The current pandemic has significantly impacted all our lives. As a local business, we serve communities in Hertfordshire, Bedfordshire and Buckinghamshire and we continue to ‘be open for business’ offering a range of savings accounts and mortgages. We review daily the latest Government guidance, seek feedback from members and our colleagues in the front line and those providing support services.
Opening Hours
Our website is regularly updated with any changes to branch and member services opening times and we are pleased that to date, we have been in a position to provide access to branches throughout the working week. This has required us to consider limited hours and days of opening, in different locations. As a direct result of our investment in technology, 64% of colleagues have been able to work from home with over 80% still performing their daily role. This demonstrates our resilience and ability to adapt.
We have also taken the difficult, but responsible, decision to temporarily close two branch locations due to the premises being too small to enable the required social distancing for our colleagues and members. The safety of our colleagues and members remain the priority.
All Branch Managers have been consulted to ensure that they have the protective equipment their teams require to provide services safely to the public and we have added further screen protection measures into some locations. We have also continued to fully support colleagues with child care responsibilities, giving them flexible working arrangements to accommodate child care, and offering them paid time off when needed to ensure they are able to care and home-school their children.
Looking after Members experiencing difficulties
We have received a high volume of calls from members as a result of the introduction of mortgage payment holidays. This was introduced by the Government and we have been able to respond quickly to meet this critical need. The team has worked incredibly hard to ensure that all customers facing worries and difficulties are given the time they need to speak with us so that we can agree, and put into place, suitable arrangements for them.
We are fully up to date in managing the customer requests and we are now focussed on how we will help these customers when the payment holiday expires. In the absence of further official guidance we will continue to encourage conversations with our members on the best way forward if they are facing financial difficulty. As ever our overriding aim is to always limit any impacts for the customer as much as we are able to, so that they achieve the best possible outcome for their circumstances.
We have introduced temporary changes to a number of our processes to make it as easy as possible for saving members to transact with us. Our aim is to limit, as much as we can, the need for members to visit our branches other than for essential services, to help reduce the risk of spreading the virus.
Supporting our local community
As a mutual, we recognise that the local community is especially important. As a Society we contribute to different charitable causes throughout the year. Charities are particularly vulnerable presently with many facing cash-flow issues as normal sources of fundraising have simply dried up. As a Society we have an endowment fund with the Hertfordshire Community Foundation (HCF) and The Society’s Charitable Trust Committee has decided that this year all funds available for allocation will be directed through HCF to support those local charities needing extra financial support at this time to continue caring for the very vulnerable in our community.
We remain a strong and resilient Society
With respect to the Society’s financial position, it has over many years built up strong capital reserves to ensure that it is able to withstand a shock event. Whilst this global pandemic is wide-ranging in impact, we have financial strength and hold excess liquidity to be able to continue to service the needs of our members, coupled with the reassurance of the FSCS scheme that offers protection to savers of up to £85k.
Inevitably, like any business, we expect that the profits this year and over the next year at least will be negatively impacted as the economy likely moves into a recovery position. We are confident however that we are able to take the right decisions to carefully manage the profit impact. Such an unprecedented set of challenges will inevitably create new opportunities to offer better services for our members as well as introduce necessary changes as we begin to define what the ‘new normal’ looks like and how we will adapt to it.
Thank you
Thank you to all of our members and customers for your continued support. Please do not hesitate to get in touch if you have any concerns relating to your savings accounts or your mortgage with us, we are here to help. Please do continue to support all of the key workers by following the government guidelines which are there to protect us all and most of all, from all of us at the Society, please do stay safe.
Sarah Howe, Chief Executive, Harpenden Building Society
For more information about our branches opening hours and availability, visit our Message to our Members page
For helpful advice and guidance during this difficult time, visit our FAQs for our Mortgage & Savings Members
You can find out about the Society’s AGM, including the voting results on our Annual General Meeting page
Our Mortgage team: 01582 463133
Our Savings team: 01582 765411