The Lincolnshire Credit Union has a new information point in Louth, following the closure of its ‘access point’ in the town last year due to a lack of volunteers.
The independent and impartial Money Advice Service offers free advice, and one important point they make is: ‘To receive Universal Credit and other benefits, you’ll need a bank or building society account, or an account with an alternative provider like a credit union.”
Many people for various reasons do not have, or cannot have, an account with a bank.
One alternative in Lincolnshire is The Lincolnshire Credit Union, which is a form of community bank owned by its members, with a board of voluntary, unpaid directors.
To be eligible to become a member, you have to either live or work in Lincolnshire.
As a bank, the Lincolnshire Credit Union is regulated in the same ways that other banks are regulated, by the Financial Control Authority (FCA).
Any savings or balances held by the Lincolnshire Credit Union on behalf of members are covered by the Financial Services Compensation Scheme (FSCS), up to a value of £85,000, and guaranteed in the event that a bank is declared bankrupt.
The Lincolnshire Credit Union recently opened an information desk in the foyer at the Louth Job Centre in Eastgate, on Wednesdays between 10am and noon.
More information is available online at www.lincscreditunion.org.uk or by calling 01522 873550
Alternatively, you can visit the information desk at the Louth Job Centre.