Credit union expands

PUBLISHED: 18:27 05 August 2008 | UPDATED: 21:04 26 October 2009

PLANS to create a new credit union that will cover Hertfordshire have been given the crucial thumbs up. Members of Hatfield Credit Union agreed to expand its existing operations across the whole of the county, voting to extend its common bond and become

PLANS to create a new credit union that will cover Hertfordshire have been given the crucial thumbs up.

Members of Hatfield Credit Union agreed to expand its existing operations across the whole of the county, voting to extend its 'common bond' and become HertSavers Credit Union.

Anyone living or working anywhere in Hertfordshire will now be able to take advantage of HertSavers' financial services but initial operations will be concentrated in Welwyn Hatfield.

Credit unions - local financial co-operatives that are owned and controlled by their members - provide convenient and safe ways to save money.

These savings then provide a pool of funds from which low-cost and flexible loans can be made responsibly.

Credit unions reward savers by offering them a fair return on their savings, known as an annual dividend.

The Hatfield Credit Union was launched in 2001, and now has approximately 450 members.

Chairman Tony Bailey said: "The long term plan is to extend across the other districts in Hertfordshire to eventually create a single, sustainable and professionally-run organisation that can benefit everyone in the

county.

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