Islington and City Credit Union target customers in war on rich banks

Published: 14th January, 2011
by PETER GRUNER

A DAVID-AND-GOLIATH battle was declared this week, pitting the tiny Islington and City Credit Union against the biggest high street banks.

An army of volunteers from ICCU will be giving out leaflets to potential customers in Upper Street next weekend, explaining why they should be placing their money with the credit union rather than banks.  

The new offensive has been launched by Martin Groombridge, manager of the ICCU, based at Caxton House, a rundown community centre in Archway.

Mr Groombridge said: “We are producing thousands of leaflets about ‘The Great Bank Robbery’ to distribute across Islington, making people aware they do not have to give more money towards the bankers’ bonuses. 

“With the government cutting public services to pay for the bank bail-out the bankers continue to rake in vast wealth while the poorest sections of the community have their services cut. It seems like robbing the poor to pay the rich.”

Credit unions were inspired by the 28 working-class artisans who founded the Co-operative movement in Rochdale in the 19th century. They are guided by principles of sharing and equality, with respect for customers who become members.

 The ICCU is a member-owned, not-for-profit savings and loans co-operative. Members receive no interest on savings but customers normally get a dividend based on annual profit. 

The ICCU has nearly doubled its membership to 2,000 since it was launched two years ago. 

In the last 12 months the credit union estimates its members saved more than £300,000 in interest by using the  credit union’s low-cost loans instead of the traditional financial services sector. 

The credit union is looking for volunteers to help distribute the leaflets. If you want to help or would like details about membership, call 0207 561 1786 or email info@iccu.coop.