there is an alternative please read this if you want to be more in control

[jules2008]

hi and hope that everyone who has ever been stiched up by a bank is reading this

i have just watched despatches on why banks never lose and i picked up on the fact there could be an alternative to the main high street banks.

i am going to send off details for starting a credit union what i want to know is would anyone be interested in this.

if it is successfull we could have a union where you can have a current account ie (get our wages into bank ) they do loans etc and the best thing is we get a say about everything and no-one gets million pound bonus from our money.
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for more details google credit unions uk and it will give you some info.


:jaw::jaw::jaw:lets make it happen

[jules2008]

Re: there is an alternative please read this if you want to be more in control

****i have given up on idea of starting own bank lol and there was me thinking million pound bonus****

but you can definately join a credit union in a town near you and that is what i am going to be doing. somewhere i can put my wages in have dds to pay my bills and no bank charges yippeeee defo the way forward.

[TANZARELLI]

Re: there is an alternative please read this if you want to be more in control

What is a Credit Union?

A Credit Union is a form of cooperative society which offers somewhere its members can save and also apply for low cost loans with low rates not aimed at getting members deeper into unmanageable debt but to help its members to take greater control of their finances. It is a not-for-profit savings and loans co-operative owned and controlled by its members.

The credit union is directed and controlled by a volunteer Board of Directors. All officers of the credit union are members of the credit union, who are elected by the membership at the Annual General Meeting. All members of the credit union have one vote, regardless of how many shares they own. Credit unions are not a local or a new phenomenon.

Credit unions are active in over 80 countries, and over 100 million people internationally are members. The government and many other organisations see credit unions as a valuable tool in their mission to tackle financial exclusion. People who are concerned about the closure of bank branches and the demutualisation of building societies are also advocating the development of credit unions. Credit unions make sense for many reasons and they are tipped to be the next big thing in financial services.

Savings, Loans and Banking

A credit union is a financial co-operative, which is owned and controlled by its members. Members of a credit union save in a common fund. As well as being a good savings option, with successful credit unions paying an annual dividend of up to 8%, the money saved can be used to make low interest loans to other credit union members. Only people who come within the common bond of the credit union can join it and make use of its services. This can be a locality area or a common bond. Many Credit Unions now offer current accounts allowing as well as their normal loans & cash cards but also the facility to set up DD's to pay your bills thereby making them more competative with the banks.

For more information or to search for a local Credit Union see the Credit Union Search Link below.

It is a requirement to join as a member of a credit union and start to save a specified amount on either a weekly or monthly basis. Once you have joined you can start saving in a way that rewards both you (with an annual dividend, free life insurance and friendly service) and people in your community (our low cost loans can save the people of your community a huge amount in interest. Continued saving by members allows other members to be able to apply for loans with low interest rates. New members can usually apply for smaller loans often up to about £500 but they are required to continue to save for the duration of the loan as well as to make the required repayments on the loan. This enables the pool of saved money to be available to other members.


Borrowing from your credit union is great value.

Most credit unions loans will cost you no more than 1% a month on the reducing balance of the loan (an APR of 12.7%). What this means for example is that if you borrowed £1000 over 1 year, you would repay no more than £1067 in total. Many credit unions charge less, some may charge more but by law this cannot be more than 2% a month on the reducing balance (an APR of 26.8%). You can find out about what loans and interest rates are on offer at your local credit union by contacting them via the Credit Union Search section.
Credit union loans come with no hidden charges and no penalties for repaying the loan early. Life insurance is built in, at no cost to the borrower, so if you were to die before you had repaid the loan, insurance would repay the loan for you. Source: http://www.abcul.coop/page/about/borrowing.cfm


Useful Links

http://www.abcul.coop/page/members.cfm Credit Union Search

http://www.abcul.coop/page/index.cfm Association of British Credit Unions Ltd, the main trade association for credit unions

http://www.psi.org.uk/publications/publ ... tion_id=38 Policy Studies Institute

http://www.hm-treasury.gov.uk/consultat ... kforce.cfm HM Treasury - Credit Unions of the Future Taskforce Report

[Paule]

Re: there is an alternative please read this if you want to be more in control

There has been some discussion on this, may be of interest to you

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