AN ALTERNATIVE banking service for people in Prestonpans opens tomorrow (Tuesday) when Capital Credit Union launches in Aldhammer House.

The credit union, which is a not-for-profit financial service, opens for business in the council building in a bid to tackle the gap left by the Royal Bank of Scotland (RBS), which closed the last bank in the town last summer.

East Lothian Council has been working to set up a credit union partnership to support people and local businesses in the town.

The new counter service will be launched on Tuesday in Aldhammer House.

Credit unions operate by having members rather than customers and a not-for-profit policy which sees any profits paid back to members through dividends.

Capital Credit Union has been established since 1989, with more than 22,000 members, and membership is open to anyone living or working in Edinburgh, the Lothians, Scottish Borders, Falkirk, Clackmannanshire, Fife, Angus and Dundee.

Council leader Willie Innes welcomed the opening of the service in Prestonpans.

He said: “As a council, we felt it was important to try to facilitate an alternative banking service for Prestonpans residents, following the very inconvenient closure of the RBS branch on High Street.

“Working with Capital Credit Union has meant that at least local residents have an accessible alternative rather than travelling to other towns to do their banking.

“The credit union is a different type of financial service. It offers savings, loans and mortgages and other services in an ethical, not-for-profit way. ”

Marlene Shiels, chief executive of Capital Credit Union, said: “We are committing staff and resources to our Prestonpans office to fill the gap left by mainstream banks, as personal and face-to-face contact is still hugely important in the financial services sector.

“We already have hundreds of members in East Lothian and links with various employers, and we look forward to growing our membership base in the area.”

The credit union will be open on Tuesdays and Thursdays, 9am-5pm.