stories.

http://youtu.be/mit7bL6a8sY

ISCU Director in Downing Street

Chris Mole — Fri, 27 Nov 2009 16:49:19 +0000

ISCU's Sally Chicken meets Gordon Brown's wife and deputy leader Harriet Harman at 10 Downing Street.

From Credit Union News March 2009