The Credit Union “Mission Statement”
The Mission of the Credit Union is to promote the financial well being of its members. To achieve this purpose the Credit Union is committed to providing a broad range of innovative financial products supported by the excellent service of a dedicated, well-trained staff. These programs will be administered in accordance with sound management practices to maintain the financial strength of the Credit union. The Board of Directors, Management and Staff of the Credit Union hereby affirm that the efforts of the Credit Union will be consistently and professionally dedicated to the accomplishment of this mission.
What is a Credit Union?
A Credit Union is a financial co-operative that is owned and controlled by its members. Credit Unions offer a variety of financial services; providing a safe and convenient place to save your money, accessible loans at a very reasonable rate of interest and a variety of other financial services. As such, Credit Unions have the potential to offer a much more accessible, efficient and cost-effective financial service than either banks or other financial institutions.
Worldwide there are over 100 million Credit Union members in 84 countries, and they are extremely popular in Ireland, America, Australia and the Caribbean. In the UK, the Credit Union movement is growing rapidly with over 360,000 members and with assets of over £300 million.
How is a credit union different from a bank?
Banks are owned by private shareholders and all profits are returned to them. Credit Unions are owned and controlled by every member. The members employ a small professional staff team to run the Credit Union on their behalf. After the costs of running the Credit Union are met, the profits are returned to the members through annual returns known as dividends. This keeps money within the local area and the pockets of each member.
Credit Unions are not-for-profit organisations and are driven by an ethos of service to its members, rather than maximising profit. They are also an ethical way to bank, as they provide social benefits, renew a sense of community identity and retain wealth within the local area.
How safe are Credit Unions?
Credit Unions are regulated like other financial institutions by the Financial Services Authority. They are regularly audited and monitored and members savings are protected by the Financial Services Compensation Scheme so savings, of up to £85,000, are as secure as any bank or building society account.
A Credit Union is a real sign of hope in a community
In the face of powerful multinationals and increased globalisation people feel isolated and less in control of their lives. Credit Unions are a positive response to claiming back control and rebuilding local communities.
Credit Unions give you control of your finances
Credit Unions are committed to giving their members control of their finances by helping them to save for the future and borrow responsibly.