What is a Credit Union?'A Credit Union is a financial co-operative serving Members with a common interest.'A Credit Union is made up of a number of people who save their money together creating a pool of funds for lending. Loans are made to Members for any worthwhile purposes such as buying a house or business, car, land, furniture, travel or perhaps consolidation of debts. Credit Unions are co-operatives, for each Member holds a share in their Credit Union, (one $10.00 share with BCU) which gives those Members an equal say in its operation. Directors' elected by the Members, give direction to the Credit Union. The Chief Executive Officer and his/her staff carry out the day to day running of the organisation. Credit Unions place great emphasis on contributing to the continued well being of the people they serve. Because the Credit Union operates within given communities, it acts to recycle money through those local communities, thereby contributing to the local economy, its citizens, business and employment. All financial institutions make profits to survive and Credit Unions are no exception. However, as Credit Unions exist for the Members' benefits, any profits left after expenses and reserves, are passed back to the members through better interest rates and cost effective services. The Objectives of the Credit Union are:
|
|
|
|
|