A sad farewell to Gorey Penny Bank
THERE were mixed feelings at St Columba’s Old Folks Club in Gorey last Tuesday evening as Gorey Penny Bank handed out the last of its Christmas cheques.
New regulations covering savings accounts in credit unions have forced many penny banks around the country to close as there’s a savings limit of up to €100,000 on accounts.
Gorey Penny Bank has been operational for around 45 years, giving locals the chance to put aside some money each week, to be used at Christmas. Up to 700 cheques were collected last Tuesday night.
‘It’s sad because it’s been going on for so many years,’ said volunteer Phyliss Dempsey. ‘People were devastated. Many people saved just for presents and an awful lot of them said they didn’t know what they were going to do next year.’
Gorey Credit Union has offered its members the chance to open a Christmas savings sub-account.
‘Some didn’t want to go to the Credit Union because they had formed friendships with us,’ said Phyliss. ‘Some said they were going to save in the banks. I could see people getting in trouble with money lenders.’
Children were also encouraged to save in the penny bank, and got a weekly sticker on their book when they made a lodgement. Their cheques were accompanied by selection boxes on Tuesday.
For volunteer Anne McGreal, it felt like the end of an era. ‘It won’t really hit us until January when we’re not doing it again. We will miss it.’
‘A lot of younger and older people saved with us,’ she added. ‘People really appreciated it, and we always made sure to pay out before December 8. A lot of people were sad to see it go.’
Both she and Phyliss thanked those who gave gifts, cards, and good wishes, es- pecially the saver who gave them a Christmas angel tree decoration, saying they were her ‘Christmas angels’ as they helped her save for Christmas. Gorey Penny Bank was started up by Mossie and Paddy McCaffery, and over its long service to the town, various people helped run it, including Nan Crowley, Tommy Byrne, Maura Doran, and then Anne and Phyliss. Thanks went to Gorey Old Folks Club for providing the facilities to run the penny bank over the years.