Credit union: Difference between revisions

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(CU).
Credit unions are not-for-profit mutual organisations that are owned and controlled by their members.
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.  
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]]
*[[Community bank]]
* [[Credit]]
* [[Credit]]
*[[Credit institution]]
*[[Credit institution]]

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.


See also