Merger FAQs
Merger FAQ's
Financial services is moving fast with lots of technology changes and the rising cost of living is impacting on all of our costs.
We want to ensure that our credit union not just survives but thrives into the future. We want to invest in services for our members, pay better dividends and employ and retain the best staff.
Bringing 2 credit unions together means we can reduce our costs and combine our capital which will allow us to invest in more of the things members expect from a 21st century service.
No there will be no change to your account.
Yes we will still have an office in Rochdale
This the second time we have changed our name as we started as Metro Rochdale Employees Credit Union, before changing to Metro Moneywise to reflect how the credit union had evolved. This is the next step in our evolution and we love The Money Co-op brand as we are proud to be a successful co-op in Rochdale the birthplace of the co-operative movement.
We’ve always struggled with the brand name credit union as most people don’t know what a credit union is, so we feel The Money Co-op better describes what we do and is more recognisable. This will help us to grow and reach new members.
Yes your salary deduction will not change.
Not at all, our finances are strong, so this is a positive move as The Money Co-op is also a financially strong credit union. Both organisations are looking to the future, and we don’t want to just exist for our members, we want to be able to invest in better technology and improve the products and services we provide to you.
The Money Co-op is a sister credit union based in Manchester and we have a longstanding relationship with them and know their board and staff really well. We also collaborate with them through the Soundpound Group so we know they share our values and provide great products and services to their members. Have a look at their online reviews and you will see that what their members say about them is very similar to the feedback we get from our members
Yes you will, our staff will be the same, and we will add new staff from The Money Co-op to our team. As this merger is about creating a stronger credit union that aims to provide more of our valuable services to more people, our staff are key to that so there will be no redundancies.
We also feel that being part of larger organisation will provide our fantastic staff with more opportunities in the future, as retaining and recruiting great people to serve our members is really important to us.
Our vision is to provide more and better products and services. That means a wider range of savings accounts and better returns on savings. Loan products tailored to our members needs, with more personalised marketing and enhanced member benefits.
The Board is keen to ensure that you will see these benefits quite quickly post-merger.
However in the longer-term we need to be able to invest in technology that is fit for the next generation of members. Those members expectations are changing quickly and we need to adapt to be able to meet those needs.
