Credit Union sees demand growing as bank branch closures leave loan sharks circling most vulnerable

While banking giants such as Royal Bank of Scotland, Clydesdale and Lloyds have closed more and branches in order to make savings while citing dwindling footfall as ever increasing numbers of customers bank online, Pollok Credit Union (PCU) says the policy is denying access to finance for people with no mobile or online banking provision.

PCU operations director Jim Garrity said: “The departure from banking in person is creating a vacuum, particularly in our poorest communities, where many people are being left behind to potentially fall into the hands of loan sharks.

Membership of PCU, which was set up in 1993, is open to anyone in the G postcode area, where 21 branches of Bank of Scotland, RBS, TSB and Clydesdale Bank are to close. said threat of cuts has already seen customers begin to turn to the credit union as he accused banks of “cutting and running”.

Mr Garrity continued: “While high street banks are shutting up shop because many customers are embracing digital services, many people still want or need face-to-face interaction.

“Staff in our branches are seeing an increase in membership this year as these branch closures take hold. With so many closures already confirmed for later in the year, we expect to see even greater demand for face-to-face financial services.

“Many people simply do not have access to online or mobile banking and need financial products and services explained in a clear and personal way.

“Many mainstream banks are neglecting the accessibility requirements customers.”

The credit union, which has loaned £40 million since 1993, said it is committed to expanding its branch network to be a “community lifeline”.

Mr Garrity added: “While banks may cut and run, we maintain our unwavering commitment to keeping and expanding our branch network across the city open to provide a lifeline service for the community.

“We would encourage anyone worried about the closure of their local branch to consider joining a credit union to save or borrow.”