Credit Union gets stamp of approval

Chief Executive at Penny Post, Matt Goulding

A major UK-wide credit union which operates from its Wolverhampton head office is enjoying a double celebration – after receiving the top level of accreditation for its services and reaching a major membership milestone.

Penny Post Credit Union, a not-for-profit financial cooperative for Royal Mail Group employees and based in Sun Street, has reached the landmark figure of 10,000 members and has being awarded the 5-star rating for its personal loans by the Fairbanking Foundation.

The Fairbanking Foundation is a charity which operates an accreditation scheme and awards ratings for products, including loans and savings accounts, from the financial services industry.

Matt Goulding, Chief Executive at Penny Post, said: “These are two great achievements and we are very proud. The growing membership of Penny Post is a credit to our products, staff and ethos.

“To achieve the 5-star rating, Penny Post had to demonstrate that its personal loan offering helps to improve the financial well-being of its members during an assessment by an independent panel.

“We believe passionately in putting our members’ needs at the heart of all we do. This award reflects our commitment to leading the way in improving the financial well-being of our members with quality loan products appropriate to their needs and providing first class customer service.”

Penny Post Credit Union runs from its headquarters at North West Midlands Mail Centre and was established in 1996 as a joint project between Royal Mail, the Communication Workers Union (CWU), Communication and Managers’ Association (CMA) and Welfare Services.