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Latest banking scandal highlights need for ethical saving
28 June 2012
The union has launched the scheme for its members and their families as an alternative to profit-hungry banks and financial organisations that charge high interest on loans and do not have savers' and borrowers' interests at heart.
Benefits of the union
- Members of the credit union run it through democratically elected committees and there are no outside shareholders
- Many of the tasks are performed by unpaid officers, so running costs are kept low
- There no charges on savings and no arrangement fees or charges on loans
There will be a launch event for the credit union at the union's headquarters in London on Wednesday 4 July.
PCS assistant general secretary Chris Baugh said: "While shocking, the latest scandal in the banking world comes as no surprise.
"Credit unions like ours offer an alternative to the profit-hungry banks whose executives live in a different world to the rest of us."
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