If editors and journalists would like more information about our credit union and its activities please contact us at info@hullandeycu.co.uk or call 01482 778 753.
Here is a selection of news releases that we have issued.
2023
HEY CREDIT UNION COMES TO HESSLE
We are delighted to announce that HEY Credit Union, the region’s leading not-for-profit savings and loans co-operative with over 16,000 members, is about to launch its latest Credit Union access point in Hessle, East Yorkshire.
Starting on Tuesday 4th April, HEY Credit Union’s friendly team will be present inside Hessle Town Hall in South Lane (HU13 0RR) every Tuesday morning from 10 am to 12 noon.
Anyone in the Hessle area is welcome to pop in and find out more about the range of services the Credit Union offers to help people make the most of their money.
John Smith, one of HEY Credit Union’s founders who grew up in Hessle, is working with the local team to get their latest venture off the ground. He explained:
“If you would like to be able to build up some savings for whatever reason – Christmas, your holidays, your family’s future, or just for a ‘rainy day’ - our Credit Union is ideally placed to help you. With us, there is no sales pressure, you can save as much or as little as feels right, whenever you like. We will look after your money safely and ethically, return it to you when you need it, and pay you a dividend reward at the end of the year.
“Similarly, if you need credit, whether to spread the cost of a major purchase over a sensible period, to smooth out the lumpy costs of living, or to help you cope with an unexpected bill, your Credit Union offers an affordable, trusted option tailored to your situation.
“When a resident joins HEY Credit Union, either to save or borrow, or do both, they become one of our Member-owners and we exist to support their financial well-being, not to make money out of them. It is free to join for life and, because we are not for profit, we only need to cover our operating costs, which enables us to keep our loan rates low while paying our savers a reasonable return. All savings are fully protected by the FSCS, just like bank or building society deposits.
“Credit unions are well established around the world, and over the past 20 years have grown popular in Britain, because of their focus on helping people and doing things differently to the big banks. We have kept a presence in local communities which the big banks are leaving behind. All loan applications are looked at by a trained, human underwriter, so it’s never a case of the computer says ‘no’. And, because we care about our members, the amount we lend is never more than you can afford to repay. We offer flexible payments, smaller loans than banks (at rates many times cheaper than doorstep loans) and no settlement penalties if you want to repay early.”
With some unique products including a popular Christmas Saver account and a Family Benefit Plan, HEY Credit Union is proving a lifeline for families grappling with the cost of living crisis, and a great way to build financial resilience for the future. Its website – www.hullandeycu.co.uk – has lots of handy financial well-being information, budgeting tools, links to sources of support and helpful money tips, as well as an online joining page. Since 1999, HEY Credit Union has established successful local branches in Hull, Bridlington, Goole, Grimsby, Scunthorpe, Driffield, Withernsea and Beverley and now looks after over £14 million in members’ savings.
Why not pop in to Hessle Town Hall for a chat – with no obligation – one Tuesday morning? Our volunteer team assure you of a warm welcome and help with any questions you may have.
HEY Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority – firm reference number 213620.
Further information
John Smith, Governance Officer, HEYCU
Tel 07896 267517 Email jsmith@hullandeycu.co.uk
ENDS
HEY Credit Union rises to cost of living challenges
An organisation which is now in its 24th year of providing a loans and savings lifeline for families says people in Hull and the Humber region are changing the way they borrow in the face of the cost of living crisis.
John Smith, Governance Officer of HEY Credit Union, said their annual report for 2022 showed a big increase in the number of members taking out loans with the not-for-profit mutual over the past year.
While the Credit Union can issue loans from £100 up to £20,000, depending on members’ affordability, many more of the loans issued in recent months have been for smaller purchases – including day to day living costs.
John said: “Members are generally finding the cost of living crisis very challenging. They are applying for more loans than ever before – we were up by 25 per cent over 2021 – and they are applying more often.
John also gave a warning about the activities of high interest lenders, who prey on hard-pressed families by tying them into unaffordable debts.
He said: “Once they get locked into high cost credit, whether it’s with doorstep lenders, payday credit, or unregulated loan sharks, it can be hard to break the cycle of problem debt.
“It has become a big problem over the last ten years, with the growth of online services. There are even companies who promote themselves online and on social media and tell people they can clear their debts. They make a lot of money from fees but the debt is only reduced marginally.
“We want to encourage people in the Humber Region to take a look at us first. Often we can save them a lot of money when borrowing, whether it’s to spread the cost of a big ticket item or simply to smooth out the lumpy costs of living.”
HEY Credit Union now has more than 15,000 adult members and junior savers. As well as a head office in Hull and online, there are branches in Beverley, Bridlington, Driffield, Goole, Grimsby, Scunthorpe and Withernsea, where people can walk in and talk with their local team.
The Credit Union’s assets increased by more than £800,000 during 2022 to stand at £16.5 million, with members’ savings accounting for £14 million of that.
John explained that HEY Credit Union had not increased its interest rates on loans. He said: “They are going up elsewhere but we have kept ours the same. We are not under any pressure to increase our rates because as a not-for-profit lender we only need to cover our costs.
“We have cost pressures in other areas like all businesses just now, but we don’t plan to increase our interest charges because that would just put more stress on people and cause them to go to other places that might not look after them in the same way.”
Just before Christmas the Credit Union paid out over £135,000 in Dividends to its members as a reward for saving with it through the year. John said: “We are living proof of the benefits of co-operative trading – our surplus is returned to the members whose saving and borrowing helped to create it, and it recycles within the regional economy. It’s all being used for the benefit of the region where our member-customers live and work.”
Established products include the Christmas Saver account, which locks members’ funds safely out of temptation’s way until November. In 2022 it amassed a total of £907,000. The other big-spending time of the year for many families is the summer.
John said: “That’s when people buy school uniforms. They’re getting more and more expensive because so many of the items are branded. We can help with small affordable loans repaid direct from Child Benefit.”
Members can save directly with the Credit Union and over 3,000 of them make regular contributions via their employers with payroll save and borrow schemes. During 2022 the Hull branch recruited ResQ, Wellington Care and Hull & East Yorkshire Mind to offer the scheme as a popular staff wellbeing benefit. The branch also held workplace wellbeing sessions at KWL and Hull City Council.
The Credit Union has also moved with the times by introducing Green Loans, with a tree planted in the HEY Forest for each loan taken out.
John said: “You can borrow for things like insulation or adapting your home with solar panels or with something more modest such as travel – we can fund a bike. Quite a lot of people have applied for cycles and small value home improvements. Maybe things like loft insulation, a more efficient boiler, better electrical appliances.”
Further information from HEY Credit Union branch offices:
In Beverley, the Credit Union operates from the Cherry Tree Centre, which includes a Community Pantry. Jo Ramsay, Centre Manager, said “We are proud to host the Credit Union. It helps local people to avoid borrowing from doorstep lenders with extremely high interest rates. It offers a quick and stress-free process for people looking to manage their money well.”
In Bridlington, the Credit Union branch has formed a new partnership with The Hinge Centre, and joined in events with them, along with other community organisations, at Crown Buildings to talk with local people about budgeting and money management and make them aware of the services it provides.
In Driffield, the Credit Union branch arranged a leafleting campaign, in partnership with the Town Council, to reach out to residents in the new housing areas around the town and make them aware of its services. The branch opens every Thursday morning in the Council Offices at Market Walk.
In Goole, the Credit Union branch has an active partnership with Two Rivers Community Pantry, enabling people who visit on Thursdays to receive support and information about budgeting and money skills from a member of the local team. The two organisations also organise a Christmas toy appeal.
In Grimsby, the Credit Union branch has just completed its first year of operations and has chalked up an impressive total of 465 members, with total savings of £150,000 and loans of £320,000. It is based in Grimsby Central Library but has three community outreach points across the borough, with a fourth soon to open in Immingham.
In Scunthorpe, the Credit Union branch team has been visiting the local Job Centre to make clients aware of the services it provides for local people. It also has a developing partnership with Ongo Homes to raise awareness among their tenants and staff.
In Withernsea, the Credit Union branch has formed a new partnership with The Shores Centre, to promote Multiply, a government-funded scheme to encourage adults to improve their numeracy skills.
Further information
John Smith, Governance Officer, HEYCU
Tel 07896 267517 Email jsmith@hullandeycu.co.uk
Phil Ascough 07944 123352
ENDS
2022
JOIN US IN CELEBRATING INTERNATIONAL CREDIT UNION DAY!
Thursday 20th October 2022, is International Credit Union Day. Credit Union Members all around the world will be joining in celebrations to mark the credit union movement’s impact and achievements.
Since 1948, International Credit Union Day has been organised on the third Thursday of October by the World Council of Credit Unions. Each year, the international event provides an opportunity to remember the proud history of credit unions and raise awareness of their power to make a big difference to the financial well-being of people and their communities.
This year marks the 74th anniversary and the theme is Empower Your Financial Future with a Credit Union. John Smith, HEY Credit Union’s CEO, explains:
“There are still 1.4 billion people across the globe who are unbanked. Credit unions truly have the perfect business model to empower their financial future and that is a message for our entire global movement to celebrate and promote on Thursday 20 October.
“The credit unions that we know and love today were all started in a small way by people who saw the need for everyone to be able to build up some savings safely, and obtain fair and affordable credit instead of being at the mercy of unscrupulous lenders charging extortionate interest rates.
“Our founder-pioneers came together to set up credit unions as co-operatives whose whole purpose is to serve their member-owners, not make money out of them. They designed ethical savings and loan products to help them to manage their money wisely. They took great care of their members’ funds, knowing the trust they had placed in them. As time went by, more and more people flocked to join credit unions.
“Thanks to their efforts, credit unions have flourished around the world and are making a significant social impact. They are challenging the big mainstream banks that often seem to have forgotten their own roots, and the people they used to serve, in a quest to make ever bigger profits and bonuses for their shareholders and managers.”
Here’s ten facts to share with you about HEY Credit Union and hopefully make you proud to be a Member:
We truly are the People’s Business as everything we do is for our Members. We’re on a mission to help everyone who chooses to join to enjoy great financial well-being and resilience to weather any financial storm.
If you’re not a member already, we would love to welcome you into our Credit Union Family! Click here to find out more.
ENDS
2022
JOIN US IN CELEBRATING INTERNATIONAL CREDIT UNION DAY!
Thursday 20th October 2022, is International Credit Union Day. Credit Union Members all around the world will be joining in celebrations to mark the credit union movement’s impact and achievements.
Since 1948, International Credit Union Day has been organised on the third Thursday of October by the World Council of Credit Unions. Each year, the international event provides an opportunity to remember the proud history of credit unions and raise awareness of their power to make a big difference to the financial well-being of people and their communities.
This year marks the 74th anniversary and the theme is Empower Your Financial Future with a Credit Union. John Smith, HEY Credit Union’s CEO, explains:
“There are still 1.4 billion people across the globe who are unbanked. Credit unions truly have the perfect business model to empower their financial future and that is a message for our entire global movement to celebrate and promote on Thursday 20 October.
“The credit unions that we know and love today were all started in a small way by people who saw the need for everyone to be able to build up some savings safely, and obtain fair and affordable credit instead of being at the mercy of unscrupulous lenders charging extortionate interest rates.
“Our founder-pioneers came together to set up credit unions as co-operatives whose whole purpose is to serve their member-owners, not make money out of them. They designed ethical savings and loan products to help them to manage their money wisely. They took great care of their members’ funds, knowing the trust they had placed in them. As time went by, more and more people flocked to join credit unions.
“Thanks to their efforts, credit unions have flourished around the world and are making a significant social impact. They are challenging the big mainstream banks that often seem to have forgotten their own roots, and the people they used to serve, in a quest to make ever bigger profits and bonuses for their shareholders and managers.”
Here’s ten facts to share with you about HEY Credit Union and hopefully make you proud to be a Member:
We truly are the People’s Business as everything we do is for our Members. We’re on a mission to help everyone who chooses to join to enjoy great financial well-being and resilience to weather any financial storm.
If you’re not a member already, we would love to welcome you into our Credit Union Family! Click here to find out more.
ENDS
2021
HEY CREDIT UNION NOW OPEN IN NORTH EAST LINCOLNSHIRE
HEY Credit Union, the not-for-profit community bank serving people who live or work in the Humber Region, has opened a new branch in North East Lincolnshire.
Open to anyone in the area to join, the Credit Union provides safe and handy savings accounts for the whole family, and affordable, responsible credit solutions for people looking to spread the cost of a major purchase, or smooth the ups and downs of family budgeting.
The plan is for the branch to be within Grimsby Central Library. However, as it is currently closed for building works, the Credit Union team – comprising Quinn Needham and Sally Johnston - is based at Cleethorpes Library, opening every Tuesday, Wednesday and Thursday from 10 am to 2 pm. They are also at Freeman Street Market (the Courtyard) every Friday morning.
Among HEY Credit Union’s most popular services are a Family Benefit Plan and a Christmas Saver account, which helps people to plan ahead for the festive season by locking savings safely out of temptation’s way until November. Loans can also be applied for, from £100 up to £20,000, depending on affordability, for a wide range of purposes. For a limited period, anyone joining the Credit Union in North East Lincolnshire will qualify for a £25 bonus, provided by the Stop Loan Sharks team, when they make three savings deposits and keep the account open for at least six months. All savings are protected by the FSCS, in the same way as bank and building society deposits.
John Smith, HEY Credit Union’s CEO, explained: “We already have around 230 members in North East Lincolnshire that we serve online but, for some time, we’ve been looking to provide a walk-in branch in Grimsby town centre where we can meet people face to face. Now, thanks to our partnership with Lincs Inspire, we are able to do this through the local libraries. With many of the big banks closing branches, we feel it is even more important for credit unions to provide a friendly, personal service at the heart of the community.
“As a Credit Union, we are owned by our 15,000 customer-members and operate entirely for their benefit, and so we’ll be listening to their needs, consulting them and working hard to make our local branch as successful as those in Scunthorpe, Hull, Bridlington, Goole, Driffield, Beverley and Withernsea. We are really excited about building a long-term relationship with the people of North East Lincolnshire.”
Credit unions work in partnership with a range of organisations to deliver benefits for the community. In its Social Impact Report 2020, HEY Credit Union was estimated to have saved the people of the Humber Region at least £20 million in interest charges over a 21 year period, by providing credit at lower rates than other providers, such as doorstep lenders. In this year’s Consumer Credit Awards, they were voted national Treating Customers Fairly Champions, a major achievement for a community-based organisation.
Cllr Ron Shepherd, the Portfolio Holder for Safer and Stronger Communities, commented: “This partnership is a perfect example of how organisations can work together for the good of the community of North East Lincolnshire. A wide range of local people and families are set to benefit from HEY Credit Union services and as a council we support and welcome its arrival here.”
Sue Wells, Lincs Inspire Chief Executive, said: “Libraries are easily accessible and provide a welcoming community space for residents to discover more about the HEY Credit Union services. Their purpose it to help people to improve their financial stability and build a better quality of life, so our objectives, based in improving community wellbeing are closely aligned. We look forward to this partnership and seeing HEY customers in our libraries.”
ENDS
HEY Credit Union claims national award for putting fairness to customers first
An organisation which has been providing a loans and savings lifeline for families for more than 20 years has been rewarded with a top accolade in a nationwide awards scheme.
HEY Credit Union, which has branches across East Yorkshire and Northern Lincolnshire, shared top spot in the Treating Customers Fairly category in the Consumer Credit Awards 2021 (CCA).
The Credit Union, which has just over 20 staff and serves 15,000 members from its headquarters in Brook Street, Hull, won the category jointly with Bamboo Loans, a much bigger business with 80 staff and more than 150,000 customers stretching across the south of England and into Wales.
John Smith, Chief Executive of HEY Credit Union, said: “This is a fantastic achievement because it puts us right up there with some of the biggest players in the financial services sector.
“It also reinforces our efforts to challenge any perception that we’re not a proper bank. You can save safely with us, you can take loans out with us, we are ethical, we can beat what the banks do and this proves it. None of the traditional banks featured in these awards!”
As a not-for-profit mutual business, HEY Credit Union has assets of £15 million and is working to build membership and expand a network of branches which currently includes Beverley, Bridlington, Driffield, Goole, Scunthorpe and Withernsea.
Since its launch as the City of Hull Credit Union in 1999 the organisation has issued more than 65,000 loans to a total value of £46 million and looks after members’ savings of £14 million.
As well as providing sources of credit at fair and reasonable rates of interest, HEY Credit Union helps members of the community to save and educates them in the wise use of money, the management of financial affairs and the successful operation of a co-operative business.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 the Credit Union has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time.
The members were the key to the latest success, with every customer who was contacted by awards sponsors Smart Money People reporting 100 per cent satisfaction with HEY Credit Union’s services.
John said: “The awards are entirely voted for by the customers of firms in the consumer credit industry so we have our members to thank for getting us on to the winners list. It's wonderful that they think so much of us and that we've been able to bring this award back to the Humber Region.
“But we know these things don't happen by chance. It is the team effort, day in and day out, to go the extra mile, generate trust and loyalty, produce great solutions and treat our member-customers fairly and with kindness that has led to this amazing outcome for HEY Credit Union. The directors and I am so proud of our team!
“Credit unions are all about treating people fairly. As a co-operative, we were founded with the ethics of ‘people helping people’ and everything we do is about producing fair outcomes for our members, supporting their financial well-being, not making profits out of them. It is part of our DNA.
“Some years ago we coined the strapline ‘The Fairer Alternative’ for HEY Credit Union’s brand. Feedback from our annual member surveys, 137 reviews on Trustpilot and now this Treating Customers Fairly award, suggests that we have been successful in turning this aspiration into real experience for our 15,000 members. I hope it also sends a powerful message out to the community that we are one of the most trusted brands in the UK for fair, affordable and responsible credit.”
The CCAs are in their sixth year and are open to all firms carrying out consumer lending in the UK. Firms taking part awards include banks, credit unions, “fintech” firms, specialist lenders, credit brokers and the suppliers that they do business with.
HEY Credit Union was also nominated in the categories of Best Credit Union (North) and Customer Service Champion.
Jacqueline Dewey, Chief Executive of Smart Money People, said: “Congratulations to all the winners in our Consumer Credit Awards 2021. The standard of voting this year has been incredibly high, and all the finalists should be proud of their achievements. After another challenging year, it has been great to see the nominated credit firms continue to offer such high levels of satisfaction in the eyes of those who matter most, their customers.”
Ends.
Picture details
Attached pic of John Smith, Chief Executive of HEY Credit Union, and some of his colleagues at the head office in Brook Street, Hull.
Further information
John Smith, Chief Executive, HEYCU
Tel 01482 778753 Email jsmith@hullandeycu.co.uk
Phil Ascough 07944 123352
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Driffield, Goole, Scunthorpe and Withernsea the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Driffield, Goole and Withernsea, in addition to Scunthorpe, the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Matt Kelly, who works as Income Manager for Ongo became a Director of the Credit Union in February 2021, and is committed to raising awareness of its work.
He said: “We work with people who are struggling financially every day. The Credit Union gives them a real opportunity to not only save regularly to help put them in a stronger financial position in the future, but also offers affordable borrowing for those who need it to avoid high interest rates often incurred by borrowing from doorstep lenders.
“We also work closely with the Illegal Money Lending team to raise awareness of loan sharks operating in the area and to help people who have been targeted by these individuals.
“The Credit Union is a fantastic alternative to high street banking and available to all, not just those on a low income. It is an opportunity for everyone to create an ethical alternative to high interest banking, and many of our staff and colleagues have already joined the Credit Union which I am proud to represent”.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
Sarah Hanson, the Bridlington Branch Development Officer, highlighted current cases which are saving HEY Credit Union members thousands of pounds.
She said: “We have helped many members save money by ditching high cost credit from pay day lenders who charge extremely high interest rates.
“One of our members was paying out around £500 per month to credit cards. She's now paying us £145 a month for everything, enabling her to manage her finances better and not live hand to mouth.
“Recently a member came in asking for a statement to take to another high street lender to buy a sofa. It was going to cost her almost £3,000 over three years for a £950 sofa but she thought it was a bargain because they were only charging her £20 per week! Instead we lent her £1,000 over a year which is going to cost her £23.80 a week, saving her £1,930. Needless to say she was thrilled.”
Money management products which have proved popular at the Bridlington branch include the Family Benefit Plan, which enables members to borrow really cheaply and to save as well for holidays, Christmas, school kit or other big spends.
Sarah said: “We know the cost of bringing up a family can really add up and isn’t spread evenly across the year. We aim to provide a welcoming environment for people from all walks of life, including vulnerable people who may struggle to obtain mainstream financial products.”
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Driffield, Goole, Scunthorpe and Withernsea in addition to Bridlington, the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
Jo Evans, Goole Branch Development Officer, said the report will help her team raise awareness of the Credit Union in the town and build on their good community presence and an ever-growing membership.
Jo said: “Our members like the community feel of the Credit Union and what it stands for. As a local person myself, and having always lived and worked here, I am well known in the community, which has definitely been an advantage working in a community business like ours.”
Aspects of the service which have proved particularly popular include the annual toy appeal, which is backed by a number of local businesses, the Christmas Saver account, and schools bank projects which were supported by a £3,000 prize from the Stop Loan Sharks Award.
With her colleague Sarah Montgomery, Jo focuses on taking a non-judgmental approach, keeping members at the heart of their work.
She said: “Goole is a town with much deprivation and our thinking with the school banks was that building good savings habits in children would help to break the cycle of debt that had trapped some families. When they receive gifts from the toy appeal we make them aware of ways they can manage their finances better.
“We are able to establish trusting rapports with people from all backgrounds. If we are not able to offer Credit Union services for whatever reason, we can offer alternative solutions or signpost people to other agencies that may be able to help them.”
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Driffield, Scunthorpe and Withernsea in addition to Goole, the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
Terry Dagnall, who runs his own business in Withernsea and became a Director of the Credit Union in December 2020, is committed to raising awareness of its work.
He said: “A lot of it is word of mouth but there have been events at Shores Community Pantry to promote the Credit Union and I wanted to get involved because I could see it is a very good project that is helping people in Withernsea to save and pointing them in the right direction.
“There have been loan sharks operating in the area and it is very hard to get rid of them but the Credit Union has helped with that and is helping people to look after their money better.
“There are a lot of people in Withernsea who are scrimping and scraping and using food banks so every penny they can save is only going to be good for them. It’s early days yet but hopefully we can expand and get more people involved. Even if it’s one or two a week.”
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Driffield, Goole, Scunthorpe in addition to Withernsea the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
Debs Hayhurst, a volunteer at the Driffield branch, said the importance of the Credit Union has increased as the main banks have made cut backs in the town.
She said: “With all the bank closures people want somewhere they can sit down face to face and have a chat. And because I have lived and worked in the town for 30 years I know a lot of the people anyway.
“What I like about the Credit Union is that it has very strong principles. It’s not about profit. We look at a person’s needs first to find out how we can help. If something happens – a washer or a fridge goes – people might need to borrow a small amount of money and that’s where we can step in and help out.
“So many people get into trouble because they take out loans with other lenders and don’t look at the small print about interest rates. Sometimes they don’t fully comprehend what they are saying yes to, and it’s so easy in our current world to get into debt.
“We’ve had some sad cases of people getting involved with loan sharks or acting as guarantors for others in that position who couldn’t pay back. Often it’s elderly people who have never been to court and end up besides themselves with worry.
“It’s frightening that some people are living hand to mouth because they haven’t got any spare funds but the Credit Union helps people manage their money better, with certain tools and budget planners that they can use.”
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Goole, Scunthorpe and Withernsea in addition to Driffield the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland, the United States credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks can do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 but almost a quarter are for less than £250 – a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
The Beverley Branch of the Credit Union operates from the Cherry Tree Centre. Jo Ramsay, Manager of the Centre, said the service has provided a lifeline for people who have had to consider doorstep loans when unexpected costs have cropped up.
Jo said “We are proud to host the Credit Union. We have worked with a number of new members who did not know which way to turn when a crisis hit them, from a washing machine breaking, moving into a property and requiring carpets, a deposit for a new rented property, to a car or garage bill. One local resident told us she doesn’t know what she would have done as she needed her car to get to work but it failed its MOT.
“The Credit Union helps local people to avoid borrowing from doorstep lenders with extremely high interest rates. It offers a person-centred, face to face service and a seamless process from the point of application to regular phone contact. A process that could be extremely stressful for the client is always quick, clear and simple.”
As a not-for-profit mutual business with a head office in Hull and branches in, Bridlington, Driffield, Goole, Scunthorpe and Withernsea, in addition to Beverley, the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire.
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
HEY Credit Union helping thousands of families on the way to becoming the multi-million-pound bank you can trust
An organisation which has been providing a loans and savings lifeline for families for 21 years has marked the milestone by publishing its first social impact report.
HEY Credit Union is also using the findings of the study to plan further expansion and help more people across the Humber region to manage their family finances.
As a not-for-profit mutual business with a head office in Hull and branches in Beverley, Bridlington, Driffield, Goole, Scunthorpe and Withernsea, the Credit Union has more than 15,000 members and assets of £14 million.
Current priorities are to increase the membership served by the network in East Yorkshire and to open a branch in Grimsby to expand the services in Northern Lincolnshire – a move which has been welcomed by Helen Isaacs, Assistant Chief Executive at North East Lincolnshire Council.
Helen said: “The financial challenges facing our community have been magnified by the pandemic and we see the Credit Union as key to helping people to manage their money and take up the opportunities that the products on offer bring.
“We know the impact some of the hardship funding we have distributed has made to individuals and families, but this has been temporary. The Credit Union will give people the options to manage their money over the longer term and in a way that gives them choice about how they do it.”
Andy Stankard, HEY Credit Union’s President, said: “The seeds for the report were sown a couple of years ago when we looked at some facts and figures and found that people had saved over £15 million in interest charges on loans by joining us instead of going to loan sharks or pay day lenders.
“Keeping that money in our local economy makes a massive difference. Without the Credit Union that money would have gone out of the Humber region. We made sure it stayed here.
“I was quite shocked when I read the report. There’s nothing in it that I didn’t know but when you see it all together like that and you see what we have done it’s a bit of a wow! From where we began to where we are now is a massive journey and we have done well.
“We are one of the most successful credit unions in the country and one of the most respected, and our aim is to continue to grow by attracting more members in the areas where we already operate and by opening a branch in Grimsby to meet the demand which we have identified as a result of our work from the Scunthorpe branch.”
The member-owned organisation was founded by volunteers as the City of Hull Credit Union in 1999. Over the years it has expanded to cover the Humber region with an elected board of directors, a Chief Executive in John Smith, 22 staff and a team of volunteers.
The report reveals that so far HEY Credit Union has issued more than 50,000 loans to a total value of £40 million and looks after members’ savings of £12.5 million.
In addition to providing sources of credit at a fair and reasonable rate of interest, HEY Credit Union educates members of the community in the wise use of money, the management of their financial affairs and the successful operation of a co-operative business. The report says 70 per cent of borrowers go on to become regular savers.
Options to encourage regular saving and sensible borrowing include enabling Child Benefit to go straight into a member’s account, and partnering with more than 20 employers to allow staff to save and repay effortlessly direct from their wages. More firms are being encouraged to offer this popular benefit.
Since 2015 HEYCU has worked with the Stop Loan Sharks project and with local authorities to offer incentive bonuses to people who open and use a Christmas Saver account for the first time. The scheme uses money from the Proceeds of Crime Act, funded from convicted loan sharks.
Andy said: “The common perception of a credit union is of a poor person’s bank but that really isn’t the case. Many of our members work full-time in very good jobs and they use us because they trust us. When the banking crisis happened in 2008-09 credit unions were not affected, because we are not in the casino gambling banking market.
“We want to challenge any perception that we are not a proper bank. In Australia, Ireland and the United States, credit unions are bigger than the banks. You can save safely with us, you can take loans out with us, we can beat what the banks do and we are ethical.
“We are the only bank based in the region with a five-star Fairbanking Mark and we want to get the message out that if employers want to be responsible and look after their employees they should consider allowing deductions for credit unions because it is a valuable service and something we can do to support their wellbeing.”
Key points of the report:
The report states that about one-quarter of members have a household income of below £15,000. The remainder are split evenly between income of £15-30,000 and more than £30,000.
Around half the loans issued are for amounts between £251 and £500 and almost a quarter are for less than £250, a market not served by banks. A handful are in the £10,001 to £20,000 bracket.
Research quoted in the report shows than 26 per cent of working age adults have no savings at all and a further 29 per cent have less than £1,000 saved. When an unexpected bill comes along or a family crisis hits they may have to borrow, and sometimes from high cost lenders.
The majority of members say they are saving for a rainy day with others putting money by to make sure they can cover the cost of Christmas or other festivals, children and family costs, holidays, other large purchases or retirement.
ENDS
BRIDLINGTON CREDIT UNION BRANCH RE-OPENS
The Bridlington Branch of HEY Credit Union – the region’s leading not-for-profit savings and loans co-operative, is re-opening on Thursday 8th April at 10.00 am.
Based at 18 Prospect Street in the town centre, the Credit Union will once again open every Monday, Thursday and Friday from 10 am to 2 pm to sign up members, deal with savings transactions and accept applications for affordable loans.
As providers of essential financial services, credit unions have been able to remain open throughout lockdown, but the Bridlington Branch recently closed temporarily for redecoration, while continuing to serve members online and over the telephone.
Sarah Hanson, Bridlington Branch leader, says: “We are pleased to be re-opening our refurbished branch and look forward to welcoming our members back and seeing some new faces. We have safety screens in place and social distancing measures to keep everyone safe.”
As a re-opening offer, new members joining the Credit Union at Bridlington Branch over the coming month and making at least three savings deposits will have a £25 bonus added to their account, as a result of the Credit Union’s partnership with the Stop Loan Sharks Team.For existing members, a free prize draw is being held. Members using the branch over the next four weeks will be entered in the free draw each time they visit, with two fabulous hampers to be won, featuring a range of gardening goodies and pamper treats.
HEY Credit Union members can also access all services online at www.hullandeycu.co.uk or by calling 01482 778753 (between 10 am and 4 pm Monday to Friday).
ENDS
DRIFFIELD CREDIT UNION BRANCH RE-OPENS
The Driffield Branch of HEY Credit Union is re-opening on Thursday 18th March at 9.30 am in the Town Council Offices, Market Walk. It will once again open every Thursday from 9.30 am to 12.30 pm to sign up members, deal with savings transactions and accept applications for affordable loans.
As a re-opening offer, new members joining the Credit Union at Driffield Branch over the coming month and making at least three savings deposits will have a £25 bonus added to their account, as a result of the Credit Union’s partnership with the Stop Loan Sharks Team.
For existing members, a free prize draw is being held with the support of local businesses in the town. Co-Zee Café have kindly donated an afternoon tea for two voucher worth £25. Rafters, the award winning green grocers, are supplying a bumper hamper with a nice selection of Yorkshire produce and fresh fruit. Members using the branch over the next four weeks will be entered in the free draw each visit.
Debbie Hayhurst, supervisor of the Driffield branch, says: “As providers of an essential service, we are pleased to be re-opening our branch and look forward to welcoming our members back and seeing some new faces. We have safety screens in place and social distancing measures to keep everyone safe.”
Credit Union members can also access all services online at www.hullandeycu.co.uk or by calling 01482 778753 (between 10 am and 4 pm Monday to Friday).
ENDS
CREDIT UNION AND PANTRY TEAM UP
HEY Credit Union and Shores Community Pantry are working together to promote the financial wellbeing of people in Withernsea, with a tasty incentive on offer for new members.
The Credit Union and Shores share a desire to promote financial inclusion in the community and to support local people in improving their financial health. The Credit Union is run on a not-for-profit basis and promotes healthy financial habits by encouraging people to save and providing access to affordable credit. The Pantry, run by the Shores charity, is helping make food shopping more affordable for those struggling financially with the impact of the pandemic.
The two community-minded organisations are linking up by holding monthly information sessions at the Pantry on Queen Street, where you can find out more about the Pantry and the Credit Union and apply to join. These will be on the second Wednesday of the month from 1.30 pm to 3.30 pm at the Shores Community Pantry on Queen Street. As a thank you to for joining the Credit Union and the Pantry, you will receive a small complimentary box of chocolates.
Shores CEO Jayne Nendick commented that “we hope this small gesture will put smiles on faces during what has been a challenging time”. Matthew Lloyd, the Credit Union’s Withernsea Development Officer, added that “this partnership provides an opportunity to make a lasting impact on peoples’ financial attitudes for the better”.
For more information on the Credit Union and the Pantry and how their services could benefit you, you can contact Shores by phone on 01964 615190 or by email at shartley@shores.org.uk, and the Credit Union by phone on 01482 778753 or by email at info@hullandeycu.co.uk.
ENDS
2020
HEY CREDIT UNION TO HOLD FIRST EVER ONLINE AGM
HEY Credit Union, the not-for-profit financial co-operative serving over 15,000 members and junior savers across the Humber Region, has announced its annual results.
Members of the Credit Union with a £1 share have been invited to register for their first ever online Annual General Meeting on Tuesday 8 December at 5.45 pm to hear how the region’s leading financial services mutual has fared during a very challenging year.
Chief Executive John Smith said the Coronavirus pandemic had made it a difficult year for most organisations and the Credit Union was no exception. He commented: “We’ve been working hard to maintain our service to members and the safety and wellbeing of all our people has been at the centre of our planning. We know that many of our savers and borrowers have been having a tough time, but our team has been determined to be here for them and support their financial wellbeing as much as possible.”
As expected the Credit Union experienced some impact, with several staff and volunteers away self-isolating, school banks unable to operate and face-to-face member recruitment at workplaces at a standstill.
However, further investments made in technology meant that members could be served online, using a new user-friendly app, and over the telephone, with same-day bank transfers proving highly effective. A new streamlined online loan application process reduced the time taken for people to access affordable credit.
Credit unions are classed as an essential service, which allowed branches to remain open during the lockdown, but with reduced opening hours and cash handling in the interests of public safety. Many of HEY Credit Union’s members work in vital public services and, to support them through a difficult time, a Key Worker Loan option with preferential interest rates was introduced.
Despite all the challenges of 2020, the Credit Union managed to increase members’ savings deposits by 14% to £12.5 million and to strengthen its Capital Reserves by £72,000.
Members can register for the online AGM on the news page of the website www.hullandeycu.co.uk
ENDS
Notes to Editors
HEY Credit Union’s Annual General Meeting
Information about HEY Credit Union's Annual General Meeting may be found on the website at
Hull & East Yorkshire Credit Union (hullandeycu.co.uk)
About HEY Credit Union
HEY Credit Union was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire. There are 22 staff and over 20 volunteers. It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £12.5 million in savings.
HEY Credit Union is a well governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time. Its website at www.hullandeycu.co.uk has full details..
HEY Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.
HEY Credit Union has a five-star Fairbanking Mark for responsible lending and is a signatory to the Armed Forces Covenant.
HEYCU’s newsletter with annual review can be viewed at Annual~Newsletter~2020~(facing~pages~version).pdf (hullandeycu.co.uk)
For more information, please contact:
John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk
SHORES STAFF BENEFIT FROM NEW CREDIT UNION SERVICES
Hull & East Yorkshire Credit Union (HEYCU), the region’s largest not-for-profit financial services organisation, has teamed up with the Shores Centre in Withernsea to offer their employees a simple way to make the most of their money.
With the Credit Union’s payroll partnership scheme, employees can save as they earn, with all payments taken care of effortlessly straight from their pay packet. It’s a safe and flexible way to put some money aside and to know that it’s there for sunny holidays or rainy days.
The agreed payroll deductions are transferred to one or more Credit Union savings accounts, which can include instant access savings, Christmas savings and savings for children. The member’s money is completely safe as it is covered by the Financial Services Compensation Scheme.
HEYCU are seeking to establish Withernsea as a Credit Union Town, in which local people have ready access to safe savings and affordable credit, with the support of the Withernsea Big Local Partnership. The Credit Union’s branch at Shores is open Mondays and Wednesdays 9 am to 12 noon.
The Shores Centre Chief Executive, Jayne Nendick, said:
“It’s been a tough year with the pandemic and we’ve all had to be more mindful of our finances, so we are delighted to be working with the credit union to help support our team in making their money go further.”
John Smith, HEYCU’s Chief Executive, said:
"This is a convenient and seamless way of putting money aside for all kinds of purposes, and it’s surprising how quickly your savings mount up because it’s all done automatically each time you are paid."
Shores is one of a growing band of employers across Hull and the East Riding whose staff can now join a Credit Union payroll saving scheme. Employers wishing to find out more can visit the Credit Union’s website at www.hullandeycu.co.uk, telephone them on 01482 778753, or email them at info@hullandeycu.co.uk.
ENDS
HEY CREDIT UNION TO HOLD FIRST EVER ONLINE AGM
HEY Credit Union, the not-for-profit financial co-operative serving over 15,000 members and junior savers across the Humber Region, has announced its annual results.
Members of the Credit Union with a £1 share have been invited to register for their first ever online Annual General Meeting on Tuesday 8 December at 5.45 pm to hear how the region’s leading financial services mutual has fared during a very challenging year.
Chief Executive John Smith said the Coronavirus pandemic had made it a difficult year for most organisations and the Credit Union was no exception. He commented: “We’ve been working hard to maintain our service to members and the safety and wellbeing of all our people has been at the centre of our planning. We know that many of our savers and borrowers have been having a tough time, but our team has been determined to be here for them and support their financial wellbeing as much as possible.”
As expected the Credit Union experienced some impact, with several staff and volunteers away self-isolating, school banks unable to operate and face-to-face member recruitment at workplaces at a standstill.
However, further investments made in technology meant that members could be served online, using a new user-friendly app, and over the telephone, with same-day bank transfers proving highly effective. A new streamlined online loan application process reduced the time taken for people to access affordable credit.
Credit unions are classed as an essential service, which allowed branches to remain open during the lockdown, but with reduced opening hours and cash handling in the interests of public safety. Many of HEY Credit Union’s members work in vital public services and, to support them through a difficult time, a Key Worker Loan option with preferential interest rates was introduced.
Despite all the challenges of 2020, the Credit Union managed to increase members’ savings deposits by 14% to £12.5 million and to strengthen its Capital Reserves by £72,000.
Members can register for the online AGM on the news page of the website www.hullandeycu.co.uk
ENDS
Notes to Editors
HEY Credit Union’s Annual General Meeting
Information about HEY Credit Union's Annual General Meeting may be found on the website at
Hull & East Yorkshire Credit Union (hullandeycu.co.uk)
About HEY Credit Union
HEY Credit Union was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire. There are 22 staff and over 20 volunteers. It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £12.5 million in savings.
HEY Credit Union is a well governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time. Its website at www.hullandeycu.co.uk has full details..
HEY Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.
HEY Credit Union has a five-star Fairbanking Mark for responsible lending and is a signatory to the Armed Forces Covenant.
HEYCU’s newsletter with annual review can be viewed at Annual~Newsletter~2020~(facing~pages~version).pdf (hullandeycu.co.uk)
For more information, please contact:
John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk
DRIFFIELD CREDIT UNION IS OPEN
HEY Credit Union’s branch in Driffield is still open every Thursday from 9.30 am to 12.30 pm in the Town Council Offices at Market Walk.
Credit unions as well as banks, building societies and Post Offices, are classed as an essential service during this lock-down and Debbie Hayhurst, supervisor of the local branch, is keen to assure members in the town that they are still here to help them.
HEY Credit Union’s Chief Executive, John Smith, said: “At this busy time of year we are aiming to keep all our East Riding branches open as near normal as possible to help members with their savings and loan transactions and enquiries.
“We have made all branches Covid-safe so if you are coming to see us, please observe social distancing and wear a face covering (in line with Government guildelines). Our service may be a little slower than usual with a ‘one-in, one-out system, but it’s all to keep everyone safe.
“We really appreciate our members’ loyalty and want to support everyone to have the best possible festive season.”
Members can also access all Credit Union services online (www.hullandeycu.co.uk) or telephone 01482 778753 (Mon-Fri 10-4) including applying for loans and registering for the online app.
HEY CREDIT UNION IS HERE TO HELP
HEY Credit Union, the not-for-profit savings and loans organisation serving the Humber Region and beyond, has assured its 15,000 members and junior savers that it is here for them, despite operating behind closed doors during the Coronavirus period.
The region’s leading credit union is still taking on new members, opening savings accounts and granting loans to members as usual, but using different contact methods. As an alternative to visiting a branch, members can get in touch via online app, email, telephone or the contact form on their website.
John Smith, HEYCU’s Chief Executive, explained, “Our branches in Hull, Goole, Bridlington, Driffield, Beverley, Withernsea and Scunthorpe are closed to the public at present as a safety precaution to stem the spread of coronavirus. But the HEY Credit Union team are working hard behind the scenes to make sure our members can continue to access their accounts, transfer funds and apply for loans during this difficult time for everyone.
“If members’ finances have been affected because of coronavirus, we are encouraging them to get in touch; we are here to listen and try to find helpful solutions.
“I’d like to thank our members for their understanding and loyalty, and all our staff and volunteers for their efforts to keep our services running during these challenging times – the amazing feedback that we’re getting from our members shows how much they appreciate the team’s hard work.”
Financial wellbeing is just as important as physical wellbeing and so HEY Credit Union has come up with five tips to help people manage their finances successfully through the current crisis:
1 Seek out government help
The first step for anybody is to seek out and follow government advice. The government has provided a range of support schemes for people who have suffered financially as a result of coronavirus, whether self-employed, furloughed or claiming benefits.
2 Avoid payday lenders
No matter how bad things get, we would always strongly advise against turning to expensive, short term options such as payday lenders or worse, loan sharks. These people seek to prey on the most vulnerable in society and often it can lead to a debt spiral that becomes hard to escape. Remember your local credit union will try to help as much as they can, with much fairer conditions.
3 Speak to your creditors
If you are struggling and owe money on mortgages, loans or credit cards, speak to your provider. They are likely to be more understanding in the current climate, and you can apply for payment holidays to give yourself more breathing space.
4 Beware scammers
It may seem hard to believe, but people are posing online as banks, the HMRC and even the NHS to try and scam people out of their money. Always remember to stay vigilant, and never click on links that seem unusual, or give personal details to anybody that you are not completely sure about.
5 If you can, save
Finally, if you’ve been lucky enough to have your income unaffected by coronavirus, now is the time to put away the extra money saved on transport and other expenses into a savings account. You could do worse than saving with a credit union which exists to support the local community.
To contact HEY Credit Union:
2019
HEY CREDIT UNION ENJOYS IMPRESSIVE ANNIVERSARY YEAR
HEY Credit Union, serving over 15,000 members and junior savers across the Humber Region and beyond, has recorded another year of positive development.
Announcing HEYCU’s annual results, in readiness for the AGM on Tuesday 10th December, Chief Executive John Smith said, while the uncertain economic climate had made it quite a challenging year in some ways, the Board was pleased to report that membership, loans and savings had continued to grow impressively. Total loans were 14% higher than a year ago while income generated was up by 27%, leading to a higher surplus and an increase in Capital Reserves, in line with the regulatory target.
During the year further investment was made in new technology and a branch improvement plan, to improve the member experience. A new Mobile App, enabling members to view their accounts in real time 24/7, transfer funds and submit enquiries direct from phones or tablets, immediately proved popular and over 2,000 members have already registered to use it. Loans and savings withdrawals are all now issued by Faster Payments, enabling members to have funds into bank the same or next day.
After 8 years’ intensive use, the banking hall at Hull Central branch was refurbished, with a new welcome desk, consultation pods, laminate floor and Wi-fi access. To address the concerns of the Local Members’ Group about difficult access, Goole branch was relocated to smart new premises across the road, with better facilities. A social investment by Withernsea Big Local Partnership enabled HEYCU to expand its branch in this seaside town, with a Development Worker to engage with the community and better address the needs of residents for safe savings and affordable credit.
With the credit union’s reach now extending far beyond the traditional county boundaries of Hull and East Yorkshire, after consulting members, it was decided to introduce a new trading name – HEY Credit Union – which allows marketing and communications to be simplified while respecting its proud heritage.
2019 was HEYCU’s 20th Anniversary year, which was marked with a Lord Mayoral visit to Central Office, a big member recruitment day at its original birthplace – Hull’s prestigious Guildhall – and various competitions and offers. A presentation was created to demonstrate the impact made by HEYCU over the years which showed that it had granted 55,500 loans to a value of £38 million, saving the people of the Humber Region at least £18 million in interest charges. It has also created 22 jobs for local people, provided life skills and community involvement for over 100 volunteers and shared out over £1 million to members as dividends.
John Smith said, “As one of the founders of our Credit Union 20 years ago, I have been thrilled to witness its progress and see what a difference it has made to the lives of so many people. Unlike the big banks which have withdrawn from many of our towns, we are determined to keep our friendly local presence and we know from feedback that this is really appreciated by our members.”
HEYCU’s newsletter with annual review can be viewed at https://www.hullandeycu.co.uk/login/uploads/annual-newsletter-2019.pdf
HEY CREDIT UNION DEFIES BANK CLOSURE TREND IN 20th ANNIVERSARY YEAR
As more banks announce branch closures, a not-for-profit alternative serving the Humber Region has recorded a bumper anniversary year. HEY Credit Union, which now serves 15,000 members and junior savers, has invested in its local branch network with a relocation, a refit and extended opening hours.
Members with a £1 share in the financial co-operative have been invited to an AGM in Hull Guildhall on Tuesday 10th December at 5.45 pm to hear how it is doing, help to elect the directors and vote on dividends.
2019 was HEY Credit Union’s 20th Anniversary year and Chief Executive John Smith said, “As one of the founders of our Credit Union 20 years ago, I have been thrilled to witness its progress and see what a difference it has made to the lives of so many people. Unlike the big banks which have withdrawn from many of our towns, we are determined to keep our friendly local presence and we know from feedback that this is really appreciated by our members.”
During the year, further investment was made in new technology and a branch improvement plan, to improve the experience for the Credit Union’s members. The banking hall at the main branch in Brook Street Hull was refurbished, with a new welcome desk, consultation pods, laminate floor and cheerful new decor.
Goole branch was relocated to smart new town centre premises, with better access for people with disabilities, resulting in a big increase in business. At Withernsea, a social investment by Withernsea Big Local Partnership enabled HEYCU to expand its branch opening times and employ a Credit Union Champion to engage with the community and help more residents to access safe savings and affordable credit.
A new Credit Union Mobile App, enabling members to view their accounts 24/7, transfer funds and submit enquiries direct from phones or tablets, immediately proved popular and over 2,000 members have already registered to use it. Savings withdrawals are now paid to members’ bank accounts the same or next day.
The 20th Anniversary year saw membership, savings and loans reach record levels, with HEYCU now among the UK’s leading credit unions, and one of only a small number of financial providers with a 5-star Fairbanking Mark. It’s an impressive growth story from a locally-based organisation founded by a group of volunteers in Hull back in 1999.
ENDS
Notes to Editors
HEYCU’s Annual General Meeting
Information about HEYCU's Annual General Meeting may be found on the website at
https://www.hullandeycu.co.uk/news-events/annual-general-meeting-2019/
HEYCU
HEYCU was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire. There are 22 staff and over 80 volunteers. It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £10.5 million in savings.
HEYCU is a well-governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time and access affordable credit, saving the community over £18 million in interest charges since its formation in 1999. Its website at www.hullandeycu.co.uk has full details.
HEYCU is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.
HEYCU has a five-star Fairbanking Mark for responsible lending.
For information on Credit Unions in Britain and the rest of the world see www.abcul.org
For more information, please contact:
John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk
GOOLE CREDIT UNION BRANCH ON THE MOVE
Goole’s popular branch of Hull & East Yorkshire Credit Union is moving down the street to new premises this week as it marks its 10th anniversary in the town.
The Credit Union is relocating from 22 Pasture Road, its home since September 2009, to Unit 6 at the Old Station Hotel, Pasture Road DN14 6BP and plans to be up and running at its new location by Monday 23 September.
The not-for-profit organisation provides the people of Goole and the surrounding area with safe and convenient savings accounts, affordable credit and other services related to managing their money.
John Smith, HEY Credit Union’s Chief Executive said: “We have been very happy at 22 Pasture Road for the past ten years but now it is time for a change. Our new branch is just down the road from the existing one, closer to the junction with Boothferry Road, but on the opposite side of the road. It is very easy to see from the town centre and railway station.”
Jo Evans, the Credit Union’s Goole Development Officer, and her colleague Jean Taylor, have been busy preparing for the move. Jo said, “Credit unions are owned by their members and we have a Local Members’ Group in Goole which takes a keen interest in promoting the branch. One of their big concerns this year has been access for people with disabilities, mums with prams and those with limited mobility. We’ve listened and I think they will be pleased with the result. We look forward to welcoming members, old and new, to our new branch when it opens later this week.”
HEY Credit Union’s Goole branch opens every Monday, Tuesday and Friday from 10 am to 2 pm. Members can also phone 01482 778753 or visit www.hullandeycu.co.uk to find out more about its services.
ENDS
HEY CREDIT UNION 20th ANNIVERSARY – 10 JUNE 2019
On 10 June 1999, a group of work colleagues at Hull City Council founded an organisation destined to make a big difference to the whole community. Twenty years on, that organisation - now known as HEY Credit Union - is one of the UK’s leading examples of its kind.
Its founders’ aims were simple: To set up a financial co-operative – owned and run by its members – to enable anyone choosing to join to save up safely, borrow affordably and responsibly, and access a range of services that would help them to achieve financial wellbeing.
Credit unions exist in over 100 countries of the world. Some are now huge enterprises, serving many thousands of members with every possible financial product including mortgages, credit cards, car loans and business finance. But all began in a small way, from local roots, and have stayed true to their core values of member democracy, fairness and service rather than profit.
Those of us who founded HEY Credit Union are astounded by its success. We never imagined that, in 20 years, it would have 15,000 members and junior savers and be looking after funds in excess of £12 million. Or that, from its Brook Street headquarters in Hull city centre, it would be running branches in Bridlington, Goole, Scunthorpe, Driffield, Withernsea and numerous other volunteer run service points.
We have issued 55,000 loans to a value of £40 million. Two-thirds of loans were for amounts below £2,000, a field once dominated by doorstep lenders with eye-watering rates. We estimate that our existence has saved the people of the Humber Region at least £18 million in interest charges.
Many members tell us that we have helped them to accumulate savings for the first time ever, by making it easy to do so, partnering with over 20 employers to provide “save as you earn” deductions, and bringing back school banks to help young families to catch the habit early.
Returning dividends of £1 million to our members as their reward for loyalty, creating for local people 22 jobs and 100 volunteering opportunities (all our directors are volunteers!) and achieving a 5-star Fairbanking Mark are other beneficial impacts our credit union has made.
I’d like to pay tribute to all the people whose dedication has helped to grow HEY Credit Union, brick by brick, into the organisation it has become and trust this commitment continues long into the future.
WITHERNSEA CREDIT UNION SEEKING VOLUNTEERS
Withernsea branch of Hull & East Yorkshire Credit Union (HEYCU) is looking for more volunteers to help roll out its Credit Union Town project.
The branch, based in The Shores Centre, provides affordable and responsible ways for people to make the most of their money on a not-for-profit basis. Local residents can become Credit Union Members, open savings accounts and apply for low-cost credit, helping them to build up financial resilience and avoid the problems of high cost credit providers such as doorstep lenders, payday lenders and weekly payment stores.
Earlier this year HEYCU was given a social investment by Withernsea Big Local to expand its seaside branch and serve more people in the town. Local resident Matthew Lloyd was appointed as Credit Union Champion and a big expansion project is now under way, with longer opening hours, more partnership activities with the community and hopefully a school bank being planned.
Matthew is keen to hear from anyone who would like to volunteer to help with the project. He said: “Credit unions in communities like Withernsea rely on volunteers to help them deliver caring services to their members in ways that big banks wouldn’t find economic.
We realise that people are very busy but if someone could help us for event a couple of hours a week it would make a big difference.
“Volunteering is a great way to meet people, learn some fresh skills and help your community. There may well be people with past experience in banking who would like to be involved in our credit union, where the focus is very much on our members and supporting their financial wellbeing. But if not, we provide excellent training and support for those wanting to try something new.”
HEYCU is working in partnership with Withernsea Big Local to make Withernsea a Credit Union Town – one that says no to high cost credit but yes to affordable, responsible saving and borrowing. Residents in HU19 will get a £25 cash bonus if they join the Credit Union this year to save up safely for Christmas, thanks to HEYCU’s partnership with the Stop Loan Sharks Team.
John Smith, HEYCU’s Chief Executive, said: “With the reduction in high street banking in rural areas, people are turning more and more to credit unions to provide a fair, friendly and ethical financial alternative. We are very excited about expanding in Withernsea and welcoming some more volunteers to our friendly team.”
To find out more about volunteering with the Credit Union, pop into the Shores Centre in Seaside Road for a chat with Matthew, or call 01964 615190 or email mlloyd@hullandeycu.co.uk.
HEYCU’s website has more details here: https://www.hullandeycu.co.uk/work-with-us
WITHERNSEA SET FOR CREDIT UNION EXPANSION
Hull and East Yorkshire Credit Union (HEYCU), the region’s largest not-for-profit financial services provider, is looking to recruit a person to help it to expand in the Withernsea area.
Thanks to a new partnership with Withernsea Big Local, HEYCU is launching a three-year plan to support the people of Withernsea to improve their financial well-being. John Smith, HEYCU’s Chief Executive, explained: “We are now advertising for a Development Officer to work with our staff and volunteer team to bring it to life. For the right person it will be a great opportunity to do something worthwhile and make a real difference for the people of Withernsea. We can’t wait to get started on this exciting project and hope that the job will catch the attention of someone suitable.”
The credit union branch based at The Shores Centre offers residents a range of safe savings and low-cost credit options to help them make the most of their money. Its popular Christmas Saver account offers an ideal way to save up, in small amounts, to avoid a stressful festive season, while credit union loans, available in amounts from £100 to £20,000, offer a responsible form of affordable credit. However, as a volunteer run branch for the past five years, it has only opened on Wednesday mornings. This means that many residents are unable to access its services easily.
Now, thanks to a social investment by Withernsea Big Local, the credit union is looking to expand the opening times of the branch to four half days a week and to employ a Development Officer to work with the local community and form links with other agencies such as the Stop Loan Sharks Team and Citizens Advice, to make more impact. As well as more face-to-face time to help people in branch, the plan is to set up more Pennies2Pounds school banks like the successful one at Roos Primary School, to encourage children to have a healthy attitude to money from an early age. The credit union will recruit more volunteers to get involved with community events and help people to learn to be more money savvy.
The project’s mission is to make Withernsea into a “Credit Union Town”, which they define as a town that says “no” to high cost credit such as doorstep lenders, payday lenders, weekly payment stores and loan sharks, but says “yes” to safe savings, affordable responsible credit and helping everyone to make the most of their money.
Anyone who considers they have the skills, energy and passion needed to help the credit union to achieve its ambitions is encouraged to apply for the role by visiting www.hullandeycu.co.uk for an application form. Applications close on 31 January.
ENDS
Treating Customers Fairly Award Winner - Consumer Credit Awards 2021
Protected by the Financial Services Compensation Scheme
Supporting the armed forces and veterans community
Proud Living Wage Employers
