Credit Unions ?

fantasy_dreams

Hiya

I am truly disgusted by the ruling yesterday and I am considering switching to a Credit Union for all my banking.

What are the advantages and disadvantages ? And how does it work if I need to use a bank card abroad ?

thatsean

Advantages:

Local, (supposedly) more ethical, no 'big boy' style culture in operations, often easy to get (expensive) loans from once you've evidence of a savings history

Disadvantages

Try and find one, often restricted access, either by greography, or affiliation (i.e, North Stafs credit union, or Fireman's credit union). No big boy style products. Not sure if there are many out there with a current account style offering with debit cards etc..

Maybe a Building society would make you happy if it's a blend of practicailty and ethics/old fashioned banking you're after?

fantasy_dreams

What is the difference between a building society and a bank ? I thought they were the same ?

Which ones are building societies ?

I live in London, I am assuming there must be a Credit Union somewhere close by ?

premierfella

Many London boroughs have credit unions allowing borough residents and workers to join. However, not all have current accounts. Those that do may have transaction based charges and monthly fees attached (as there is of course a cost to operating the accounts, which are provided in conjunction with the Co-op bank). Unless you have problems getting credit/accounts from the mainstream or have strong moral principles favouring the co-operative approach, best advice is usually to avoid the credit unions (I should say I am a member of two, one very large and one the opposite, but neither provide current accounts).

As to building societies, Nationwide joined the banks in the recent court case...