Wells Area Community Bank

WAP has been working with members of the community, Norfolk Credit Union and Victory Housing to set up a local branch of Norfolk Credit Union for Wells and the surrounding villages. A great new model has been developed where all financial transactions and the management of people's accounts are fully controlled by Norfolk Credit Union. Wells Area Community Bank will act in a support capacity by helping customers fill out application forms and gather together all the information needed for opening accounts or accessing loans.

The Wells Area Community Bank is based in the Sackhouse, Wells, and is open between 10am and 12noon every Tuesday with evening and weekend appointment available on request. The Community Bank is run by local volunteers and is working in conjunction with Wells Citizens Advice Bureau which also operates from the Sackhouse on a Tuesday morning. To ensure that people from across the whole WAP area can access this new facility a ‘Sub Branch’ has been set up in Blakeney. Based at the Harbour Rooms, the Blakeney Sub Branch will be open every Monday and Thursday between 10am and 2pm.   

The group of volunteers running the community bank want to encourage people to think about using the Wells Area Community Bank branch rather than expensive doorstep lenders. We also need people to save with us, the money saved in the community is used in the community for loans, and nothing is lost to outside remote shareholders. Any profits made are returned to the members in the community as a dividend.

We need local people to come and join the scheme now, whether looking for a more ethical way of saving, a way to keep spare cash away from distraction thieves or searching for more affordable credit the Wells Area Community Bank is here to help. For more information download a Wells Area Community Bank leaflet or pick one up from Wells Library or the WAP office.

PROGRESS SO FAR………………………….

The Wells Area Community Bank was launched on the 21st July and so far has 6 local volunteers fully trained who run the bank on day to day basis. There has been a lot of positive feedback from members of the community with several people opening savings accounts and applying for low cost loans.

The next step or the bank is to start working with other organisations like Wells Children’s Centre to target families who might need to open ‘lock in account’ to save for Christmas or holidays etc. Volunteers will also be visiting Wells Primary School in September to promote the Bee Savers account to children and encourage them to start saving. We are hoping to also link with Alderman Peel High School to work with young people on the benefits of saving.