The PCC of the parish of St Peter’s in Belper, Derbyshire recently invested £15,000 in its local credit union, Erewash.
In April 2014, church member, Lois Race asked the PCC of her church, St Peter’s if they would consider investing some of their reserves in Erewash, their local credit union. The responses from the PCC ranged from ‘What’s a credit union’, to ‘Sounds like a good idea’ but were generally positive and, with the help of the PCC Treasurer, Lois gathered more information to present to the church council.
“The information on the Church of England website about what credit unions are, and in particular explaining the Charity Commission’s view that it is ok not just to be out for maximum interest return was incredibly useful and did the heavy lifting for us with the PCC.”
With agreement from the PCC the church Treasurer began the process of investing £15,000 from the church’s reserves in the credit union (the maximum investment the credit union could accept). Lois thinks that churches who explore this option need to be aware that there will be some work involved, for example the credit union will require names and details of PCC members, “it’s not like walking into a bank and opening an account but it is worth the effort”.
Now the PCC have invested Lois and others are encouraging individual church members to also think about joining the credit union.
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