Credit union: Difference between revisions
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They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer. | They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer. | ||
There are limitations to the extent of business they are authorised to undertake. | There are limitations to the extent of business they are authorised to undertake. | ||
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==See also== | ==See also== | ||
*[[Association of British Credit Unions Limited]] (ABCUL) | |||
*[[Bank]] | *[[Bank]] | ||
*[[Building society]] | *[[Building society]] | ||
Latest revision as of 22:54, 5 March 2023
(CU).
Credit unions are not-for-profit mutual organisations that are owned and controlled by their members.
They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer.
There are limitations to the extent of business they are authorised to undertake.
A credit union requires authorisation, but the requirements are generally simpler than for a bank or building society.
