ISLE OF MAN, U.K.–The Isle of Man’s first credit union is up and running, although the official launch won’t occur until 2017.
Manx Credit Union has been three and a half years in the planning, and it is now sending letters and emails to some 660 people who had previously expressed an interest in joining, according to IOMToday.com.
Prospective members are being invited to fill in an application form that can be downloaded from the Manx Credit Union’s website and then to follow up by calling the CU’s office.
“Our doors are open but we haven’t got an official launch date yet. We wanted to approach this gradually,” said Treasurer and Vice Chairman David Talbot, according to IOMToday.com. “The staff are all volunteers so what we are trying to avoid is having a queue… We’ve a potential queue of 660 people who had expressed an interest in joining. What we’ve done is emailed them or written to them giving them the chance to come in. It will take a few months to get a full measure of demand.”
Membership is open to anyone over the age of 16 who lives on the island. There is a £2 joining fee and members pay a £3 administration fee each year to help cover the credit union’s costs, IOMToday.com reported. Members must keep at least £5 in their Membership Share Account at all times up to a maximum of £5,000. No interest is paid on savings but members agree an annual dividend which is paid from earnings.