Stamp of approval for Penny Post Credit Union
07 Mar 19
Penny Post Credit Union recorded high levels of growth during their AGM last weekend, at Molineux, home of Wolverhampton Wanderers Football Club.
Positive moves were reported for all key measurements, with members informed they would be receiving a dividend of 1.55%, rising to 2.55% for monies in the Christmas Account and 2.05% for the Plus+ Account.
Savings deposits increased by £1 million to £19.8 million while the credit union currently provides £12.1 million for loans, an increase of £600,000.
The overall surplus increased by £114,000 to £675,000 while membership increased by more than five per cent and now stands at 9,731.
Matt Goulding, chief executive of Penny Post, said: “It was pleasing to be able to report extremely strong progress for the credit union.
“We have enjoyed a period of sustained growth in recent years and our accounts made for very healthy reading.
“We have got numerous plans to continue this momentum moving forward as we aim to providing an outstanding service for our existing members and attract new ones too.”
The meeting heard that improving the digital and online offering had been a key focus of the credit union over the last 12 months.
Extensive work had been carried out to introduce online loan applications, membership and banking, while debit card payments were now accepted.
Mr Goulding reported a restructuring of the Penny Post Credit Union staff had allowed the team to become more focused, improve efficiency and provide a better customer service.
Three new apprentices were recruited, with two since becoming full time members of staff, while investments had been made in staff training.
Member engagement had also been at the heart of Penny Post Credit Union’s strategy over the last 12 months, with the production of regular newsletters, a strong social media presence and the introduction of workplace roadshows where members of the Penny Post team visited Mail Centres across the UK.
A recent members’ survey revealed that more than 96 per cent described themselves as either “satisfied” or “very satisfied” with the credit union.
President of the board of directors, Dave Jones stated: “It was very pleasing that a representative of the Prudential Regulation Authority, who visited us in June, found that we were displaying examples of good strategic and operational practices.
“We are determined to build on the recent progress we have made and continue to grow the credit union, with the introduction of insurance products, credit cards and real-time online banking all being discussed as potential future improvements.”