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M for Money Credit Union Registers Enlarged Common Bond

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M for Money Credit Union Registers Enlarged Common Bond

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Published by Graham Tomlin for Credit Union Solutions Ltd in Local Government and also in Central Government, Communities, Education, Health, Housing

Graham Tomlin Graham Tomlin

M for Money Credit Union has taken advantage of the Legislative Review Order to increase its common bond, this is the term used to describe the area from which it can draw its membership.

Prior to the registration of the new rules M for Money had a common bond that included anyone that resides in or was employed in the London Boroughs of Harrow & Hillingdon.

The new common bond will add anyone that lives or works in the Boroughs of Spelthorne and Slough as well as the Districts of South Bucks, Wycombe and Chiltern.

Though the area is quite large, encompassing one million people, it barely numbers half of the numbers allowed by the new legislation (2 Million).

In addition it is hoped that several supporting organisations like Harrow Council will become “Corporate Members” of the credit union. Corporate Members are able to elect their own group of Credit Union Directors to the Credit Union’s Board.

M for Money Director Graham Tomlin said.

“We already have good membership in the Heatherwood and Wexham Park Hospital Trust and now we can recruit people in the other parts of Slough which is good news for them and for us.

The biggest challenge that we have is to make our presence known in Wycombe, Chiltern and South Bucks. We are in discussions with Aylesbury Credit Union and Milton Keynes Credit Union with a view to working together in any areas of overlap or where we can share resources such as staff.

Many people think that Buckinghamshire is a wealthy, leafy county but there are many and an increasing number of people living there that are suffering financial exclusion with no access to affordable credit.

Our intention is to make known our ambition to offer an alternative to Pay Day Lenders, Doorstep Lenders and Loan Sharks and to encourage a savings based alternative operating on a not-for-profit basis.

M for Money Credit Union is not yet able to muster vast resources to tackle this problem of advertising and promotion so we aim to work with Registered Social Landlords, Councils and the voluntary sector to take the credit union message to everyone in our part of Bucks.” 

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