Banking made easy
Norfolk Credit Union and Norfolk County Council have joined forces to launch a current account for disadvantaged Norfolk residents.
We have become the first council in the east of England to support a local credit union in this way.
The account allows:
- Salary, pensions or benefits to be directly paid into it
- Access to money via the Link ATM facility
- The set-up of direct debits, standing orders, funds transfers and bill payments
- Payment for goods in shops and on the internet, where the VISA Debit sign is displayed
- Cash-back in shops displaying the VISA Debit sign.
Since the account's launch at the beginning of November, the Credit Union has sent out more than 100 application forms.
Daniel Cox, Leader of Norfolk County Council, said: "Having listened to how residents, businesses and partners felt we could most effectively help people in Norfolk through the recession, we decided that the current account would make a huge difference to the lives of a large number of people across the county.
"People who can often least afford to be paying higher rates for goods and services, simply had no choice - having to pay higher upfront rates.
"They also had a host of other issues that come with not having a bank account - ranging from gaining employment other than cash-in-hand, to the security aspect of having to store their cash, and of course carrying it before paying for goods. They are also totally excluded from the benefits of online shopping that many of us take for granted.
"This should now be a thing of the past. A one pound membership fee and one pound deposit is all that's needed to join Norfolk Credit Union and get the account started."
The current account has been made possible by a £150,000 grant from the County Council, with the account run by NCU, and backed by the Co-operative Bank. For more information about Norfolk Credit Union, go to www.norfolkcu.co.uk