Unity Trust Bank

Medway Credit Union, which has its main office in the Trafalgar Centre (INSHOPS) 270 High Street, Chatham, are delighted to announce that in partnership with Unity Trust Bank they have launched the ALTO MasterCard^® prepaid card to their members.

Unity Trust Bank, a leading provider of banking services to credit unions throughout Great Britain and Northern Ireland, launched the prepaid card to credit unions in January this year.

Sue Johnstone, Treasurer of Medway Credit Union said “The Unity Trust Bank Alto Card will be of immense benefit to our membership allowing them, some for the very first time, to shop on-line, over the phone, by mail order and withdraw cash from over a million ATMs in over 210 countries.”

Medway Credit Union is a financial co-operative owned and controlled by its members and regulated by the Financial Services Authority. They offer savings and great value loans to their members who live or work in Rochester, Chatham or Gillingham. However, they would also like to hear from people living or working anywhere in the Medway Unitary Authority Area who are interested in joining.

While most High Street banks are unwilling to lend small amounts of money, one of the major benefits of credit unions like Medway, is that members can borrow as little as £50 and unlike banks, they do not charge arrangement or early repayment fees.

Credit unions also provide a vital social service for people unable to get credit through more traditional channels and they act as a lifeline to keep consumers away from doorstep lenders and loan sharks who charge extortionate rates of interest. 

Some credit union members don’t have bank accounts and are paid wages by cheque and often their only resort is to take the cheques to be cashed, and to pay the associated charges.  With the Unity Trust Bank Alto pre-paid card, members will be able to have funds advanced directly to their card.

Credit union members will have access, many for the first time, to a payment card that the majority of people take for granted.  Credit Unions will also be able to reduce the costs of administration, cash handling and insurance; and the risks associated with processing cash.

Mark Herbert, Development Manager for Unity Trust Bank said “The Alto pre-paid card emphasises that our historic support for credit unions remains a long term commitment and a fundamental building block in our strategy of promoting key social initiatives such as tackling financial and social exclusion.  Adding, “I am delighted with the overwhelmingly positive response we are receiving from the credit union movement for this new initiative.”

Ends

Notes to Editors

Credit Union Contacts:  Caroline Swift  and Sue Johnstone 01634 403335

Unity Trust Bank Contacts: 

Geoff Pearson, Press Officer, 07711 412 880

Adrian Oldman, Head of Marketing and Communications  0845 140 1000

About the Credit Union

Medway is a democratic, not-for-profit financial co-operative owned and controlled by its own members. To become a member of the Medway Credit Union individuals must live or work in Rochester, Chatham or Gillingham. They would also like to hear from people living or working anywhere else inside the Medway Unitary Authority Area.

Members deposit their savings which are called ‘shares’ to form a pool of money. This money is totally safe. From the pool that is formed, members can apply for a low cost loan, as and when needed.  The Credit Union generates its income from the interest it charges on the loans that are given out to members, bank interest paid on the deposit account, annual membership fees and fundraising.  At the end of the financial year (September), any surplus income is paid back to the members as a dividend on their shares.

Medway Credit Union provides:

• Savings Accounts
• Loan Accounts
• Junior Accounts
• Prepaid Card
• Personal Paying In books for use at a Post Office are to come.

The Credit Union takes payments at its main office in Chatham but members can also pay by Standing Order.

Further information about Medway Credit Union can be found below:

T: 01634 403335

E: medwaycu@yahoo.com

About Unity Trust Bank.

Unity Trust Bank ("Unity") is the leading provider of banking services to the social economy, Trades Unions and small to medium sized enterprises.

Unity was established in 1984.  The organisation has a deserved reputation for its knowledge of the particular requirements of its clients and the delivery of a first class portfolio of services.

Unity has an impressive track record of working in partnership with many organisations that campaign for progressive social change and develop new and innovative ways of improving civil society.  It also works in partnership with statutory bodies.

Some of Unity's key achievements include: 

• We are rated best for customer service.  We have topped the Customer Service Satisfaction ratings in Charity Finance magazine's annual survey of banking services every year since 2005 ahead of all other mainstream banks. 
• We launched the £50m Social Economy Fund in November 2007 to meet the growing demand that we were experiencing for access to loan finance to support the increasing working capital requirements of charities, voluntary organisations, social enterprises and other social purpose bodies. 
• We were voted best 'Corporate Social Responsibility Company of the Year' in 2009, by Credit Today magazine. 
• We were voted 'Best for Banking Services' at the 2009 and 2010 Charity Times awards. 
• We abolished penalty charges and penalty interest on unauthorised overdrafts with effect from 1^st January 2009. 

For more information about the ALTO MasterCard prepaid card click here.