GLASGOW, Scot. (3/23/09)--Glasgow's City Council reported that applications in western Scotland to join some credit unions have risen by about 38% in the past six months, as potential members seek a financial institution they can trust.
West of Scotland NHS Employees CU saw a 38% increase in applications for new memberships during that time period because people are uncertain about the current banking situation and are placing more trust in credit unions, Robert Kelly, general manager, told BBC News March 20).
Scotwest CU CEO Rod Ashley told BBC that his credit union has recruited more than 3,000 new members--a 12% increase since January 2008--from throughout western Scotland.
Over the past six years, Glasgow's 35 community and industrial credit unions increased six-fold in membership and managed assets. They now have 110,000 members combined.
Around one in five people in Glasgow are believed to be credit union members, the highest urban membership rate in the United Kingdom.
courtesy of cuna.org