The Credit Union Difference
Credit Unions are different from other financial companies and banks. One of the main differences is that credit unions are set up solely to benefit the people who use them, the members. Some other distinguishing features are:
- There must be a common bond between members. This common bond must be approved by the Financial Services Authority.
- There are no external shareholders. Credit union members own and control the credit union. All profits used to benefit the credit union and its members.
- Run by volunteers from the membership, any member may stand for election to the Management Committee of the credit union. See the Volunteering With Your Credit Union page.
- All members treated equally. Each member has one vote at the AGM, irrespective of their shareholding in the credit union.
- Dividend paid on savings.
- A range of loan products.
- Free Life Insurance on savings and loans.
Regulation and Protection
To ensure credit unions are well managed, members money is safe and to ensure members receive the level of service they expect the credit union is:
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