Glenamaddy leads the way in ‘informal’ community banking

A new model of community banking could help post offices in small towns in the Shannonside region stay open.

Sixteen businesses in Glenamaddy are conducting 99% of their financial transactions between the Credit Union and the Post Office following on from a joint initative between the two institutions.

Businesses can make deposits into their banks with free electronic transfers at the Credit Union on the understanding they go to the credit union for a loan; those with larger savings are encouraged to put their funds into State funding schemes in the post office, while foreign currency and payzone requests are shared between the two networks.

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Manager of the Credit Union, John Murphy says it’s about each service trusting each other for benefit of the community.