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What is a credit union?
A financial co-operative, owned and controlled by its members, for its members.
Why do credit unions exist?
To service the financial needs of their community, on a not-for-profit basis, and to retain members' savings in their community for the benefit of all the members.
Who owns a credit union?
The members own the credit union.
What is the common bond?
The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate.
Who runs a credit union?
A voluntary board of directors, elected by the members at a general meeting, runs the credit union.
What can a credit union do for you?
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
What are the advantages of being a credit union member?
- Ownership of the organisation which is taking care of your money.
- Financial security.
- Fair and affordable access to loans.
