Waterford Credit Union is 'strong and stable' despite reduced opening hours
Waterford Credit Union have announced reduced operating days
Waterford Credit Union have assured members that their branches are in "a strong, stable position" following the announcement last week of significant changes to their operating hours.
From August 19, Waterford Credit Union will no longer be operating on Saturdays at its Parnell Street and Tramore branches, and will instead be adding an additional day to the Upper Grange branch, which will now be open on Mondays.
Last month the Waterford Credit Union Board of Directors made the decision to alter the hours, saying it was done “to pool resources on Saturdays into one branch for a better member service experience and to further reinforce the financial security of our credit union”.
A statement from the Credit Union added that a recent analysis of member activity and an increasing number of members opting to use online services inspired the decision.
The statement reads: “It is clear to see that people’s behaviour has changed since Covid and this changed behaviour has continued despite Covid no longer being a factor.”
The Credit Union said that it will remain available to the public, whether that be digitally or in person.
“While many members may choose to use our digital services, we believe that all members value the option of meeting directly with a member of staff in our branches.
“Waterford Credit Union remains fully committed to operating in the community and members will be able to undertake all their Credit Union business both through our digital (online) channels, as well as personal service in any of the branches five days a week in both Parnell Street and Tramore and six days a week in Upper Grange. Here at Waterford Credit Union, we are digital when you want, but human when you need.”
Representatives also acknowledged the disruption that the changing hours may have on users.
“Inevitably, closure of both Parnell Street and Tramore branches will cause inconvenience for some members. However, members have the option to avail of our Upper Grange branch which will be opened from 10am – 5pm.
“Upper Grange branch is a 10 minutes drive or 3.7km away from Parnell Street and 13 minutes drive or 11.5km from Tramore respectively. At our Upper Grange Branch, you will have access to free parking, making it much easier for you to get into us. As well as this, our Upper Grange branch is on a public transport route for those that do not drive.”
Amidst potential concern from users regarding the changes, representatives of the Credit Union said that they are "in a strong, stable position", with over €182 million in assets and €25 million in total reserves, which makes them "a very strong Credit Union".
A number of local Credit Union users were asked by Waterford News & Star this week how they feel about the changes.
Fidelma Wallace, Elsie Fitzgerald and Gemma Doyle said they use the Upper Grange branch and were surprised to hear the news of the upcoming amended opening hours. The group said: “We don’t mind the change because we’ll still have the five days to use the service with the extra day added at Grange, so we can rotate between the branches."
The group added that they value Waterford Credit Union’s decision to ensure that in person services remain in place.
“We’d all prefer to go in person than be online. We love to go in. You need to have human contact and we love to go even just to have a chat with people and the staff are all lovely there so it’s important to us.”
Another Credit Union user, Paddy Prendergast added: “I think personally there will eventually be only one Credit Union in Waterford because things are changing quickly. The news is disappointing but we can't do anything about it unfortunately.”
Deputy Matt Shanahan also spoke on the changes, saying: “I wouldn’t be a fan of it because it’s a handy service and I know a lot of people who do access it on a Saturday, especially people who are working all week.”
Speaking on the public’s increased desire to use digital services, Deputy Matt Shanahan said, “Moving online is big now and it’s created disassociation. There’s a lot of talk about mental health and having less interaction can’t be good for people. Human beings are social animals at the end of the day and interaction is important.”
Waterford Councillor John Pratt (Labour), who has previous experience working within Credit Unions, said the service they offer to the community is invaluable.
“It's very important to have that accessibility and the more access you have to the service the better. People do adapt, but a lot of people are working Monday to Friday and being able to access the Credit Union on a Saturday is very important."
He added, “The Credit Union is in my opinion one of the best movements because it has always been community-based and community-run regarding the boards and volunteerism. The good thing about the Credit Unions is also the personal touch they offer and the one-to-one at the counter. So that's important."
Waterford Credit Union were contacted for further comment.
