Quote:
Originally Posted by shillelagh
When you have become a member of the local credit union, when you have volunteered with the local credit union, when you have spoken to people who know about credit unions .. then maybe you will understand something about a credit union. Credit unions were not set up to compete with a bank .. they are not a poor relation .. and it wont be a serious competitor with a bank because they are NOT run for profit, they are run by volunteers.
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Bank definition
A commercial institution licensed as a receiver of deposits. Banks are mainly concerned with making and receiving payments as well as supplying short-term loans to individuals.
Credit Union definition
Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
The latter definition would be the one to follow for a Bank of Britain model using the same ethos. Good service, reasonable rates and any profit used for the benefit of members i.e. taxpayers.
I am merely relating the two types of service to highlight the perverse approach our government has.
Using billions to bailout the banks, who have only their own self serving interests at heart, and giving little support to credit unions is ridiculous, they're looking after the wrong people.
"credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health"
Credit union - Wikipedia, the free encyclopedia
Isn't that what our Banks should be doing ?