Credit Union Difference

• Credit unions are owned by all their members. One Member One Vote.
• Every Credit Union is a ‘not-for-profit’ financial co-operative.
• Surplus income generated is returned to the members as a dividend to savers and interest-rebate to borrowers or it may be directed to improved or additional services for members.
• Membership of a Credit Union is open to people who have, in relation to all other members, a unique ‘common bond’.
• There are no transaction charges on loans or saving accounts.
• Loans are insured at no direct cost to the eligible member.
• Savings are insured at no direct cost to the eligible member.
• Flexibility – you can repay a credit union loan earlier or make larger repayments than agreed with no penalty.
• Additional lump sum repayments are accepted with no penalty.
• The Credit Union also works in co-operation with the local community.
• There is also a wide-range of insurance services for members.