Credit Unions

...a member of my local Credit Union since it started, about 10 years ago. In fact, I am proud to say that I am Member number 31! Although Credit Unions all have points in common, there are also differences so I will start with a general look at Credit Unions, before looking at my own experience. ~What is it?~ ***************** A Credit Union is basically a financial cooperative, owned and controlled by its members. They offer affordable loans and ...
...very important concept in the Credit Union system. People often feel concern about bad payers and defaulters when considering Credit Unions. The common bond ensures that this has a far lesser incidence than it would for other types of loans; people do not want to affect other people in the Credit Union because they will know at least some of them personally. They do not feel they are dealing with a big, impersonal corporation but with people like ...

weetoon 21.02.2006 · Read full review
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Review of Credit Unions

Credit unions are becoming more and more popular with savers and borrowers who are disillusioned with the de-personalisation of the larger banking institutes. There are literally hundreds of small , local credit unions all over the country and a growing number of larger, Regional ones. What is a Credit Union? A credit union is a non profit making savings and loan organisation, usually run by volunteers (if small and local) or run by a small dedicated ...
...When you join a credit union you usually pledge to save a certain amount each week/fortnight/month, your savings in a CU are called shares. After a set period of time (usually two or three months) you can apply for a loan against your shares, the amount you can borrow can vary from Credit Union to Credit Union but usually it is about five times the amount of shares you have invested in the CU. Here comes the clever bit. Once your loan has been ...

jimblob 19.03.2003 · Read full review
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Review of Credit Unions

...of people dont realise what credit unions are, do you ? I am in two credit unions, one was from my time in the police and the other is the local credit union were i live. i have been a member of each for about 5 years. I live in a private house, mine yeahhhh! at last...sorry but we lived in a concrete flat with noisy neighbours. I needed initally to start to save for the deposit on my house. now im not on a lot of money, i have a retirement pension ...
...i live in is a credit union area, volunteers make up staff and its basically run like a bank. you save what you want each week whether it be 50p or £200. they sign your book. It sometimes takes a day or two to get your money out, but this was brilliant for me as when i wanted the money, i got it elsewhere and it stayed in the credit union. In my local credit union, you have to save for 10 weeks out of 13 weeks and then you can apply for a loan. the ...

BUBBLES171 06.11.2003 · Read full review
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Review of Credit Unions

...a member of my local credit union, Walsave, since it began over three years ago, as both a saver and a borrower. I joined via my then employer, Walsall MBC, who were sponsoring the setting up of the Credit Union. The authority initially paid the salary of the Credit Union manager together with providing the office space free of charge. The whole thing has grown rapidly and now pays its own manager plus two further staff. It has also encompassed ...
...over the year. The Credit Union also provides free life insurance so that if a member dies any outstanding loan balance is written off. You can also sign a form to say who you would like to receive the balance of your saving s in the event of your death. There are various committees consisting of members of the Credit Union who approve new members, loans etc and who make the decisions about the running of the Union. Anyone is free to join any of ...

SusanLesley 23.04.2001 (30.10.2001) · Read full review
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Review of Credit Unions

For me the Strathclyde Credit union has been a godsend. I will admit it I'm a terrible saver any money I earn goes in one hand and straight to the nearest shop. I have tried savings accounts many times but as soon as I deposit the money I am back to withdraw it a few days later after seeing a much needed purchase. One of my collegues told me about the credit union and I decided to join as she made it so tempting and easy. I work for what was then ...
...me to join the largest credit union in Glasgow. How you join: Joining is very simple as long as you are a council employee you just fill in a simple form with your address and payroll number and how much you want to be deducted and how often. After this the credit union will deduct the stated amount right off your wages, perfect for me as you don't see them the are taken off before it reaches your bank account. Benifits of joining a credit union: ...

jenny029 08.08.2001 · Read full review
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Review of Credit Unions

Credit unions! Why don't we use them more than we do. Is it because they have some stigma related to them? Maybe, but I think if a few more of us considered having a savings account with them the banks might just start noticing a few customers closing their savings accounts. I joined our local credit union in Stockport, my mum joined first and gave me some info about them and it seemed a good idea. I am hopeless saving money - it goes in the bank ...
...my version of what a credit union is and does. WHAT IS A CREDIT UNION A credit union is normally ran by volunteers, who have collection points on various days. You go along and apply to be a member take some form of ID with you. Also you don't have to be working to open an account. Its not really flexible enough to be used to have salaries paid in, because you have to wait a week to withdraw any money you've saved. You normally have to pay a pound ...

Bevdav 23.05.2001 · Read full review
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Review of Credit Unions

I'd never heard of a credit union, until I changed jobs and ended up working next door to one. We are all friendly folk, so decided to go and say hello and just see what it was all about. So, we made an appointment and were made very welcome by the staff at Fairshare Credit Union in Telford. They explained what they did and that they were a local Bank for the community of Telford and Wrekin. It costs £2.00 to become a member of Fairshare and this ...
...your savings. Now I pay my savings into Fairshare instead of my Bank because I know that I am benefitting the whole of my community and also myself. Everyone should be a part of a credit union if they have one. Go check out your local one! ...

kimberley13 30.10.2003 · Read full review
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Review of Credit Unions