Credit union accounts

ahai1

I agree with you but hopefully overtime the system will change. One of the things that my credit union does is refuse to send anything through the post. They want you to go the branch in order to avoid identity fraud.

BTW What happened to the HSBC and Barclays fun club here? They have not posted since yesterday. Maybe we scared them.

ahai1

I am thinking of putting the money from one of my jobs into the credit union. It is not much but it will keep the account active. How do I do that?

choccyface2006

You can set up a standing order or ask for a paypoint card to pay in what you can, when you can. You could also visit a CU to make a deposit


Sarah

ahai1

Sorry I have heard of them but sure. What is a pay point?

choccyface2006

Its a plastic card similar looking to a bank card that can be swiped at most supermarkets/shops/Post Offices to pay money in

Heres the sign to look for...



Sarah

ahai1

Do CU's complete with each other like banks and building societies?

creditcontroller

ahai1 wrote: »

Do CU's complete with each other like banks and building societies?

The products available and the amount you can borrow willl vary from one CU to another depending upon how large that CU is and the funds available. For example the Fire service have a huge credit union so they may pay a dividend to their members and offer higher loans compared to a smaller Credit Union who only has the local community as members.

Credit Union's don't compete against each other like the Bank's. All community based Credit Unions have the same principles.

Milarky

creditcontroller wrote: »

Credit Union's don't compete against each other like the Bank's. All community based Credit Unions have the same principles.

Agreed. the clue should be in the word 'union'. Trades unions aren't supposed to 'poach' members and the same ethic applies to CUs. Of a practical issue is the limited number of existing CUs any member of the public could join in their 'area' or place of work (obviously you could help to set one up and still belong to a different CU) In essence, this won't lead to confllict provided the new and existing CUs have asufficiently different 'common bond' (i.e basis for membership) But if there are two 'area' CUs in the same area, one would have to ask how the second one ever got set up - were some of the members of the old one 'unhappy'?.... Logic would often lead to a merger in such circumstances...

ahai1

It would be good if there were more then one. You can join more then one if you for example reside in one place and work in another place.

The trade unions are in competition with each other for members.

ahai1

Here is an interesting article on changes to credit unions. http://news.bbc.co.uk/1/hi/programmes/politics_show/7655532.stm