Frequently Asked Questions
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.
Who can join a credit union?
Any person over the age of 16 can apply to join, once they live or work within the common bond of membership.
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 does it cost to be a member?
The membership fee is not more than £1.
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.