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Article: Lenders that the people DO trust; The banks' loss is proving the credit unions' gain in Tees Valley, but as demand for their services grows, will forced expansion threaten the very principles on which these financial safe havens were built? asks SUE Scott.
- Article from:
- Evening Gazette (Middlesbrough, England)
- Article date:
- April 7, 2009
CopyrightCOPYRIGHT 2009 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: SUE Scott
"WE identified that people didn't trust the banks long before we had a credit crisis," says Sandra Smith.
That said, disenchantment with the high street lenders, which reached rock bottom with the Fred Goodwin debacle, has certainly helped drive customers through the doors of the three credit unions - soon to be joined by a fourth - operating under her watch in Redcar and Cleveland.
Now, though, it's not just principled savers looking for a trustworthy haven for their cash who are turning up the pressure on the unions in Tees ...