New credit union due to open next weekend

A new alternative to banking is preparing to open for business in Lerwick.

The Shetland Islands Credit Union Limited, based at 8 Hillhead, is due to open at 10.30am on Saturday 30th April. Business hours will be on Wednesdays from 5.30pm to 7pm and on Saturdays from 10.30am to 1pm.

The chairman of the operation is retired helicopter pilot Gordon Mitchell, the former SIC councillor for Dunrossness South.

Capt Mitchell said: “The Credit Union offers a safe alternative to standard banking. It is authorised and inspected by the Financial Services Authority (FSA). All account holders are shareholders and they all benefit from any annual profits which are made. Those who save with the Credit Union will be able to take out loans at a cost which is much less than most other sources of finance.

“Those who wish to become account holders must come to the office with a recent Utility Bill (or a suitable letter from a professional person) as proof of their address; and photographic proof of identity (this is to comply with money-laundering legislation).”

Capt Mitchell said the Credit Union was also keen to recruit suitable account holders as voluntary members of the board of management; or as voluntary administrative staff. Forms will be available at the office at during opening hours.


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