Fife’s largest credit union has launched a new collection point in Cowdenbeath.
Kingdom Community Bank said the new resource at the Maxwell Centre will support its aim to offer everyone in the local community a stake in their own ethical bank, as well as access to affordable loans, secure savings and other financial services.
The new collection point, launched to coincide with Challenge Poverty Week, will run every Thursday between 11am and 1pm.
John Hendrie, Kingdom Community Bank chief executive, said: “We have been looking to bring our services to the people of Cowdenbeath for some time.
“We are delighted that it has finally happened and we would like to thank Fife Council for providing us with such an excellent facility at the Maxwell Centre.”
Free membership will be available for every new member who signs up during Challenge Poverty Week
Welcoming the move, Lesley Laird, Labour MP for Kirkcaldy and Cowdenbeath, said: “Credit unions play a significant role in reducing poverty, especially for people on lower wages struggling with their household budget.
“They are a means of helping all members to manage their finances more effectively with careful saving and affordable borrowing and many customers have been guided out of a maze of debt thanks to their services.”
She said communities across the Kingdom had noticed a significant upsurge in poverty over the past year, mainly due to the introduction of Universal Credit.
“Sanctions and delayed payments, often extending for five weeks or more, have left many vulnerable people in an even more desperate situation,” she added.
“Until the government changes that situation, it’s a comfort to know that services such as Kingdom Community bank are doing all they can to help people in financial difficulty.”
Gary Daniell, community development team manager at Fife Council, said: “The operation of a credit union is a welcome addition to the wide range of community groups, activities and programmes operating from the centre and we look forward to welcoming people from the communities of the Cowdenbeath area accessing the service.”
Loans from Kingdom Community Bank can be tailored to each individual’s’ circumstances and come with no hidden fees, charges or penalties for early repayment, often making them a much better option than other lenders.
Savings are also protected up to a total of £85,000 by the Financial Services Compensation Scheme.
