What is a Credit Union?

A Credit Union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit Unions offer members the chance to have control over their own finances by making their own savings work for them.

Every Credit Union is owned by the members, the people who save and borrow from it.

People like you.

When you become a member and start saving with a Credit Union you will have access to fair and reasonable rates on savings and loans.

Your savings contribute to your Credit Union’s loan fund. So your savings are helping other members, Members like you.

A Credit Union exists only to serve its members — not to profit from their needs. Any surplus income generated is returned to the members by way of a dividend and/or is directed to improve or provide additional services required by the members.

Members do not pay transaction fees. The members, at the Annual General Meeting (AGM) of the Credit Union decide on matters of policy, important decisions and the general direction the Credit Union should be moving. The members are responsible for electing the Board of Directors, the Board Oversight Committee and the Credit Union’s

Auditors at the AGM. Credit Unions are non-sectarian and non-political and continue that Irish tradition of co- operative self help.

It has been shown throughout history that by working together people can achieve far more through co-operation than by individual effort. The success of the Credit Union movements worldwide is a clear illustration of this. Credit Unions have served their members well in Ireland since 1958, and as long as there are active members, they will continue to do so. Credit Unions exist to serve the needs
of their members. Each member is an owner of the Credit Union and has one vote regardless of the number of shares held.

Members’ savings are used to fund loans to other credit- worthy members of the Credit Union. So, the money in a Credit Union always remains in the local community or ‘common bond’ that the Credit Union serves.