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Credit Unions - Are these a good option for savers and should they be offered as an employee benefit
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wmb194 said:flaneurs_lobster said:masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.
IIRC anyone who is a COOP member anywhere in the UK can join the LCCU. AFAIK, COOP membership is free. Not that there's anything particularly special about LCCU.
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friolento said:wmb194 said:flaneurs_lobster said:masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.
IIRC anyone who is a COOP member anywhere in the UK can join the LCCU. AFAIK, COOP membership is free. Not that there's anything particularly special about LCCU.0 -
wmb194 said:friolento said:wmb194 said:flaneurs_lobster said:masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.
IIRC anyone who is a COOP member anywhere in the UK can join the LCCU. AFAIK, COOP membership is free. Not that there's anything particularly special about LCCU.No reliance should be placed on the above! Absolutely none, do you hear?1 -
GDB2222 said:wmb194 said:friolento said:wmb194 said:flaneurs_lobster said:masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.
IIRC anyone who is a COOP member anywhere in the UK can join the LCCU. AFAIK, COOP membership is free. Not that there's anything particularly special about LCCU.0 -
wmb194 said:GDB2222 said:wmb194 said:friolento said:wmb194 said:flaneurs_lobster said:masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.
IIRC anyone who is a COOP member anywhere in the UK can join the LCCU. AFAIK, COOP membership is free. Not that there's anything particularly special about LCCU.No reliance should be placed on the above! Absolutely none, do you hear?0 -
masonic said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.Some of them seem to get around the common bond restriction: https://www.bankofengland.co.uk/news/2020/february/pra-issues-two-bans-and-three-public-censures-following-failureThere were plenty of wrongdoing in the above case, but offering one of their products to any saver living in the UK wasn't raised as an issue in itself.@masonic - thanks for posting the link. As one of those taken in by the too-good-to-be-true DotCon debacle, I'm reassured to see that action was eventually taken to halt the serial setting-up & failure of credit unions. Fortunately, I emerged unscathed (in fact, substantially in profit due to the offered interest rate) after the FSCS funded the repayment of all account holdings - a very large "Thank you!" to the FSCS.There's a thread on MSE about that credit union here: https://forums.moneysavingexpert.com/discussion/4938603/dot-comunity-credit-union-isa - all 130 pages from April 2014 to Jan 2016.
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wmb194 said:No, it costs a pound. One pound too much.
I no longer check the forums as regularly as I used to. If you wish to catch my attention please remember to tag me (@ircE) so I get a notification.5 -
wmb194 said:rich184 said:wmb194 said:Third rate and amateurish would be my assessment of credit unions. They'll never see widespread adoption until the silly, 'common bond' restriction is lifted.0
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ircE said:I didn't want to comment on this post since it seems to have been revived unnecessarily but just wanted to point something out in response to this comment. Should you change your mind and become a member, one of the first offers you receive in the Co-op app is £1 off your first shop, thereby effectively returning your £1.1
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