What are Credit Union Operating Principles?
Credit Unions are unique, are unlike every other financial institution in their purpose, their governing rules, and the service they provide. Key differences include: • Credit Unions do not and cannot (by law) speculate with members’ money. • Credit Unions do not want, and cannot have, big deposits. • Credit Unions can only lend for provident and productive purposes. • Credit Unions only lend to their members, who must be saving regularly to be eligible for a loan. • The savings and loans of our credit union members are insured (up to generous limits) at no extra cost to the individual member. What about security and confidentiality? In order to protect the interests and secure the operation of the Credit Union, this Credit Union carries a Fidelity Bond for all staff and volunteers. All League affiliated Credit Unions are members of the Savings Protection Scheme which gives protection to members’ funds. The savings of members of credit unions in Northern Ireland which are affiliated to
