OTC CU Flashback Copy

OTC CU Flashback Copy - Intech Bank

In the last edition we sent a shout out for any OTC CU memorabilia. Our 3rd member - David Richardson put together his recollections of OTC CU and even came across an advertisement from 1963.

OTC Credit Union
The OTC (A) Staff Credit Union Co-operative Limited, as it was originally named, was formed in 1962 as a result of a decision by OTC’s Staff Relations Committee. The first Chairman (Member No 1) was Mr T (Tom) Molloy, Director (Administration) and Mr W (Bill) Stevenson (Member No 2) was Secretary. I was Assistant Secretary (Member No 3) and have been a member ever since. OTC’s Internal Auditor, Mr F (Fred) Hinds, was the Treasurer.

To enable it to function, the CU was allocated a small room (originally a ‘cloak’ room for hanging coats) in which there was a filing cabinet and a small table.

My role as Assistant Secretary was to receive membership fees and deposits, applications for loans, attend Board meetings and inform applicants of the result. Membership cost £5 ($10), interest on deposits was 5% pa and on loans 6% pa.

I seem to recall that the first loan granted was for about £200, a decision made only after much discussion.

In the OTC staff magazine Transit of November 1963/February 1964, there was an advertisment for the CU, not sort of wording which would be acceptable now.

After some years a part-time employee was engaged and, subsequently, the growth was such as to require several full-time staff.

It’s great that this small initiative in 1962, with many developments, including several name changes, has been of such benefit to hundreds of staff over the years.

David Richardson
Member No 3

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