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What Is A Credit Union?
Who can join a credit union and how?
Is it democratic? Can it be bought out or taken over? Is it ‘Regulated’ in any way?
Can the people running it be trusted with the money of others?
Is there an investment return on my savings?

How does a Credit Union trade?

How are loans applied for and how much can be borrowed?
How much can be borrowed?
Are those with previous poor credit records able apply for a loan?
Complaints - how are these dealt with?
What makes credit unions work the 5 Ps
Whats in it for the owner-members?

Is it democratic? Can it be bought out or taken over? Is it ‘Regulated’ in any way?  

Yes, it is democratic.  Every owner-member has an equal single vote, regardless of the value of shares deposited or loan taken.

No, it can’t be bought out or taken over! Legislation prohibits this. A credit union can merge with another or others with the consent of its owner-members and its Regulators.  

Like any other “firm” allowed to accept deposits, it’s regulated by the UK Financial Industry Regulators and must comply with the laws and government regulations that govern savings and loan making. This regulation requires external audits and regular filing of trading and management returns to the Regulator, who ensures everything is run in good order.


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