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Loans. Why more of us are turning to credit unions. Part 2

Credit unions cannot lend all their members' savings or invest

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the remaining money in risky ventures. Instead they must put it into bank deposit accounts and the most reliable investments, such as government bonds. { remortgage articles and rates }This enables them to get the money back if they need to.

A few points to keep in mind

You cannot simply join whichever credit union you think is best. You have to meet the common bond requirements yourself, [ Car Insurance hub ] or be a close family relation to someone who does and is already a member.

You cannot join a credit union just to get cheaper loans. You usually have to save with them first. The rules on this vary between credit unions.

You cannot save or borrow in the name of a business you may be running. Only members can borrow from a credit union and borrowing must be in your name even if you want to use the money for a business you run.

Credit unions typically have few branch offices and few, if any, ATMs.

Some credit unions don't return cancelled checks to you.

Your local credit union may not offer you as many services as you can get from the neighborhood bank. Check to see what's offered. You may end up deciding to keep accounts at each, for different purposes.

The UK credit union movement is still relatively small and is restricted by law from gaining size or offering services which could compete with { Motor Insurance } profit-maximising banks.

Check with your local council or citizen's advice bureau for a list of credit unions in your area. If you or your partner is working, the trade's union representative or the people handling the wages should be able to tell you of any credit union's covering the industry.