Banking 'normality' secured for charity's customers through new deal

Friday 01 September 2023

A new partnership has been set up by a charity to ensure that hundreds of islanders who may be ineligible to bank with conventional providers can still manage their finances.

Community Savings has joined forces with Digital Jersey, Mastercard and electronic payment specialist Accomplish to provide banking for an estimated 350 customers who could otherwise have lost access to banking services.

Operating since 1997, Community Savings faced a difficult situation earlier this summer after the previous provider gave just 30 days notice of its intention to withdraw its banking services.

Digital Jersey Fintech Lead Ed Hatton said that after being contacted by Community Savings, it had been possible to identify the right partner to ensure ongoing access to banking.

He said: “Community Savings had been put in a challenging spot and we needed to work quickly to identify the right partner who believed in the benefits and could provide the required service.”

Debit cards have now been sent out to customers, who can continue to operate their cash accounts, as well as using cards to secure subscription services.

Steve Eldred, Managing Director of Community Savings, said the move had helped customers regain a sense of financial equilibrium and reclaim the normality around banking that other Islanders took for granted.

“This partnership exemplifies our dedication to empowering individuals to surmount financial challenges and underscores the immense positive impact that can be achieved through strategic cooperation,” he said.

Digital Jersey was able to make use of an existing relationship with Mastercard to open discussions with Accomplish, hailed by Mr Hatton for its “agility and commitment to swiftly address critical financial challenges”.

Around 350 customers, many of whom are vulnerable or have been going through rehabilitation following personal difficulties, have benefited from the new partnership, and Community Savings hopes that other islanders will be encouraged to apply for accounts.