What is a credit union? It’s a non-profit financial co-operative that focuses on the monetary needs of its members. The organisation as a whole is in fact also run by its members. So its all hands on deck,
It’s usually a ‘common bond’ that brings a group of members together to create a credit union. So, perhaps a community or the place of work.
The reason behind setting one up is mostly to offer everyone in the union easier methods of saving, access to low-cost loans and a host of other possible benefits. Which all becomes especially handy in our current financial climate.
And it’s not like you’re having the pressure of having to manage everything by yourself. Because the Financial Services Authority regulates these unions, members can be safe in the knowledge that they’ve got enough leeway to handle finances by themselves whilst also having the help of an overall authority that keeps all your pennies safe!
The day has been celebrated on the third Thursday in October since 1948. So use International Credit Union Day to raise awareness of credit unions and encourage all members to get involved in the fun.
For more ideas and tips, go to the official International Credit Union Day website.
You can find a local British Credit Union here.
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